Gold Fields says SA approves licences

JOHANNESBURG – South African gold miner Gold Fields said on Friday the government had approved the conversion of its old licences to new mining rights, pushing its shares up more than three per cent.

The company said in a statement the approval applied to its three operating South Africa mines – Driefontein, Kloof and Beatrix. Gold Fields shares rose 3,2 per cent to 132,00 rand , outpacing a slightly firmer Johannesburg Top-40 index of blue-chip stocks.The government made the renewal of South African mine licences contingent on companies meeting quotas on black ownership, employment and procurement, as well as meeting labour and community development requirements.Gold Fields said the stamp of approval meant it could press ahead with planned investments in South Africa worth more than R25 billion , aimed at ensuring it remains the biggest gold miner in South Africa for the next 30 years.Nampa-ReutersGold Fields shares rose 3,2 per cent to 132,00 rand , outpacing a slightly firmer Johannesburg Top-40 index of blue-chip stocks.The government made the renewal of South African mine licences contingent on companies meeting quotas on black ownership, employment and procurement, as well as meeting labour and community development requirements.Gold Fields said the stamp of approval meant it could press ahead with planned investments in South Africa worth more than R25 billion , aimed at ensuring it remains the biggest gold miner in South Africa for the next 30 years.Nampa-Reuters