Gold Fields of S.A. - Disposal of Interest

RNS No 8638k
GOLD FIELDS OF SOUTH AFRICA LIMITED
5th October 1998


Gold Fields of South Africa Limited
(Registration number 05/04181/06)
("GFSA")

New Wits Limited
(Registration number 05/04822/06)
("New Wits")

Vogelstruisbult Metal Holdings Limited
(Registration number 05/04346/06)
("Vogels")

(collectively "the Companies")
(All companies incorporated in the Republic of South Africa)
 
Sale of interest in O'okiep Copper Company Limited ("OCC")

1. SALE OF OCC
The Companies are pleased to announce that, following the conclusion of an
international select tender process, the Companies have reached agreement in
principle with Metorex (Proprietary) Limited ("Metorex") whereby Metorex will
acquire, for a cash consideration of R28,175 million, their respective
interests in OCC ("the sale"), subject to certain conditions precedent as
outlined in paragraph 3 below.   The Companies' interests in OCC are as
follows:

Company            Shares held         Interest (%)
GFSA                 3 402 992                48,61
New Wits               200 000                 2,86
Vogels               2 100 000                30,00
Total                5 702 992                81,47

2. DESCRIPTION OF OCC
OCC, situated in the Northern Cape Province, operates a single underground
mine producing copper concentrates.  For the twelve months ended 30 June 1998,
1 356 590 tonnes of ore were treated to produce 20 323 tonnes of copper
contained in concentrates.  In addition to smelting concentrates from its
operating mine, OCC also toll smelts concentrates from sources both local and
international.  OCC produced 36 105 tonnes of blister copper during the year
ended 30 June 1998.

3. CONDITIONS PRECEDENT
In addition to the normal conditions applicable to transactions of this
nature, the sale is subject to the following conditions precedent:

* the receipt by OCC of R82,5 million representing the purchase consideration
payable by Anglo American Corporation of South Africa Limited for OCC's 27,5%
interest in Gamsberg Zinc Corporation Limited; and
* the approval by the directors of the Companies of the sale, as may be
required and to the extent that the sale affects each of the Companies.

4. EMPLOYEES
Metorex recognises the rights of employees of OCC relating to conditions of
employment and benefits in terms of contract and statute and undertakes to
procure that OCC deals with such employee rights and benefits in terms of any
applicable contract which, as at the date of the agreement governing the sale,
was binding upon OCC.  

In addition, in the event of any redundancy exercise, Metorex will procure
that OCC will recognise the past service of any employee of OCC with any
company that is or was a member of the GFSA Group.

5. FINANCIAL EFFECTS
The financial effects of the sale upon the Companies, assuming a cash
consideration of R28,175 million, may be summarised as follows:


         Earnings per share (cents)          Net asset value per share (cents)

Company    Before sale(1)    After sale(2)   Before sale(3)   After sale(4)
GFSA                928,0            930,9          7 448,0         7 468,1
New Wits             84,0             85,4          1 411,0         1 421,2
Vogels               57,0             64,9          1 425,0         1 481,4

Notes:
1. Based upon the earnings per share for the year ended 30 June 1998.
2. Assuming the cash realised from the sale by each respective company was
invested on 1 July 1997 and earned interest up until 30 June 1998 at the
average rate of 15% per annum and that this interest was taxed at the average
rate of 35%.
3. Based upon the net asset value per share as at 30 June 1998.
4. Assuming the cash realised from the sale by each respective company was
held on 30 June 1998.

6. MINORITY SHAREHOLDERS
In terms of The Securities Regulation Code on Take-overs and Mergers and the
rules of the Securities Regulation Panel, an offer will be extended to the
minority shareholders of OCC.  A circular incorporating this offer will be
distributed to such shareholders on or about Monday, 19 October 1998.


Johannesburg
2 October 1998


END

DISMTBPBLLTMBFP
G4s (LSE:GFSA)
과거 데이터 주식 차트
부터 4월(4) 2024 으로 5월(5) 2024