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November 29, 2012 /PRNewswire/ --
Gold Fields Limited (Gold Fields) (JSE, NYSE, NASDAQ Dubai: GFI) today announces the creation of a new South African gold mining company through the proposed unbundling of its 100% owned subsidiary, Sibanye Gold Limited (Sibanye Gold), formerly known as GFI Mining South Africa Proprietary Limited (GFIMSA), which holds the KDC and Beatrix gold mines as well as various service companies.
Subject to approval by the JSE and the NYSE, Sibanye Gold will be listed as a separate and independent company on both exchanges in
February 2013. Sibanye Gold shares will then be distributed to existing Gold Fields shareholders (whether held in the form of ordinary shares or depository receipts).
Both Gold Fields and Sibanye Gold will be domiciled in
South Africa with their primary listing of shares on the JSE and a secondary listing of American depository receipts on the NYSE. The other existing secondary listings on the Swiss,
Brussels stock exchanges for Gold Fields will remain unchanged.
Following the unbundling, Gold Fields will retain the balance of its current portfolio of assets, including the developing South Deep Gold Mine located in
Matthews S Moloko, currently a non-executive director of Gold Fields and executive Chair and Founder of the Thesele Group, will become the non-executive Chair of Sibanye Gold and will step down from the Gold Fields board. Other non-executive directors will be Jerry Vilikazi, Chair of Palama and former CEO of Business Unity South Africa,
Rick Menell, a non-executive director of Gold Fields, and
Keith Rayner, CEO of KAR Presentations, who will also chair the Audit Committee. Two further HDSA directors will be appointed in due course.
Cain Farrel, the current Company Secretary of Gold Fields, will become the new Company Secretary of Sibanye Gold.
Neal Froneman, currently Chief Executive Officer of Gold One, will become Chief Executive Officer of Sibanye Gold and
Charl Keyter, currently Head of Finance for Gold Fields' international operations, will become the Chief Financial Officer of Sibanye Gold.
Peter Turner, the Executive Vice President for Gold Fields' South Africa Region as well as the rest of the executive team for the Region (excluding those dedicated to South Deep), and the senior operational management teams of the KDC and Beatrix gold mines, will remain with Sibanye Gold.
Dr Mamphela Ramphele will continue to chair Gold Fields,
Nick Holland will remain Chief Executive Officer and
Paul Schmidt will remain Chief Financial Officer.
The separation of Gold Fields and Sibanye Gold will enable the two independently governed and managed companies to focus on their respective strategic goals and to operate more effectively as separate entities, to the benefit of shareholders, employees and communities.