Gold Fields ’Finnished’ with APP

Gold Fields has announced the sale of palladiumrich, polymetallic Arctic Platinum Project (APP) in northern Finland.

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Gold Fields CEO Nick Holland. 
Image credit: FREDDY MAVUNDA

The buyer is a Finnish subsidiary of private equity fund CD Capital Natural Resources Fund III (CD Capital), headquartered in London.

“The divestment of APP is consistent with our strategy of divesting non-core assets and reinforces the focus that Gold Fields continues to show in relation to its asset portfolio. We are pleased to have balanced the purchase price between up-front cash and continued long-term exposure through the royalty and believe this to be a positive outcome for both parties,” says Nick Holland CEO of Gold Fields.

The purchase consideration comprises USD40-million cash and royalty (2% NSR net smelter return) on all metals, with 1% capped at USD20-million and 1% uncapped). The transaction, includes full payment of the cash consideration, was completed today.

“CD Capital continues to build its own portfolio of development assets, and we have been impressed with their professional approach and commitment to the transaction and the project. We wish them every success in the development of the project.”

The sale includes all the project assets for APP including the Suhanko mininglicence (and associated real estate), all other mining and exploration properties, project permits and all other project related assets.


 

 

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