Mining Weekly reported that Gold Fields Ltd. (NYSE:GFI) and Santa Fe Gold Corp. (OTCQB:SFEG) have signed a definitive merger agreement. The move is a follow up on an October agreement under which the companies decided to form a “significant” gold and silver company.
As quoted in the market news:
The combined entity would have a market capitalisation of some A$70-million and cash reserves of at least A$10-million, with gold and silver production of some 28 000 oz/y of gold equivalent, an operating mill, near-term development assets and a portfolio of advanced exploration assets.
The merged group’s assets would include the Summit gold/silver mine, the Ortiz gold project and the Mogollon gold/silver project, all in New Mexico, as well as the Latin gold project, in Brazil.