Gold Fields is expanding its Australian footprint, buying half an undeveloped gold project owned by the listed Australian gold development company Gold Road Resources for A$350m ($268m) and a smelter royalty agreement, accelerating development of a mine. The R3.6bn investment in the joint venture agreement marks the second big capital outlay by Gold Fields in recent weeks, with a R19.5bn investment in its Damang mine in Ghana to extend its life by eight years to 2024 and tap into 1.56-million ounces of gold. Gold Road has agreed to bring Gold Fields in as its equal partner at the large Gruyere deposit, with a resource of 6.2-million ounces. Gold Road is headed by Ian Murray, former CE of DRDGold, which operates in SA. "We continue to believe the structurally stylised gold deposits in Western Australia are of good quality which provides optionality and flexibility across mine tenements. "We expect the Gold Fields production profile to increase between 6% and 8% once Gruyere is fully ...
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