Creating a New
Gold Major

Gold Fields to Acquire Yamana Gold – A Combination for Long-Term Value Creation – Focused on Quality Growth, Financial Discipline, and Shareholder Returns

Gold Fields Limited, a global diversified gold producer, and Yamana Gold Inc., a Canadian-based precious metals producer, on 30 May, 2022 announced that they have entered into a definitive agreement under which Gold Fields will acquire all of the outstanding common shares of Yamana Gold. The transaction creates a diversified new global gold major with a portfolio of high-quality, long-life assets with tangible near and long-term growth opportunities.

Transaction to advance Gold Fields’ Vision to be the preferred gold mining company delivering sustainable, superior value. 

Watch the Announcement Webcast

Update as of July, 2022

On 11 July, 2022, Gold Fields announced a market update regarding its proposed acquisition of Yamana Gold. The announcement included two further benefits maximising value for shareholders:

  1. A revised dividend policy to declare an interim and final dividend in respect of each financial year, based on 30-45% of the normalised earnings
  2. The intention to pursue a listing of Gold Fields shares on the Toronto Stock Exchange to provide shareholders additional flexibility, subject to the completion of the transaction
Watch the 11 July Transaction Update Webcast

Hear from Chris Griffith, Chief Executive Officer of Gold Fields

(For Spanish subtitles: click CC)

Key figures

14

Operating assets

81

Moz Equivalent of Gold Reserves

$15.9bn

Market cap

Compelling strategic rationale

  • Transaction grows the value and quality of Gold Fields’ asset portfolio
  • Improved exploration optionality
  • Gold Fields to unlock full potential of Yamana’s growth portfolio due to its underground mining competencies and experience in bringing development projects into production
  • Strengthened financial position driven by highly complementary cash flow generation profiles
  • High confidence that Gold Fields can prioritise industry-leading sustainable shareholder returns with an enhanced dividend commitment
  • Industry-leading growth pipeline with 25-year reserve life
  • Complementary cultures and aligned strategic priorities
  • Initial target pre-tax synergies of approximately US$40 million per year
Men reviewing documents

About
Gold Fields

Gold Fields Logo

Gold Fields Limited is a globally diversified gold producer with nine operating mines in Australia,  Ghana, Peru and South Africa, including the Asanko Joint Venture in Ghana and a development project in Chile, with total attributable annual gold-equivalent production of approximately 2Moz. It has attributable gold Mineral Reserves of around 48.1Moz and gold Mineral Resources of around 96.6Moz. Attributable copper Mineral Reserves total 691 million pounds and Mineral Resources 4,816 million pounds. Gold Fields has a primary listing on the JSE, with a secondary listing on the NYSE.

Learn more about Gold Fields

About
Yamana Gold

Yamana Gold Logo

Yamana Gold is a Canadian-based precious metals producer with significant gold and silver production, development stage properties, exploration properties, and land positions throughout the Americas, including Canada, Brazil, Chile and Argentina.

Learn more about Yamana Gold

Latest announcements and key downloads

Contact

Gold Fields

Gold Fields Investors

Avishkar Nagaser
EVP, Investor Relations and Corporate Affairs
Tel: +27 (0) 11 562 9775
Mobile: +27 82 312 8692
[email protected]

Thomas Mengel
Manager, Investor Relations
Tel: +27 11 562 9849
Mobile: +27 72 493 5170
[email protected]

 

Gold Fields Media

Sven Lunsche
Vice President Corporate Affairs
Tel: +27 11 562 9763
Mobile: +27 83 2609279
[email protected]

 

Investors

BofA Securities (Financial adviser to Gold Fields)
Ben Davies / Peter Surr / Christos Tomaras / Anthony Knox
Tel: +44 20 7628 1000

 

Media

Brunswick Group (Communications Adviser to Gold Fields)
Johannesburg: Timothy Schultz
Tel: +27 11 502 7300

London: Pip Green / Nick Bias / Tom Pigott
Tel: +44 20 7404 5959

North America: Emily Levin / Nikki Ritchie
Tel: +1 202 617 8582 / +1 845 682 9850

Yamana Gold

Corporate

Gerardo Fernandez
SVP, Corporate Development and Investor Relations
Tel: +1 416 815 0220
Mobile: +1 888 809 0925
[email protected]

 

Media

FTI Consulting
(UK Public Relations / Communications Adviser to Yamana)
Sara Powell / Ben Brewerton
Tel: +44 7931 765 223 / +44 203 727 1000
[email protected]

DISCLAIMER – IMPORTANT

ACCESS TO THIS MICROSITE MAY BE RESTRICTED UNDER SECURITIES LAWS IN CERTAIN JURISDICTIONS. THE MICROSITE IS NOT DIRECTED AT, AND IS NOT INTENDED TO BE ACCESSIBLE BY, PERSONS RESIDENT IN ANY JURISDICTION WHERE TO DO SO WOULD REQUIRE GOLD FIELDS LIMITED (“GOLD FIELDS”) TO COMPLY WITH ANY GOVERNMENTAL OR OTHER CONSENT OR ANY REGISTRATION, FILING OR OTHER FORMALITY WITH WHICH GOLD FIELDS IS UNABLE TO COMPLY OR COMPLIANCE WITH WHICH GOLD FIELDS REGARDS AS UNDULY ONEROUS. THIS MICROSITE CONTAINS ANNOUNCEMENTS, DOCUMENTS AND INFORMATION (THE “INFORMATION”) PUBLISHED  BY GOLD FIELDS RELATING TO THE PROPOSED ACQUISITION OF YAMANA GOLD INC. (THE “TRANSACTION”). THE INFORMATION IS BEING MADE AVAILABLE IN GOOD FAITH AND FOR INFORMATION PURPOSES ONLY, AND ITS AVAILABILITY IS SUBJECT TO THE TERMS AND CONDITIONS SET OUT BELOW.

