Gold Fields is making “encouraging progress” in its attempt to convince shareholders to support its $6.7 billion all-share acquisition of Yamana Gold of Canada. After attempting to sway sceptics in July 2022 by offering a Toronto listing and higher dividends, Gold Fields is not considering altering the agreement. When the acquisition was announced on May 31, 2022, investors voiced concerns about a possible dilution of their holdings and the premium being paid, which caused the shares of South Africa-based Gold Fields to fall 20%.
Gold Fields, a company that operates in Africa, Australia, and South America, reported a 29% increase in half-year profit. This gain was the result of higher prices of precious metals and increase in production. For the six months ending June 30, 2022, the company’s headline profit per share (HEPS), which is the primary profit indicator in South Africa, increased from $0.45 to $0.58.
According to the company, production increased 9% to 1.201 million ounces during the first half of 2022 over that in the corresponding period of 2021. The average price of gold increased 3% during this period.
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