Document:

Agreement between Gold Fields Limited and Other Parties, dated March 27, 2008

 Exhibit 4.39 
 

 
 Mezz SPV Funders (the names of which are set out at the end of this letter) 
 (“Mezz Funders”) 
 c/o Rand Merchant Bank (a
division of FirstRand Bank Limited) 
 1 Merchant Place 
 1
Fredman Drive 
 Sandton 
 Attention: Head of Resource Finance

      February 2008 
 Dear Sirs

  

	1.	Introduction 

  

	 	1.1	Gold Fields Limited (“Gold Fields”), Mvelaphanda Holdings (Proprietary) Limited (“Mvela Holdings”), Mvelaphanda Resources Limited (“Mvela
Resources”), Mvelaphanda Gold (Proprietary) Limited (“Mvela Gold”), a wholly owned subsidiary of Mvela Resources, and GFI Mining South Africa (Proprietary) Limited (“GFIMSA”), a wholly owned subsidiary of
Gold Fields, and others entered into various agreements for, inter alia, the acquisition by Mvela Gold of a 15% interest in GFIMSA (“Gold Fields Transaction”). 

 

 

	 	1.2	On 13 February 2004, as part of the Gold Fields Transaction, Gold Fields, GFIMSA, Mvela Resources, Mvela Holdings, Mvela Gold, FirstRand Bank Limited (“FNB”)
and Micawber 325 (Proprietary) Limited (“Mezz SPV”) entered into a sponsor support, guarantee and retention agreement. That agreement, as subsequently amended, is referred to hereinafter as the “Sponsor Support
Agreement”. 

  

	 	1.3	In clause 8.1 of the Sponsor Support Agreement, Mvela Resources furnishes a guarantee (“Mvela Resources Guarantee”) to Mezz SPV in respect of the “Guaranteed
Obligations” of Mvela Gold on the terms and conditions, and subject to the limits, specified in clause 8 of the Sponsor Support Agreement. Clause 2.1 of the Sponsor Support Agreement defines the “Guaranteed Obligations” as “any
and all sums, moneys and indebtedness (whether now existing or hereafter arising) which are from time to time due, owing and payable by Mvela Gold under or arising from or in connection with clauses 8 (Repayment), 9 (Interest), 13
(Penalty and/or Default Interest) and 21.3 (Illegality) of the Mezz SPV Loan Agreement, together with all claims for damages arising from or in connection with the failure by Mvela Gold to pay such sums, moneys and indebtedness due
under clauses 8 (Repayment), 9 (Interest), 13 (Penalty and/or Default Interest) and 21.3 (Illegality) of the Mezz SPV Loan Agreement” (“Guaranteed Obligations”). 

  

	 	1.4	Mvela Resources undertakes in clause 8.3 of the Sponsor Support Agreement that until the Guaranteed Obligations have been discharged in full: 

  

	 	1.4.1	it will obtain the consent of the agent for Mezz SPV (“Mezz SPV Agent”), not to be unreasonably withheld or delayed, for any disposal or encumbrance of any of the:

  

	 	1.4.1.1	51 738 305 ordinary shares (“Existing Northam Shares”) in the capital of Northam Platinum Limited (“Northam”) held as at 30 September 2003 by
Mvelaphanda Debt SPV (Proprietary) Limited (“Mvela Debt”) and Mvelaphanda Equity SPV (Proprietary) Limited (“Mvela Equity”), both indirect wholly owned subsidiaries of Mvela Resources. An ordinary share in the
capital of Northam is referred to in this letter as a “Northam Share”; or 

 

 

	 	1.4.1.2	2 530 263 ordinary shares (“Trans Hex Shares”) in the capital of Trans Hex Group Limited (“Trans Hex”) held by Mvela Resources as at
30 September 2003 and Mvela Resources’ right to take delivery of 16 000 000 Trans Hex Shares on 28 February 2008; 

  

	 	1.4.2	it will ensure that the “Nett Debt” of Mvela Resources and its subsidiaries (other than Northam and Trans Hex) will not exceed R500 000 000. 

  

	 	1.5	In clause 9.1 of the Sponsor Support Agreement, Mvela Holdings furnishes a guarantee to Mezz SPV in respect of the Guaranteed Obligations on the terms and conditions, and subject to
the limits, specified in clause 9 of the Sponsor Support Agreement. 

