Russian metal major Norilsk Nickel is interested in swapping some of its gold assets for additional equity in SA's Gold Fields, according to Craig Nielsen, executive vice-president: exploration for the South African mining company.
This would be in line with widespread expectations in the analyst community that Norilsk, which bought a 20% stake in Gold Fields from Anglo American earlier this year, is keen to boost its shareholding in SA's third-largest gold producer .
He said Norilsk had suggested "folding gold assets into Gold Fields, in exchange for greater equity".
It would be a good time for Norilsk to increase its stake Gold Fields shares are currently trading around a 31-month low, but they closed slightly up yesterday at R58,40.
Nielsen said Gold Fields too was considering this idea as a way of enhancing its partnership with its Russian investor. He said Gold Fields had already had a look at Norilsk's Russian gold assets. They had "very interesting assets".
299
NorNickel Eyes a Bigger Stake in Gold Fields
Russian metal major Norilsk Nickel is interested in swapping some of its gold assets for additional equity in SA's Gold Fields