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36

Gold Fields In Panic

South African gold miner Gold Fields levied new war against ...

South African gold miner Gold Fields levied new war against its domestic hostile bidder Harmony Gold Mining, involving Gold Fields? largest shareholder, Russian miner Norilsk Nickel.

Gold Fields raised doubts over the future of the deal between Harmony and Norilsk, under which Norilsk would sell its stake in Gold Fields to Harmony.

Gold Fields is afraid that Harmony will insist on extending the expiry date of Norilsk?s undertaking to sell its 20% stake in Gold Fields to Harmony. The deal is to expire on May 20.

After the meeting held last week in London Harmony Gold said that Norilsk Nickel confirmed that it would continue to honour the terms of the irrevocable undertaking given by it in favour of Harmony.

Harmony stated that both sides had agreed ?that it was premature to extend the date of the irrevocable undertaking now, and will discuss the matter closer to the time?.