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Gold Fields prefers buying to exploring
By Brendan Ryan
Business Day, Johannesburg, South Africa
Friday, May 9, 2014
In the most sweeping strategic change since it unbundled all its South African mines except for South Deep into Sibanye last year, Gold Fields has now effectively shut down its "greenfields" exploration and development projects.
Instead, the group will look at buying gold companies that are in production and making profits, preferably in regions where Gold Fields is already operating.
Gold Fields CE Nick Holland would not be pinned down on possible acquisitions or areas of interest on Thursday, but the obvious target region is Australia.
Not only has Gold Fields made two successful acquisitions there in the past 12 years, but there is an opportunity to buy more mines following decisions by gold giants Newmont and Barrick Gold to refocus their operations.
Both these major groups have mines in Australia.
"Given where we are in the gold business cycle, we think there's more value in buying gold than there is in discovering it," Mr Holland said. "We've been exploring for 16 years. Expenditure on exploration has gone up significantly, but the number of discoveries and the grade of those discoveries has come down.
"Gold is scarce. It's not easy to find the stuff," he said. ...
... For the full story:
http://www.bdlive.co.za/business/mining/2014/05/09/gold-fields-prefers-b...
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