On June 22, 2011, Gold Fields Limited acquired an additional 18.9 per cent interest in each of the Tarkwa and Damang gold mines in Ghana from IAMGOLD Corporation for cash consideration of US$667 million.
As a result of the transaction, Gold Fields increased its interest in the Tarkwa and Damang mines from 71.1 per cent to 90 per cent, with the remaining 10 per cent interest continuing to be held by the Ghanaian government.
The acquisition transaction, and a reorganization of several IAMGOLD subsidiaries which held IAMGOLD's interest in the mines and which were acquired by Gold Fields, involved an international team of legal professionals in Canada, South Africa, Peru, Ghana, the British Virgin Islands, Barbados, Ecuador, Brazil, Argentina, the United States and Bolivia.
Gold Fields' legal team was led by Taryn Harmse, senior counsel for Gold Fields, and its principal external counsel was McCarthy Tétrault LLP with a team that included Brian Graves, Dan Bornstein and Aida Shahbazi (corporate/mining) and Jerald Wortsman and Jeffery Love (tax).
IAMGOLD's legal team was led by Jeffrey Snow, general counsel of IAMGOLD, and its principal external counsel was Fasken Martineau DuMoulin LLP with a team that included Daniel Batista, Krisztian Toth, Michael Gleeson, Aaron Atkinson and Laurie Turner (corporate) and Mitchell Thaw and Christopher Steeves (tax).