Gold Fields extends losses after brutal sell-off
The miner’s shares plunged almost a fifth on Tuesday over plans to buy Yamana Gold in Canada
01 June 2022 - 10:06
UPDATED 01 June 2022 - 17:33
Shares of miner Gold Fields extended losses on Wednesday amid general market pressure, having suffered a brutal sell-off on Tuesday that wiped out about R33.6bn in its market value.
This followed news that it has agreed to buy Canadian rival Yamana Gold in a $6.7bn (R103bn) all-share deal, with analysts noting the huge deal comes with significant risk as global interest rates rise, eroding its relative value as an inflation hedge...
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