Gold Fields’ (NYSE: GFI; JSE: GFI) C$2.2 billion ($1.6bn) Osisko Mining buy, set to close before year-end, will help balance the South African company’s aging assets in Ghana and Peru, CEO Mike Fraser says.
The deal, which comes two years after Gold Fields’ failed bid for Yamana Gold in 2022, adds a project that is expected to boast low costs and that Fraser says fits well with its Salares Norte mine in Chile, which marked first production earlier this year.
The deal makes Gold Fields the sole owner of the Windfall project in Quebec, which it has been developing in a 50/50 joint venture with Osisko. The deal fell through when Yamana accepted a higher joint bid from Agnico Eagle Mines (TSX: AEM; NYSE: AEM) and Pan American Silver (TSX: PAAS; NYSE: PAAS), overriding Gold Fields’ original offer.
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