TORONTO — Gold Fields Ltd. is standing by its offer to buy Yamana Gold Inc. in the face of a rival offer for the gold miner by Pan American Silver Corp. and Agnico Eagle Mines Ltd.

The company says it believes its offer for Yamana remains strategically and financially superior.

Gold Fields has offered 0.6 of a Gold Fields share or Gold Fields American depositary share for each Yamana share.

Gold Fields chief executive Chris Griffith says the company believes the highly complementary fit of Yamana's operating assets and its extensive pipeline of future growth projects will create significant near-term and long-term value.

Agnico Eagle and Pan American Silver teamed up Friday to make an offer it valued at US$4.8 billion or US$5.02 per Yamana share, based on the closing price of Pan American and Agnico shares on Nov. 3.

Under the proposal, which Yamana has said constitutes a superior proposal, shareholders would receive US$1.04 in cash, 0.1598 of a Pan American share and 0.0376 of an Agnico Eagle share for each Yamana share they hold.

This report by The Canadian Press was first published Nov. 7, 2022.

Companies in this story: (TSX:YRI, TSX:AEM, TSX:PAAS)

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