Gold Fields to Purchase Mines Outside South Africa

Bloomberg reported that to meet increasing demand for bullion and replace the decreasing supply from its domestic operations, Gold Fields Ltd. (NYSE:GFI), a producer based in South Africa, is looking to buy mines outside that nation.

As quoted in the market news:

Mines in the Andean corridor in South America, British Columbia in Canada, the Tien Shan belt that runs through Kyrgyzstan and China, and the Philippines are of particular interest, Nick Holland, chief executive officer of the Johannesburg-based company, said today in an interview, declining to say when a deal might be concluded. It’s also exploring for mines in Australia, he said.

“In South Africa a lot of the gold mines are getting older and mature and they’re getting deeper and further away,” Holland said in Melbourne. “You need to go where the large belts are and explore.”

Click here to read the full Bloomberg report.