Monday, 23rd October 2006 (2314 views)

Gold Fields, a South African mining company, has staked its claim on being the first South African, African and gold mining company to list on the Dubai International Financial Exchange (DIFX).

The company will seek a listing on the DIFX by the end of October because such an event will allow the firm to access traders in the region, which is a large and untapped market.

Gold Fields, which is the world's fourth largest gold producer, may also seek further listings in Asia because, according to chief executive Ian Cockerill, "there is tremendous liquidity there".

Dubai has the largest level of gold consumption in the world per inhabitant with gold sales accounting for about 14 per cent of Dubai's gross national product in 2005.

The country is a hub for trading and has become the entry point for physical gold moving to the Middle East and Central Asia.

DIFX is ideally situated to access both Western and Eastern financial markets, according to Gold Fields, because Dubai has the optimum time zone and efficient international business practices.

 

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