gold fieldsSibanye Gold to list on JSE and NYSE

Gold Fields would list its subsidiary, Sibanye Gold, on the JSE as well as the New York Stock Exchange (NYSE) next month, it said on Friday. Sibanye Gold, formerly known as GFI Mining, is a new company, which was spun off from Gold Fields in November. Following the listings Gold Fields would distribute its interest in Sibanye Gold to shareholders on February 18, it said. “Each shareholder will receive one Sibanye Gold share for each Gold Fields share or one Sibanye Gold American Depositary Receipt (ADR) for every four Gold Fields ADRs held on the applicable record date of the transaction,” Gold Fields said. Sibanye will house the Kloof Driefontein Complex and Beatrix mines near Carletonville, which were rocked by recent labour unrest. Gold Fields will retain the key South Deep mine. The Sibanye mines are given an enterprise value of R13 billion at a gold price of R400 000 a kilogram and a market value of R19bn. Gold Fields stock advanced 1.2 percent to close at R105 on Friday. – Dineo Faku