Gold Fields completes US$200 million sale to Orezone Resources of its interest in the Essakane mining projec
Date Closed
November 26, 2007
Lead Office
Vancouver
Value
200.00 Million USD
On November 26, 2007, after completion of financing, Orezone Resources Inc. acquired from subsidiaries of Gold Fields Limited a 60 per cent interest in the Essakane project, a gold deposit in Burkina Faso, West Africa.
Upon completion of the acquisition, Orezone Resources Inc. now owns 100 per cent of the interests in the Essakane project. In consideration for Gold Fields’ interest in the project, Orezone Resources Inc. paid Gold Fields $150 million US in cash and issued to Gold Fields 41,666,667 common shares having an aggregate price of $50 million US. The aggregate consideration paid by Orezone Resources Inc. to Gold Fields was US$200 million.
McCarthy Tétrault LLP represented Gold Fields, as vendor, with a team led by Roger Taplin, Robin Mahood, Brian Graves, and David Tennant.