  

	 	1.6	Rand Merchant Bank (a division of FNB) is currently the Mezz SPV Agent. 

  

	 	1.7	Clause headings in this letter are used for convenience only and shall be ignored in its interpretation. 

  

	2.	Proposed Transaction 

  

	 	2.1	Mvela Resources wishes to conclude a transaction (“Proposed Transaction”) with, inter alia, Anglo Platinum Limited (“APL”) and Northam in terms of
and pursuant to which, inter alia: 

  

	 	2.1.1	Mvela Resources and/or its subsidiaries will purchase approximately 53 102 926 Northam Shares from APL’s subsidiaries, Rustenburg Platinum Mines Limited
(“RPM”) and Norbush Properties (Proprietary) Limited; 

  

	 	2.1.2	Mvela Resources and/or its subsidiaries will advance shareholder loans to, and become the holder(s) of the entire issued capital of, Micawber 278 (Proprietary) Limited
(“M278”) (which owns APL’s indirect 50% beneficial interest in the Booysendal platinum project). The issued shares in M278 are currently held as to 50% by RPM and, as to the other 50%, by Plimline Investments (Proprietary)
Limited, a company controlled by Deneys Reitz Attorneys; 

 

 

	 	2.1.3	Mvela Resources and/or its subsidiaries will sell all its/their indirect shareholding(s) in M278 to Northam. In consideration, Northam will issue approximately 121 000 000 new
Northam Shares to Mvela Resources and/or its subsidiaries. The additional Northam Shares acquired or subscribed for by Mvela Resources and/or its subsidiaries as contemplated in 2.1.1 and this 2.1.3 are hereinafter collectively referred to as the
“New Northam Shares”; and 

  

	 	2.1.4	the Existing Northam Shares and the New Northam Shares might be transferred between Mvela Resources and its wholly owned subsidiaries (including, without limitation, Mvela Debt and
Mvela Equity), or between its wholly owned subsidiaries (including, without limitation, Mvela Debt and Mvela Equity), for structuring reasons. 

  

	 	2.2	The aggregate amount (“Transaction Consideration”) payable by Mvela Resources and/or its subsidiaries on implementation of the Proposed Transaction is approximately
R4 billion. 

  

	 	2.3	Mvela Resources and its subsidiaries will part fund the Transaction Consideration utilising preference share (“Preference Share”) funding (“Proposed Funding
Transaction”) of approximately R2,5 billion from Nedbank Limited (“Nedbank”) and/or from a Nedbank subsidiary (“Nedbank Group Member”). 

  

	 	2.4	As security for Mvela Resources’ and its subsidiaries’ obligations under and arising out of the Proposed Funding Transaction, Mvela Resources and/or its subsidiaries will,
inter alia, pledge (“Proposed Pledge”) all or some of its/their direct or indirect interest in the Existing Northam Shares and/or the New Northam Shares in favour of a Nedbank Group Member. In breach circumstances, the Nedbank Group
Member can, inter alia, require or effect the direct or indirect disposal of those of the Existing Northam Shares and/or the New Northam Shares which are directly or indirectly subject to the Proposed Pledge, and/or force Mvela Resources to purchase
the Preference Shares held by the Nedbank Group Member or to subscribe for shares in the subsidiary issuing the Preference Shares, to recover the amounts owing to the Nedbank Group Member under the Proposed Funding Transaction.

 

 

	 	2.5	The balance of the Transaction Consideration will be funded from Mvela Resources’ and its subsidiaries’ internal cash resources. As these cash resources are
currently held by Mvela Resources, all or some of the cash may be lent to subsidiaries of Mvela Resources who require cash to fund the Proposed Transaction. 

  

	3.	Consent 

 By your signature above your name at the
foot of this letter, you hereby consent to (and to the extent required, ratify) the entering into and implementation of the Proposed Transaction and the Proposed Funding Transaction (and anything necessary to give effect to, or ancillary to, the
Proposed Transaction and the Proposed Funding Transaction) to the extent that your consent (or ratification, as the case may be) is required for any of the aforementioned (whether under the Sponsor Support Agreement or otherwise). 
  

	4.	Conditions Precedent 

  

	 	4.1	All the provisions of this letter (other than the provisions of: 

  

	 	4.1.1	1, 2, this 4, 6 and 7, which shall become effective: 

  

	 	4.1.1.1	once this letter has been signed by all signatories listed at the foot of this letter (“Parties”); and 

  

	 	4.1.1.2	on the date (“Signature Date”) of signature of this letter by the last signing Party; and 

  

	 	4.1.2	3 which shall become effective on the date of the fulfilment of the Condition Precedent stipulated in 4,1.4 even if the Conditions Precedent stipulated in 4.1.3 and 4.1.5 have not
then yet been fulfilled), 

 are subject to the fulfilment of the following conditions precedent (“Conditions
Precedent”): 
 

