Gold Fields Ltd, South Africa's leading gold producer, has announced the acquisition of Canadian mining company Osisko Mining for $1.57 billion.
This agreement is expected to strengthen Gold Fields' presence in America, particularly through the Windfall Osisko project in Quebec, which is one of the largest gold deposits in Canada.
Gold Fields will pay C$4.90 per share, a 55% premium to Osisko's recent trading price.
The acquisition follows Gold Fields' previously unsuccessful attempt to acquire another Canadian producer, Yamana Gold, for $6.7 billion.
The purchase of Osisko will be financed through Gold Fields' existing cash reserves and bank facilities, with additional financing from a group of lenders.
Osisko's board has recommended the deal, demonstrating the strategic fit and potential of Gold Fields to bring the Windfall project into production and strengthen its position in the global gold mining industry.
