FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934
For the month of October 2007
Commission File Number 1-31318
Gold Fields Limited
(Translation of registrant's name into English)
24 St. Andrews Rd.
Parktown, 2193
South Africa
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under
cover Form 20-F or Form 40-F.
cover Form 20-F or Form 40-F.
Form 20-F..x... Form 40-F.....
Indicate by check mark if the registrant is submitting the Form 6-K in paper as
permitted by Regulation S-T Rule 101(b)(1): ________
Indicate by check mark if the registrant is submitting the Form 6-K in paper as
permitted by Regulation S-T Rule 101(b)(7): ________
Indicate by check mark whether by furnishing the information contained in this Form,
the registrant is also thereby furnishing the information to the Commission pursuant to
Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes ..... No ..x...
If "Yes" is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b): 82- ________
Directors: A J Wright (Chairman), I D Cockerill
†
(Chief Executive Officer), K Ansah
#
, A Grigorian°, N J Holland
†
(Chief Financial Officer), G Marcus,
J M McMahon
†
, J G Hopwood, D M J Ncube, R L Pennant-Rea
†
, P J Ryan, T M G Sexwale, C I von Christierson
†
British,
#
Ghanaian, °Russian
Corporate Secretary: C Farrel
Gold Fields Limited
Reg. 1968/004880/06
24 St Andrews Road
Parktown, 2193
Postnet Suite 252
Private Bag X30500
Houghton, 2041
South Africa
24 St Andrews Road
Parktown, 2193
Postnet Suite 252
Private Bag X30500
Houghton, 2041
South Africa
Tel +27 11 644-2400
Fa +27 11 484-0639
Fa +27 11 484-0639
www.goldfields.co.za
Enquires
Nerina Bodasing
Tel
+27 11 644-2630
Fax
+27 11 484-0639
Mobile 082 940 7505
Nerina.bodasing@goldfields.co.za
UNITED STATES
Willie Jacobsz
Tel
+27 11 644-2460
Fax
+27 11 484-0639
Mobile 082 493 1377
Williej@goldfields.co.za
MEDIA RELEASE
GOLD FIELDS SELLS ITS VENEZUELA ASSETS
FOR US$532 MILLION
Johannesburg, 12 October 2007: Gold Fields Limited (Gold Fields)
(NYSE, JSE, DIFX: GFI) is pleased to announce that agreement has
been reached in terms of which Gold Fields will effectively dispose of
its assets in Venezuela to Rusoro Mining Ltd. (Rusoro) (TSXV: RML),
for a total consideration of approximately US$532* million.
Rusoro will pay Gold Fields a minimum of US$150 million in cash,
US$30 million in convertible debt, and 140 million Rusoro shares,
which will be approximately 38% of the outstanding shares of that
Company after the transaction has been concluded.
The transaction includes Rusoro acquiring Gold Fields’ stake in the
Choco 10 gold mine, as well as the contiguous mineral rights owned by
Gold Fields.
Ian Cockerill, Chief Executive Officer of Gold Fields said:
“Additional capital investment is required to realise the full potential of
the Choco 10 gold mine. However, after careful consideration we have
concluded that, given the current environment, this investment is better
made by others, with Gold Fields retaining exposure to the upside
inherent in the assets.”
“The offer from Rusoro has presented us with an attractive opportunity
to achieve this objective, as well as a return of approximately 25% on
our total investment of US$425 million.”
The proceeds from the sale will be reinvested to create value for Gold
Fields’ shareholders. Options under consideration include, inter alia,
debt reduction and the funding of Gold Fields’ extensive capital
investment portfolio.
Cockerill added that while this sale reduced Gold Fields’ international
footprint, the Company remained fully committed to its strategy of
international growth: “We have definitely not changed course and our
aspiration to grow our international portfolio with appropriately sized,
value adding assets, remain as strong as ever.”
(NYSE, JSE, DIFX: GFI) is pleased to announce that agreement has
been reached in terms of which Gold Fields will effectively dispose of
its assets in Venezuela to Rusoro Mining Ltd. (Rusoro) (TSXV: RML),
for a total consideration of approximately US$532* million.
