https://en.sputniknews.africa/20250324/australian-gold-road-resources-rejects-207-billion-buyout-offer-by-south-african-gold-fields-miner-1071239637.html
Australian Gold Road Resources Rejects $2.07 Bln Buyout Offer by South African Gold Fields Miner
Australian Gold Road Resources Rejects $2.07 Bln Buyout Offer by South African Gold Fields Miner
Sputnik Africa
South African mining company Gold Fields operates the Gruyere gold mine in Western Australia, where Perth-based Gold Road Resources currently holds a 50%... 24.03.2025, Sputnik Africa
2025-03-24T14:09+0100
2025-03-24T14:09+0100
2025-03-25T11:12+0100
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Australian gold producer and explorer Gold Road Resources has rejected a A$3.3 billion ($2.07 billion) takeover offer from South African mining company Gold Fields, the latter said in a press release.The proposal to acquire 100% of Australia's Gold Road Resources share capital for A$3.05 (about $2) per share aims to consolidate Gold Fields' ownership of the Gruyere gold mine, the South African miner pointed out.According to the press release, Gold Road Resources proposed an alternative transaction involving the acquisition of Gold Fields' 50% interest in the Gruyere mine, which the company rejected.The consolidation of the remaining 50% interest in Gruyere will eliminate the lack of coordination created by the current joint venture ownership, the CEO emphasized.
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Australian Gold Road Resources Rejects $2.07 Bln Buyout Offer by South African Gold Fields Miner
Elizaveta Roschina
Writer/Editor
South African mining company Gold Fields operates the Gruyere gold mine in Western Australia, where Perth-based Gold Road Resources currently holds a 50% non-operating joint venture interest.
Australian gold producer and explorer Gold Road Resources has rejected a A$3.3 billion ($2.07 billion) takeover offer from South African mining company Gold Fields, the latter said in
a press release.The proposal to acquire 100% of Australia's Gold Road Resources share capital for A$3.05 (about $2) per share aims to consolidate Gold Fields' ownership of the Gruyere gold mine, the
South African miner pointed out.
"Regrettably, the proposal has been rejected by the Gold Road board of directors. Despite subsequent discussions, Gold Fields is disappointed that the Gold Road board has not constructively engaged on key elements of the proposal, which would have allowed both parties to confidentially progress towards an outcome that would deliver compelling and certain value to Gold Road shareholders," the South African company noted.
According to the press release, Gold Road Resources proposed an alternative transaction involving the acquisition of Gold Fields' 50% interest in the Gruyere mine, which the company rejected.
"Gold Fields will continue to seek the engagement of the Gold Road Board to consider the merits of the proposed acquisition and to advance the proposal," the miner's CEO Mike Fraser pointed out.
The consolidation of the remaining 50% interest in Gruyere will eliminate the lack of coordination created by the current
joint venture ownership, the CEO emphasized.
