March 29, 2018 / 8:14 AM / 6 months ago

South Africa's Gold Fields to form Ghana joint venture with Canada's Asanko

JOHANNESBURG, March 29 (Reuters) - South Africa's Gold Fields said it will buy a 50 percent stake in Asanko Gold Inc's Ghana subsidiary and take a stake in the Canadian miner in a $202.6 million deal.

Gold Fields said in a statement on Thursday that as well as acquiring half of Asanko Gold Ghana's 90 percent interest in the Asanko Gold Mine, its Ghana subsidiary will also acquire associated properties and exploration rights in the African country.

The deal includes an upfront payment of $165 million on closure of the transaction and a deferred payment of $20 million.

Gold Fields' subsidiary will also take a 9.9 percent stake in Toronto-listed Asanko for $17.6 million in a share placement. (Reporting by Nqobile Dludla; Editing by Susan Fenton)

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