Gold Fields acquires Osisko Mining
Gold Fields has announced that it has entered into a definitive agreement with Osisko Mining, to acquire all the issued and outstanding common shares in Osisko, which are admitted to listing and trading on the Toronto Stock Exchange, pursuant to a plan of arrangement. Osisko’s primary asset is a 50% interest in the Windfall Project in Canada jointly owned with Gold Fields (“JV Partnership”).
Under the terms of the Transaction, Gold Fields has agreed to acquire the Osisko Shares at a price of C$4.90 per share in cash. The Offer Price represents transaction consideration of approximately C$2.16 billion (US$1.57 billion) and enterprise value of C$1.48 billion (US$1.08 billion).
The Offer Price represents a premium of 55% to the 20-day volume-weighted average price on the TSX for the period ending 9 August 2024.
As a result of the Transaction, Gold Fields will fully control a highly strategic asset, and the Transaction will extinguish Gold Fields’ existing obligations of a C$300 million deferred cash payment and C$75 million exploration obligation, which were part of the 2023 joint venture transaction with Osisko.
The Transaction delivers on Gold Fields strategy to grow the value and quality of its portfolio. It consolidates the Company’s interest in a world-class, advanced-stage project that Gold Fields understands well, having jointly owned the asset with Osisko since May 2023. With assets situated in Quebec, Canada, Gold Fields will firmly solidify its presence in a Tier-1 mining jurisdiction in one of the largest gold deposits in Canada, and a top ten gold deposit globally by head grade.
