 Anglo American wants to concentrate on AngloGold |
Mining giant Anglo American has sold a 20% share in South Africa's Gold Fields to Norilsk Nickel for $1.2bn (�660m). The sale to the Russian firm will raise $480m, which Anglo says will be used to pay off its debts in South Africa and to fund new projects there.
This is Norilsk's first gold investment outside Russia; Gold Fields indicated it was surprised by the deal.
Anglo American's shares rose by 3p to reach 1279p in early trading on Monday, following news of the sell-off.
'Surprise' deal
Gold Fields, which employs over 48,000 people, has operations in Ghana, Australia and the US.
"This share acquisition is wholly consistent with Norilsk Nickel strategy to increase our position in the gold mining industry," said Leonid Rozhetskin, vice chairman of the Russian company's management board.
Anglo American has said it will now focus all its gold interests in its 52% stake in AngloGold.
Representatives at Gold Fields say they have been taken by surprise.
"We were informed of the transaction only this morning, so we really haven't had much time to digest it," Gold Fields spokesman Willie Jacobsz said in Johannesburg.
Anglo American is also set to invest $20m over the next three to five years in platinum mining exploration projects in China's south-east province of Sichuan, according to the China Business Weekly.
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