The Bank of New York has been selected by Gold Fields Ltd. as depositary bank for its American depositary receipt (ADR) listing on the Dubai International Financial Exchange (DIFX). Gold Fields is the first South African company to list on DIFX. Gold Fields also maintains listings on the New York Stock Exchange, the London Stock Exchange, Euronext (Paris and Brussels), the Swiss Exchange and the Johannesburg Stock Exchange.
According to the company, Gold Fields is one of the world’s largest unhedged pure gold producers, providing investors with maximum leverage to the gold price. The company has an annual gold production of approximately 4.1 million ounces from mines in South Africa, Ghana, Australia and Venezuela, as well as a developing mine at Cerro Corona in Peru and has ore reserves of 65 million ounces and mineral resources of 179 million ounces. The company employs 48,467 people globally.
“We believe the Dubai International Financial Exchange has the potential to become one of the world’s largest trading centers,” says Ian Cockerill, the chief executive of Gold Fields. “It offers Gold Fields the opportunity to raise its profile, expand its investor base and position itself to take advantage of the growing and increasingly sophisticated retail and institutional investor base not only within the Middle East but also within the broader Asian region. It is superbly placed and structured to be the gateway to accessing capital in the Gulf and beyond.”
“This transaction continues The Bank of New York’s history of innovation in establishing DRs in new markets around the world,” adds Christopher Sturdy, an executive vice president and global head of The Bank of New York’s Depositary Receipt Division. “The Bank of New York pioneered the DR structure for DIFX listings and capital raisings, executing the first IPO on DIFX in September 2005. It is particularly gratifying that we are now able to help Gold Fields, a world-class gold mining company, access the substantial pools of liquidity available in the Gulf region via this secondary DR listing on DIFX. We look forward to helping other distinguished issuers from around the world list their DRs on DIFX.”