Gold Fields pays $10 mln for Orsu Metals' stake in Kyrgyz gold mining project
BISHKEK. July 19. (Interfax) - South African company Gold Fields has shelled out $10 million for British company Orsu Metals' 40% stake in Kyrgyzstan's Talas Copper Gold, which owns a geological survey license for four gold ore deposits in Kyrgyzstan.
As a result of the transaction, Gold Fields has become Talas Copper Gold's only shareholder. Orsu Metals is withdrawing from its Kyrgyzstan-based projects to focus its efforts on the Karchiga deposit in Kazakhstan, the Kyrgyz company said in a press release.
Talas Copper Gold holds four licenses granting it the right to prospect for mineral resources at gold ore deposits in the Taldybulak, Barkol, Kentash and Korgontash areas. Right now the Kyrgyz company is only performing prospecting operations.
Talas Copper Gold was registered in Kyrgyzstan on February 10, 2005. During its seven years of operations, the company has invested over $20 million in prospecting and exploration work. The lion's share of geological survey has been carried out at the Taldybulak deposit.
South Africa's Gold Fields was the world's fourth-largest gold producer as of the end of 2011, with roughly 101 tonnes (3.25 million troy ounces) of output. Barrick Gold, Newmont Mining and Anglo Gold Ashanti are the three largest gold producers.