Source AP ©

Gold Fields Ltd. sells Venezuelan assets to Rusoro Mining

Rusoro Mining Ltd. will pay the mining company Gold Fields Ltd. US$502 million (EUR354.1 million) in cash and shares to buy its Venezuelan assets.

Including debt, the deal is worth about US$532 million (US$372.2 billion), the company said in a statement. The 140 million Rusoro shares that are part of the deal will represent about 38 percent of the Canada-based company after the deal goes through.

The deal includes the Choco 10 mine in Bolivar state, which has been in operation since 2006.

"Additional capital investment is required to realize the full potential of the Choco 10 gold mine," Gold Fields Chief Executive Ian Cockerill said in a statement. "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."

Rusoro said it planned to use its experience in Venezuela "to resolve certain hurdles encountered by Gold Fields at Choco 10." It will focus on increasing efficiency, lowering costs and studying ways to raise production, it said.

Gold Fields shares, which trade in New York, closed at US$18.55 (EUR13.08).

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