https://newsletter.en.creamermedia.com
Africa|Aggregate|Business|Financial|Gold|Projects
Africa|Aggregate|Business|Financial|Gold|Projects
africa|aggregate|business|financial|gold|projects

Gold Fields says it won’t amend Yamana offer

Gold Fields CEO Chris Griffith

Gold Fields CEO Chris Griffith

7th November 2022

By: Mariaan Webb

Creamer Media Senior Deputy Editor Online

     

Font size: - +

South Africa-based Gold Fields said on Monday that it would not amend its offer for Canadian miner Yamana Gold, stating that its board continued to believe its offer was superior to that of Pan American Silver and Agnico Eagle Mines.

The board had taken into account its commitment to capital discipline and considered the fairness of the transaction to both Gold Fields and Yamana shareholders over the long term.

“The board was unanimous in its decision not to offer to change the terms of the transaction as we continue to believe our transaction is strategically and financially superior,” CEO Chris Griffith said in a statement.

On Friday, Pan American and Agnico Eagle announced a joint offer for Yamana, which included cash and shares for an aggregate value of C$5.02 a share. Yamana stated that the new offer constituted a “superior proposal” and said Gold Fields had five business days to match the offer.

Gold Fields stated that it would continue to work towards completing its transaction with Yamana on the current terms. Yamana shareholders will meet to approve the Gold Fields transaction on November 21.

“We believe in the highly complementary fit of Yamana's operating assets and its extensive pipeline of future growth projects will create significant near-term and long-term value for the shareholders of both Gold Fields and Yamana when added to Gold Fields’ current portfolio of assets.

“Gold Fields’ proven financial, technical and ESG track record make it the right custodian for the combined assets,” said Griffith.

Edited by Creamer Media Reporter

Comments

Showroom

Immersive Technologies
Immersive Technologies

Immersive Technologies is the world's largest, proven and tested supplier of simulator training solutions to the global resources industry.

VISIT SHOWROOM 
Weir
Weir

Weir is a global leader in mining technology. We recognise that our planet’s future depends on the transition to renewable energy, and that...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Magazine round up | 14 March 2025
Magazine round up | 14 March 2025
14th March 2025

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.117 0.203s - 168pq - 2rq
Subscribe Now