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12.08.2004 Business & Finance

Gold Fields to combine assets with IAMGOLD

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Accra, Aug 12, GNA - Gold Fields Limited and IAMGOLD Corporation, a Canadian-based global exploration and development company, on Thursday announced a deal to combine assets and deepen corporate relations.

A statement issued in Accra on Wednesday on the deal, said Gold Fields would exchange its international assets located outside the Southern Africa Development Community (SADC) for IAMGOLD shares.

Gold Field would own approximately 70 per cent of the fully diluted equity of the enlarged company, while shareholders of IAMGOLD takes the remaining.

The transaction, the statement said, would be subjected to final and definitive agreements and the approval of the shareholders of Gold Fields and IAMGOLD.

The leadership of both Gold Fields Limited and IAMGOLD deemed the transaction as "a further value creations transaction, through international growth."

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