Friday, 19th May 2006 (3027 views)

Gold Fields has boosted its holdings in South Africa's South Deep gold deposit just two months following the purchase of a large stake there by Harmony Gold.

Gold Fields increased its stake in Western Areas to 15.46 per cent, which increased the value Western Areas shares.

This rise came shortly after Western Areas saw a drop of up to 29 per cent in its shares following an accident at South Deep.

South Deep has the largest resource of gold in the world – with its mines holding 67 million ounces.

South Deep is a 50/50 joint venture between Barrick Gold Corporation, Canada, and Western Areas.

 

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