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Article: Gold Fields Terminates Royalty Over St Ives.
- Article from:
- PR Newswire
- Article date:
- August 27, 2009
CopyrightCOPYRIGHT 2009 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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JOHANNESBURG, August 27 /PRNewswire-FirstCall/ -- Gold Fields Limited (Gold Fields) (JSE, NYSE, NASDAQ Dubai: GFI) is pleased to announce that an Agreement has been executed in terms of which the royalty payable by Gold Fields' wholly owned Australian subsidiary, St Ives Gold Mining Company Pty Ltd (St Ives) to Morgan Stanley Bank's subsidiaries, (Royalty) has been terminated for a consideration of A$308 million.
When Gold Fields acquired St Ives in late 2001, the total consideration included the Royalty, which was subsequently acquired by subsidiaries of Morgan Stanley Bank. The Royalty comprises two parts (i) a payment equal to 4% of the revenue from all ...