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Multi-national gold producer Gold Fields has confirmed that in December 2012, the company, through the social and ethics committee of its board of directors, initiated a thorough independent investigation concerning its Black Economic Empowerment (BEE) transactions.

The board has engaged an independent, highly regarded international law firm; Paul, Weiss, Rifkind, Wharton & Garrison, LLP (Paul Weiss), with extensive experience in such matters, to undertake the investigation. The board has directed Paul Weiss to determine the facts, and to provide recommendations to the board.

Gold Fields has also asked Paul Weiss to review the companys relevant internal controls and to recommend any necessary improvements. Gold Fields says that it will report further on this matter upon the conclusion of the investigation, which is being conducted with the full support of the board and senior management.

Meanwhile, Gold Fields said that it values and respects the services to the company of its former chair, Dr Mamphela Ramphele, who, during her tenure at the company, strongly supported the boards decision to commission an independent investigation. Gold Fields noted that statements attributed in press reports yesterday to Dr Ramphele represent her own personal views.

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