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Monday, 18th October 2004 (3757 views)

South Africa's Gold Fields is expected to announce a multi-billion dollar merger today with one its biggest rivals.<BR/><BR/>The move is part of a major change in the area's gold mining industry and could lead to the creation of the world's largest producer of the precious metal, according to the Guardian.<BR/><BR/>It is thought that Gold Field has been pushed into a deal by Russian metals group Norilsk Nickel, which purchased a 20 per cent stake in the firm in the spring.<BR/><BR/>Banking sources have suggested that they think Harmony is the most likely partner for the deal, although the deal would have a number of conditions attached to it.<BR/><BR/>Gold Fields also has operations in Ghana and Australia, whilst Harmony is the largest domestic producer in South Africa.<BR/><BR/>The South African government has recently become more relaxed with regards to precious metal firm mergers.<img src="http://directnews.dehavilland.co.uk/dn.gif?feedid=196&itemid=3644537"/>

 

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