Please read this notice carefully – it applies to all persons who view the Microsite and, depending upon who you are and where you live, it may affect your rights. This notice and the information contained herein may be altered or updated from time to time, and should be read in full carefully each time you visit this part of the website. In addition, the contents of the Microsite may be amended at any time, in whole or in part, at our sole discretion. Nothing on the Microsite, nor anything which can be downloaded from it, is intended to, and does not, constitute or form any part of an offer for sale or subscription or any solicitation for any offer to purchase or subscribe for any securities, or the solicitation of any votes attaching to securities which are the subject of the Transaction in any jurisdiction in which such offer or solicitation is unlawful.

Overseas Persons

Viewing the Information may not be lawful in certain jurisdictions. Any persons outside the United Kingdom, the United States, South Africa or Canada (such other jurisdictions, the “restricted jurisdictions”) who wish to view the Information must first satisfy themselves that they are not subject to any local requirements that prohibit or restrict them from doing so and should inform themselves about, and observe, any applicable legal or regulatory requirements applicable in their jurisdiction. If you are not a resident of or located in a restricted jurisdiction, you may access any communication or document in relation to the Transaction but you are responsible for first satisfying yourself as to the full observance of the laws and regulatory requirements of your jurisdiction. If you are not permitted to view any communication or document in relation to the Transaction by virtue of applicable laws or regulatory requirements, please exit this Microsite.

Basis of access

The information contained on this Microsite speaks only at the date of the relevant document or announcement reproduced on this Microsite, and Gold Fields has, and accepts, no responsibility or duty to update any such information, document or announcement and reserves the right to add to, remove or amend any information reproduced on this Microsite at any time. Copies of the contents of the Information are not being, and must not be, released or otherwise forwarded, distributed or sent in or into a restricted jurisdiction and persons receiving such documents (including custodians, nominees and trustees) must not distribute or send them in, into or from a restricted jurisdiction. If you are not permitted to view materials on this Microsite or are in any doubt as to whether you are permitted to view these materials, please exit this Microsite and seek independent advice. Neither Gold Fields, nor any of its advisers, assumes any responsibility for any violation by any person of any of these restrictions.

Other

This Information on this Microsite is for information purposes only and does not constitute or form part of any offer to sell or issue or any solicitation of any offer to buy or subscribe for any securities in the United States or any other jurisdiction. The Information on this Microsite does not constitute a prospectus or other offering document. No securities have been or will be registered under the U.S. Securities Act of 1933 (the “U.S. Securities Act”), or the securities laws of any state of the United States or any other jurisdiction, and any securities issued in connection with the Transaction are anticipated to be issued in reliance upon the exemption from the registration requirements of the Securities Act provided by Section 3(a)(10) thereunder and in accordance with applicable state securities laws. No public offering of securities is being made in any jurisdiction where such an offering would be unlawful.

Forward-looking statements

The Information (including information incorporated by reference) on this Microsite may contain forward-looking statements that are, or may be deemed to be, “forward-looking statements”. These forward-looking statements can be identified by the use of forward-looking terminology, including the terms “anticipates”, “believes”, “estimates”, “expects”, “intends”, “may”, “plans”, “projects”, “should” or “will”, or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions. These forward-looking statements include all matters that are not historical facts.

By their nature, all forward-looking statements involve risk and uncertainty because they relate to future events and circumstances which are beyond Gold Fields’ control. Further details of potential risks and uncertainties affecting Gold Fields are described in its filings with the Johannesburg Stock Exchange and the United States Securities and Exchange Commission, including the Gold Fields’ Integrated Annual Report 2021 and annual report on Form 20-F filed with the United States Securities and Exchange Commission on 31 March 2022 (SEC File no. 001-31318). These forward-looking statements speak only as of the date they are made. Readers are cautioned not to place undue reliance on such statements. Gold Fields undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this announcement or to reflect the occurrence of unanticipated events (except to the extent legally required).

Acceptance of Disclaimer

Electronic versions of the Information are not directed at or accessible by persons resident in any restricted jurisdiction. Accordingly, by accessing the Information on this Microsite, you:

  • confirm that you have read and understood the notice set out above and agree to be bound by its terms;

  • certify that you are a resident of, or located in, the United Kingdom, United States, South Africa, Canada or another jurisdiction into which the distribution of the Information on the Microsite does not constitute a violation of the relevant laws of such jurisdiction and you are not acting on behalf of someone who is resident or located in a restricted jurisdiction;

  • agree that you will not copy, forward, transfer or distribute (by any means including by electronic transmission) any documents included in the Microsite either in whole or in part to any person in any jurisdiction where such distribution may be restricted by applicable law or regulation; and

  • represent and warrant to Gold Fields that you intend to access this Microsite for information purposes only, that you have read and understood the notice set out above and that you understand that it may affect your rights or responsibilities.