Gold Fields to decide on Philippines deal next year

Reuters

Posted at Nov 10 2011 07:41 PM | Updated as of Nov 11 2011 03:42 AM

JOHANNESBURG - South Africa's Gold Fields Ltd. is likely to take an option to acquire a 60% stake in an undeveloped gold-copper deposit in the Philippines, its chief executive said on Thursday.

Nick Holland said a decision was expected by April next year. He was speaking to reporters after the group posted a third-quarter surge in earnings on the back of gold's record run that fell just shy of a Reuters' poll of six analysts.

The company said in September it had made a non-refundable down payment of $66 million for an option to acquire the stake.