GOLD FIELDS SELLS ITS STAKES IN MAVERIX AND RED
GOLD FIELDS sold its shareholdings in two of its non-core investments, Maverix Metals and Red 5, for combined proceeds of $88 million (R1.3 billion) yesterday, in line with its key strategic objective of paying its debt. The company said both positions were sold at a significant premium to the look-through acquisition costs. Gold Fields completed the sale of its 19.9 percent shareholding in Torontolisted gold and royalty streaming company Maverix. The sale of the shares over the past four weeks raised C$91.4m (R1bn). Gold Fields retains 4.125 million Maverix warrants, equivalent to a 3.68 percent interest in the company on a partially diluted basis. The miner sold the bulk of its royalty portfolio to Maverix in December 2016 in return for the 19.9 percent shareholding. In April 2019, Gold Fields sold its 247 million shares in Australian Securities Exchange-listed mining company Red 5 – equivalent to 19.9 percent of its total shareholding – at A$0.12/share for a total consideration of A$29.6m (R305.1m).