JOHANNESBURG - Gold Fields on Thursday sold its shareholdings in two of its non-core investments, Maverix Metals and Red 5, for combined proceeds of U.S.$88 million, 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 Toronto-listed gold and royalty streaming company Maverix. The sale of the shares – processed through a series of private market transactions over the past four weeks – raised C$91.4 million (US$68 million).
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.