Gold Fields and its joint venture partner Gold Road are locked in a corporate tug-of-war over a sought-after gold mine in Western Australia, trading counterproposals to buy each other out.

Gold Fields, seeking to consolidate ownership of the low-cost, high-grade Gruyere Mine, offered A$3.05 per share, a nearly 30% premium to Gold Road’s closing price and valuing the company at A$3.3bn (R38bn)...

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