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16

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

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".