JOHANNESBURG, February 11, 2013 /PRNewswire/ --
Gold Fields Limited (Gold Fields) (JSE, NYSE, NASDAQ Dubai: GFI) announced on 29 November 2012, the creation of a new South African gold mining champion, through the unbundling of its 100% subsidiary, Sibanye Gold Limited (Sibanye Gold), formerly known as GFI Mining South Africa Proprietary Limited (GFIMSA).
Today, 11 February 2013, Sibanye Gold was listed on the JSE and began trading at around R14/share, giving it a market capitalisation of approximately R10-billion. Gold Fields shares closed at R105.80 on Friday 8 February and started trading at R93 this morning, making its market capitalisation approximately R68-billion. The listing on the New York Stock Exchange (NYSE) of the Sibanye Gold's ADR Programme commences later today when the NYSE opens for trading.
The distribution will result in the current Gold Fields' shareholders subsequently holding two separate shares, the newly distributed Sibanye Gold share as well as their original Gold Fields' share.Gold Fields retains secondary listings of ADRs on the NYSE and secondary listings on the Dubai, Brussels and Swiss stock exchanges. Gold Fields mining operations now comprise open-pit or shallow underground operations and, in the case of the South Deep project in South Africa, a deep-level, bulk underground mechanised operation together with the international exploration and development projects. Nick Holland explains Gold Fields' strategy: "Our operations will no longer focus solely on the number of ounces of gold produced, but rather on the costs associated with the production. Cash generation is to be a core focus with priority given to low risk, high return brownfields opportunities. Greenfields projects will only be pursued if they will provide superior returns. M&A will be considered only where there is clear value with regard to production." He adds: "2013 needs to see South Deep, moving from the construction phase to ore body development and build-up. On the financial side, we will look to leverage the balance sheet for growth on a per share basis. We are committed to delivering value to shareholders, with dividends having first call on cash flows. It is our intention to pay out 25-35% of normalised earnings."
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV