Completion of divestment of Gold Fields in the Asanko Gold Mine in Ghana
Regarding divestment of the Gold Fields Group’s 45% effective interest in Asanko Gold Mine to Galiano Gold Inc (“Galiano”) for gross proceeds of US$170m plus a 1% net smelter royalty on future production from the Nkran deposit (the “Transaction”), shareholders are advised that all conditions precedent related to the Transaction have now been fulfilled and it closed on 4 March 2024.
Gold Fields has received US$65m in cash and 28,500,000 shares in Galiano as upfront proceeds for the divestment. The remaining gross proceeds will be settled through deferred and contingent payments as follows:
- US$25m to be paid on or before 31 December 2025;
- US$30m to be paid on or before 31 December 2026; and
- US$30m plus a 1% net smelter royalty to be paid once more than 100koz of gold equivalent is produced from the Nkran deposit at the mine. The royalty paid is to be capped at a volume of 447koz.
