Last November, Gold Fields’ attempt to buy Yamana was scuppered by a rival offer from Agnico Eagle and Pan American Silver Corp.
Gold Fields’ interim chief executive officer Martin Preece said that while the company still wanted to expand its assets, it would not just add ounces “just for ounces’ sake.”
“We’re going to be a little more circumspect, look at more incremental growth, rather than big transformational projects,” Preece said during an investor call.
Preece added that adverse market reaction to the Yamana bid, which saw Gold Fields’ shares plunging 20%, showed investors were averse to paying significant premiums.
Gold Fields chief financial officer Paul Schmidt said the miner would revert to its strategy of picking up development projects and operational mines that fit into its portfolio.
“We continue with our normal way of incrementally adding ounces, maybe the $400-$500 million type of transactions…
