UPDATE 1-Gold Fields files to sell 26 mln shrs in U.S. IPO




7/16/2002 9:40:07 AM


WASHINGTON, July 16 Gold Fields Ltd. , South Africa's second-largest gold producer, filed with the U.S. Securities and Exchange Commission to sell 26 million ordinary shares.




The size of the offering was disclosed in an amended prospectus that was filed with the SEC Monday but made public on Tuesday. The estimated price of the shares was not disclosed.




The company told U.S. regulators in late June that it planned an initial public offering of ordinary shares or American Depositary Shares in the United States.




The underwriters -- J.P. Morgan, BMO Nesbitt Burns Corp. and HSBC -- will have the option buy another 3.9 million shares to cover over-allotments.




Gold Fields said it has received approval to list the ADSs on the New York Stock Exchange under the symbol "GFI." (GFI) , and plans to apply to list its shares on exchanges in London, Paris and Switzerland.




The company, which is a major holder of gold reserves in South Africa, Ghana and Australia, operates underground and surface mining, including exploration, extraction, processing and smelting.




Mining giant Anglo American announced last month that it had raised its stake in Gold Fields to 20 percent from 16.1 percent.




South African financial services firm Old Mutual (UKML) holds a 7.6 percent stake, according to the prospectus filed by the Parktown, South Africa-based company.




Gold Fields said it plans to use the proceeds from the offering for debt reduction, future acquisitions, upgrading a processing plant in Ghana, development in Australia and the Arctic Platinum Project and general corporate purposes.




There will be more than 500.4 million shares outstanding in the company after the offering, the prospectus showed.