Since the Johannesburg-based miner approached its target, shareholders have criticized the proposed all-stock merger, arguing the friendly approach does not guarantee growth and profitability.
Griffith, who has been at the helm since April 2021, has said Gold Fields offered a large premium because Yamana was trading at a discount to net asset value and the offer would have been dismissed at a lower price.
“There is still some pushback on the premium,” he told MINING.COM. “However, when we’ve shown investors the relative price we are paying for these assets compared to the price paid in the market, more and more of them are understanding that the premium is not the only way to look at this.”
Since the day the offer was first announced, on May 31, Gold Fields has lost 29% of its value and Yamana 15%, leaving the Canadian gold target with a market capitalization of $4.4 billion, compared to $6.7 billion it had in May.
“It…
