Mining group Gold Fields has completed the acquisition of Osisko Mining after all the conditions to the transaction were fulfilled.
The deal, announced in August, enables Gold Fields to consolidate 100% ownership of the Windfall Project and the surrounding exploration district in Québec, Canada.
Gold Fields paid C$1.93bn (R24.6bn) net of cash received as settlement for the transaction. The payment was made using cash on hand, undrawn debt facilities and liquidity facilities totalling $750m that were executed in October.
“Deposits of the scale and quality of Windfall with highly prospective exploration camps are rare, particularly in a world-class jurisdiction like Québec, Canada. This transaction therefore marks an important step in our journey to continue improving the quality of our portfolio,” said Gold Fields CEO Mike Fraser.
“The key members of the Windfall team are remaining with the project, and we look forward to working with them and the Windfall business partners to develop this truly exceptional asset.”
The Windfall Project, which is expected to produce about 300,000oz of gold a year, is known for its low all-in sustaining costs. The acquisition aligns with Gold Fields’ strategy to enhance the quality of its portfolio through investment in high-quality, long-life assets.
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