GF Netherlands has agreed to divest a stake in Rusoro Mining. Credit: Dominik Vanyi on Unsplash.

Gold Fields Netherlands Services (GF Netherlands) has signed a share purchase agreement with Fulcrum Global Markets, involving the sale of around 140 million common shares in Rusoro Mining.

The initial cash purchase price is approximately $62.3m (€56.74m), with additional contingent consideration based on future events.

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Under the agreement, GF Netherlands will receive an initial cash purchase price of around $0.45 per common share.

The transaction is part of GF Netherlands’ ongoing portfolio management strategies and will result in GF Netherlands divesting its entire stake in Rusoro Mining.

In addition to the initial payment, GF Netherlands is entitled to further financial benefits.

These include a top-up amount if Fulcrum’s stake exceeds 50% within 18 months and 15% of any gross proceeds exceeding $210m from the sold shares.

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Immediately prior to entering the agreement, GF Netherlands owned 140,000,001 common shares, representing approximately 24.4% of the issued and outstanding common shares on an undiluted basis.

Completion of the transaction is contingent upon certain conditions outlined in the agreement.

Once finalised, GF Netherlands will no longer have ownership or control over any common shares in Rusoro Mining.

Part of Gold Fields, GF Netherlands is a globally diversified gold producer with nine operating mines in Australia, South Africa, Ghana and Peru, and two projects in Canada and Chile.

Last month, Gold Fields implemented ABB’s digital platform to coordinate production scheduling and execution at its Granny Smith Mine in Western Australia.

As part of this initiative, Gold Fields deployed the ABB Ability Operations Management System (OMS) at the mine 740km north-east of Perth.

OMS plays a part in Gold Field’s digital transformation of the Granny Smith operation, which aims to increase output and simplify data flow so that prompt decisions can be made.

The company noted that nearly 1.6 million tonnes of gold-bearing ore is extracted from the underground mine and treated at the site’s processing plant every year.