Rusoro will pay Gold Fields a minimum of US$150 million in cash,
US$30 million in convertible debt, and 140 million Rusoro shares,
which will be approximately 38% of the outstanding shares of that
Company after the transaction has been concluded.
The transaction includes Rusoro acquiring Gold Fields’ stake in the
Choco 10 gold mine, as well as the contiguous mineral rights owned by
Gold Fields.
Ian Cockerill, Chief Executive Officer of Gold Fields said:
“Additional capital investment is required to realise the full potential of
the Choco 10 gold mine. However, after careful consideration we have
concluded that, given the current environment, this investment is better
made by others, with Gold Fields retaining exposure to the upside
inherent in the assets.”
“The offer from Rusoro has presented us with an attractive opportunity
to achieve this objective, as well as a return of approximately 25% on
our total investment of US$425 million.”
The proceeds from the sale will be reinvested to create value for Gold
Fields’ shareholders. Options under consideration include, inter alia,
debt reduction and the funding of Gold Fields’ extensive capital
investment portfolio.
Cockerill added that while this sale reduced Gold Fields’ international
footprint, the Company remained fully committed to its strategy of
international growth: “We have definitely not changed course and our
aspiration to grow our international portfolio with appropriately sized,
value adding assets, remain as strong as ever.”
* Based on the 10-day VWAP of the Rusoro share price
-2-
The transaction is subject to various conditions, including South African Reserve Bank and Rusoro
stock exchange approvals, the raising of the required funding by Rusoro, as well as approval by
Rusoro shareholders, more than 50% of whom has given written irrevocable support to the
transaction. Rusoro and Gold Fields expect the transaction to close in early December 2007.
Orion Securities Inc. acted as exclusive financial advisor and McCarthy Tétrault LLP acted as legal
advisor to Gold Fields.
A telephone conference call will be held at 16:00 Johannesburg time (10:00am EST) today,
12 October 2007, to explain the rationale for the sale of the Venezuela assets as well as the
sale of the Essakane Project announced on Thursday, 11 October 2007. The details of the
conference call appear at the end of this press release.
Gold Fields Limited is one of the world’s largest unhedged producers of gold with production of
approximately 4.0 million ounces per annum, mineral reserves of 94 million ounces and mineral
resources of 252 million ounces. The Group employs some 47,000 employees across its operations
and is listed on the JSE Limited South Africa (JSE) (primary listing), the New York Stock Exchange
(NYSE) as well as the Dubai International Financial Exchange (DIFX).
Enquiries
Willie Jacobsz, Tel: +27 11 644-2460, Mobile: +27 82 493 1377,
Williej@goldfields.co.za
CONFERENCE CALL DETAILS
Friday, 12 October 2007
For Johannesburg: 16:00
For United Kingdom: 15:00 hours GMT
For Europe: 16:00 hours, European time
For North America: 10:00 a.m., Eastern standard time
DIAL IN NUMBERS
South Africa
Toll:
011 535 3600
Toll-free 0800 200 648
USA
Toll:
1 412 858 4600
Toll-free 1800 860 2442
Australia
Toll-free 1800 350 100
United Kingdom
Toll-free 0800 917 7042
Canada
Toll-free 1 866 519 5086
Europe and other
Toll:
+ 41 916 105 600
Toll-free + 800 246 78 700
Ask for Gold Fields call
SIMULTANEOUS AUDIO WEBCAST
Available at our website, www.goldfields.co.za
DIGITAL REPLAY AVAILABLE ONE-HOUR AFTER CALL
Playback code: 2541#
(Available for seven days)
South Africa & Other: + 27 11 305 2030
USA: 1 412 317 0088
United Kingdom: 0808 234 6771
Europe: + 41 91 612 4330 (Switzerland)
Australia: 1 800 091 250
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant
has duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.
has duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.
Date: 27 October 2007
GOLD FIELDS LIMITED
By:
Name: Mr W J Jacobsz
Title: Senior Vice President: Investor
Relations and Corporate Affairs