Johannesburg - Gold Fields notes the announcement issued by Yamana Gold Inc. ('Yamana') that Yamana has received a binding proposal (the 'Joint Offer') from Pan American Silver Corp. ('Pan American') and Agnico Eagle Mines Limited ('Agnico') to acquire all of the outstanding common shares of Yamana ('Yamana Shares'). The Yamana Board has determined that the Joint Offer constitutes a Yamana Superior Proposal
Chris Griffith, Chief Executive Officer of Gold Fields, says: 'The emergence of another offer indicates that other mining companies see the inherent value in Yamana's assets. As we have always said, the complementary nature of Yamana's assets in the Gold Fields family will create significant near-term and long-term value for all shareholders. As a result, it is clear that Gold Fields' offer remains strategically and financially superior to the Joint Offer with lower operational and execution risk and higher sustained returns, given Gold Fields enjoys the free cash flow, balance sheet profile and technical capabilities to unlock the full potential of Yamana's assets.' Gold Fields, in consultation with its financial and legal advisers, strongly believes that the terms of its agreement with Yamana for the acquisition of all of the Yamana Shares are demonstrably superior to the Joint Offer. Gold Fields will continue to work towards the completion of the Transaction for the benefit of the shareholders of both companies in accordance with the Arrangement Agreement.
The meeting of Yamana shareholders to approve the Transaction is scheduled for November 21, 2022, and for a copy of the Yamana circular in relation to that meeting please see Yamana's profile at www.sedar.com and its website at www.yamana.com. The meeting of Gold Fields shareholders to approve the Transaction is scheduled for November 22, 2022, and a for a copy of the Gold Fields circular
Contact:
Investor
Avishkar Nagaser
Tel: +27 11 562 9775
Mobile: +27 82 312 8692
Email: Avishkar.Nagaser@goldfields.com
Investor
Thomas Mengel
Tel: +27 11 562 9849
Mobile: +27 72 493 5170
Email: Thomas.Mengel@goldfields.com
Media
Sven Lunsche
Tel: +27 11 562 9763
Mobile: +27 83 260 9279
Email: Sven.Lunsche@goldfields.com
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