Business Context and Reporting Period
This Form 6-K filing by Gold Fields Limited covers the month of October 2008, specifically dated October 2, 2008. Gold Fields is a major unhedged gold producer with operations in South Africa, Ghana, Australia, and Peru. The company reported attributable production of 3.64 million ounces per annum from eight operating mines, with a ninth mine, Cerro Corona in Peru, commencing production in August 2008 at an initial rate of approximately 375,000 gold equivalent ounces per annum.
Key Financial Metrics
The filing does not provide specific revenue, profit, cash flow, margin, debt, or liquidity figures for the reporting period. The primary financial disclosure relates to a specific transaction:
- Transaction Proceeds: Net cash consideration of US$8.84 million from the sale of the BIOX Technology Business.
- Reserves and Resources: Total attributable ore reserves of 83 million ounces and mineral resources of 251 million ounces.
Material Changes
The material change reported is the divestiture of the BIOX Technology Business. Gold Fields entered into an agreement to sell this business to Bateman Engineering N.V. The BIOX business includes the proprietary BIOX process for pre-treating refractory ores and the ASTER technology for removing thiocyanate and cyanide from leach solutions. The sale includes Biomin Technologies SA, a Swiss entity holding the relevant intellectual property and licensing agreements.
Guidance, Outlook, and Management Commentary
Management stated that the BIOX Technology Business does not form part of Gold Fields' core business activities. The company believes a focused engineering and technology company like Bateman is better positioned to develop these technologies to their full potential. The transaction is conditional upon the approval of the South African Reserve Bank. No specific financial guidance or outlook for future production or pricing was provided in this filing.
Investor Verification Checklist
- Verify the closing status of the BIOX Technology Business sale to Bateman Engineering N.V.
- Confirm receipt of the US$8.84 million net cash consideration.
- Monitor the approval status from the South African Reserve Bank required to finalize the transaction.
- Review subsequent filings for updated production figures from the Cerro Corona mine in Peru.