AUSTRALIAN EXPLORER
Gold Fields grows stake in Cardinal
If all the options were exercised, Gold Fields would own 16.7% of Cardinal, which is busy with its Namdini project in northern Ghana
As part of the return to exploration by Gold Fields it has, through its Canadian subsidiary, increased its stake in Cardinal Resources, an Australian explorer in Ghana. Gold Fields has used its wholly owned subsidiary, Corporate International Holdings, as the ownership vehicle in Cardinal, spending A$4.5m ($3.52m) to increase its ownership of ordinary shares to 8.8% and upping its stake in listed options to buy ordinary shares to 28.7%. If all the options were exercised, Gold Fields would own 16.7% of Cardinal, which is busy with its Namdini project in northern Ghana. Gold Fields has the Damang and Tarkwa gold mines in southwestern Ghana in large mineralised zones to the west of the capital Accra. There has long been speculation of some tie-up between the Tarkwa mine and AngloGold Ashanti’s Iduapriem mine. The A$210m Cardinal has recently secured a mining right for the Namdini deposit, which the company plans to be an opencast mine. The company has so far established a declared reso...
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