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Gold Fields says SEC unit recommends no action on South Deep BEE transaction - Mining Weekly

Tuesday, 23 June 2015

The Foreign Corrupt Practices Act (FCPA) Unit of the US Securities Exchange Commission (SEC) will not recommend to the SEC that enforcement action be taken against dual-listed Gold Fields in relation to a 2010 black economic-empowerment (BEE) transaction associated with the granting of a mining licence for its South Deep operation.

Gold Fields reported on Monday that it had been informed of this decision by the FCPA Unit, following the conclusion of its investigation.

The JSE- and NYSE-listed miner had confirmed in September 2013 that the SEC was investigating the BEE transaction. This had followed news reports alleging that the company had bribed an African National Congress (ANC) official to get a licence for South Deep.

The ANC had denied the allegations.

Gold Fields, however, pointed out on Monday that the notice provided to it by the FCPA Unit had included a note indicating that the notice “must in no way be construed as indicating that the party has been exonerated or that no action may ultimately result from the staff's investigation”.


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