JSE-listed gold miner, Gold Fields, on Thursday said it had acquired Barrick Gold’s interests in Yilgam South Assets in Western Australia for $300 million.

Gold Fields’ purchase of these assets will give the South African gold miner an extra 452 000 ounces in yearly gold production.

The transaction will also offer the gold miner 2.6 million standby ounces for $115 an ounce and 1.9 million reserve ounces.

It has been disclosed that Gold Fields may pay for these assets in cash or partly in shares offered to Barrick Gold.

If Gold Fields opts for cash payment for these assets, it may use its money generated in Australian operations. It may also use money from its bank facilities. And perhaps obtain funds from the capital markets.

Gold Fields is also listed on the New York Stock Exchange, NASDAQ, Dubai Limited, Euronext in Brussels and the Swiss Exchange.

The purchase is dependent on a number of conditions being met, one of them being the approval by the South African Reserve Bank for the transaction.

The deal will have to get the blessing of Australia’s Federal Treasurer.

Lastly, the Western Australian Minister for Mines will also have to put his signature to the transaction.

Barrick Gold is the world’s biggest gold producer which has been struggling in recent years. It recently appointed new CEO in Greg Hawkins, a veteran miner.