Anglo American announces sale of stake in Gold Fields
29 March, 2004
Anglo American plc (“Anglo American”) announces that it has sold its 20% stake in Gold Fields Ltd (“Gold Fields”) to MMC Norilsk Nickel, through its wholly-owned subsidiary Norimet Limited, for ZAR 7,631,251,245 (or approximately $1.16 billion).
The sale of the 98,467,758 shares was effected by way of an on-market trade on the JSE Securities Exchange, South Africa. Anglo American will realise an approximate gain of $480 million on the sale of the Gold Fields shares.
The proceeds from the sale will be used to pay down Anglo American's South African indebtedness and to finance its ongoing capital expenditure programme in South Africa.
For the financial year ended 2003, Anglo American's investment in Gold Fields was recorded on Anglo American's balance sheet at $686 million. In terms of the current financial year, Anglo American will equity account the stake in Gold Fields for the three months ending March 2004.
Citigroup Global Markets Limited acted as financial adviser to Anglo American on the transaction.
Notes to Editors:
Anglo American plc is one of the world's largest mining and natural resource groups. With its subsidiaries, joint ventures and associates, it is a global leader in gold, platinum group metals and diamonds, with significant interests in coal, base and ferrous metals, industrial minerals and forest products. The group is geographically diverse, with operations in Africa, Europe, South and North America, Australia and Asia. (www.angloamerican.co.uk)
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