Brief

Gold Fields seeks further talks after $38 bn bid rejected by Northern Star Resources

Gold Fields' CEO says the proposal merits further consideration despite Northern Star's rejection.

By Felo News Desk · Published Thu, 01 Oct 2026 04:10:10 GMT

Gold Fields, the South African mining group, said it is "open to further dialogue" after Northern Star Resources rejected its unsolicited $38 billion takeover offer, the Perth‑based miner announced on Wednesday.

Northern Star confirmed it had received, considered and rejected the proposal, calling it opportunistic and undervaluing assets in Western Australia and Alaska. Gold Fields CEO Mike Fraser responded that the offer "warrants further consideration" and that the companies could create the world’s second‑largest gold producer.

Fraser told an industry conference in Denver that a combined entity would generate about 2.4 million ounces of gold annually and allow operational synergies such as lower haulage and processing costs. He added that the deal could consolidate assets around Kalgoorlie’s Super Pit, creating a major gold‑mining hub.

Under the rejected terms, Northern Star shareholders would have received 0.3125 Gold Fields shares and $7.25 in cash per share, valuing Northern Star at roughly $38.7 billion – a 22% premium at the time of the offer.

Key facts

• Gold Fields offered $38 billion to acquire Northern Star Resources. (smh.com.au)
• Northern Star rejected the unsolicited offer, calling it opportunistic. (smh.com.au)
• Gold Fields CEO Mike Fraser said the proposal merits further discussion. (smh.com.au)
• The offer would have given Northern Star shareholders 0.3125 Gold Fields shares and $7.25 cash per share. (smh.com.au)
• A combined Gold Fields‑Northern Star could produce about 2.4 million ounces of gold per year. (smh.com.au)

Sources

• [1] smh.com.au — originally reported as “Northern Star Resources takeover bid: Gold Fields chief executive signals openness to further talks after $38 billion offer rejected”