Mvelaphanda Resources: No approach for Gold Fields shares
July 3, 2009
New York-based hedge fund Paulson had not been in contact with Mvelaphanda Resources about buying its remaining stake in Gold Fields, Mvela spokesman James Wellsted said yesterday, in response to a report on mining news website Miningmx that Paulson might be seeking the Gold Fields shares. Mvela Resources owned about 5.5 percent of Gold Fields and would not sell "at this level", Wellsted said. Gold Fields dropped 3.9 percent to R93.01 on the JSE. Paulson, which made more than $3 billion (R23.4bn) betting the US housing market would collapse, did not comment on specific investments, spokesman Armel Leslie said. Mvela Resources sold 11 million of its 50 million Gold Fields shares to repay debt earlier this year. - Bloomberg
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