The project located in the Benguet province in northern Luzon sits between the Enargite copper mine and Victoria gold mine, both owned by Lepanto, and it is considered highly, according to Steelguru.
Gold Fields has already made payments to Lepanto of $120m, and is expected to exercise the option and make payment of the final installment of $220m.
Gold Fields has an 18-month option on FSE during which the company will conduct a major drilling program as part of a feasibility study on FSE.
Upon signing of the option agreeement, Gold Fields has already paid $10m in option fees to Lepanto and $44m as a non-refundable down payment to Liberty.
Gold Fields annually produces of 3.5 million gold equivalent ounces from eight operating mines in Australia, Ghana, Peru and South Africa.
It also has an extensive and diverse global growth pipeline with four major projects in resource development and feasibility, with construction decisions expected in the next 18 to 24 months.