 

	 	4.1.3	all suspensive conditions to which the agreements comprising the Proposed Transaction (other than any relating to the contents of this letter) (“Transaction Suspensive
Conditions”) are subject are fulfilled (or, where capable of waiver, waived, as the case may be) within the time periods specified therein; and 

  

	 	4.1.4	by no later than the date by which all of the Transaction Suspensive Conditions (other than any relating to the contents of this letter) are fulfilled (or, where capable of waiver,
waived, as the case may be), a guarantee (“Nedbank Guarantee”) by Nedbank for the due and punctual payment and performance by Mvela Resources of its obligations under the Mvela Resources Guarantee, substantially on the terms and
conditions stipulated in the draft guarantee attached as annexure A hereto, is signed by Nedbank and Mezz SPV; and 

  

	 	4.1.5	all suspensive conditions (if any) to which the Nedbank Guarantee is subject are fulfilled (or, where capable of waiver, waived, as the case may be) within the time periods
contemplated therein. 

  

	 	4.2	If one or more of the Conditions Precedent is/are not timeously fulfilled, then: 

  

	 	4.2.1	the provisions of this letter (other than the provisions of 1, 2, this 4, 6 and 7 which shall continue to be of force and effect) shall be of no force and effect;

  

	 	4.2.2	the Parties shall be restored in relation to the subject matter of this letter to the positions in which they were immediately prior to the Signature Date; and

  

	 	4.2.3	no Party shall have any claim against any other as a result of such non-fulfilment save in circumstances where it has deliberately frustrated the fulfilment thereof.

  

	 	4.3	If the Condition Precedent stipulated in 4.1.4 is fulfilled, but either or both of the Conditions Precedent stipulated in 4.1.3 and 4.1.5 are not thereafter timeously fulfilled,
then without derogating from the application of the provisions of 4.2, the provisions of 3 shall cease to be of force and effect on the date on which the earlier to fail of the Conditions Precedent stipulated in 4.1.3 and 4.1.5 fails.

 

 

 For avoidance of doubt, the signature by Mvela Resources and its subsidiaries and by Mvela Holdings of
the agreements comprising the Proposed Transaction and the agreements comprising the Proposed Funding Transaction (and anything necessary to give effect to, or ancillary to, the Proposed Transaction and the Proposed Funding Transaction) shall
nonetheless not constitute a breach or contravention of any of the provisions of the Sponsor Support Agreement or of any of the other agreements comprising the Gold Fields Transaction because such agreements will have been signed in accordance with
the consent under 3 prior to it ceasing to be of force and effect under this 4.3. In this regard, each Party waives all and any rights or remedies (if any) it may have against Mvela Resources or any of its subsidiaries or against Mvela Holdings
(whether under any of the agreements comprising the Gold Fields Transaction or otherwise) arising from or as a result of the signature by Mvela Resources and/or its subsidiaries and/or by Mvela Holdings of the agreements comprising the Proposed
Transaction and the agreements comprising the Proposed Funding Transaction (and/or of anything necessary to give effect to, or ancillary to, the Proposed Transaction and the Proposed Funding Transaction) in accordance with the consent under 3 prior
to it ceasing to be of force and effect under this 4.3. 
  

	5.	Amendments 

 By your signature above your name at
the foot of this letter, you consent to the following amendments to the Sponsor Support Agreement, such amendments to take effect on the date on which the Conditions Precedent have been fulfilled: 
  

	 	5.1	the deletion of the definitions of “Nett Debt”, “Northam Shares” and ‘Trans Hex Shares” in clause 2.1 of the Sponsor Support Agreement;

  

	 	5.2	the deletion of the words “or MHL” in the definition of “Material Adverse Effect” in clause 2.1 of the Sponsor Support Agreement; 

  

	 	5.3	the deletion of the words “and MHL” in clause 3.4 of the Sponsor Support Agreement; 

  

	 	5.4	the deletion of clause 5.2.8.2 of the Sponsor Support Agreement in its entirety; 

 

 

	 	5.5	the deletion of clause 8.3 of the Sponsor Support Agreement in its entirety (but without a consequential renumbering of clauses 8.4 and 8.5 of the Sponsor Support Agreement);

  

	 	5.6	the deletion of clause 8.4.1 of the Sponsor Support Agreement in its entirety (but without a consequential renumbering of clauses 8.4.2 to 8.4.10 (both inclusive) of the Sponsor
Support Agreement; 

  

	 	5.7	the deletion of clause 9 of the Sponsor Support Agreement in its entirety (but without a consequential renumbering of clauses 10 to 21 (both inclusive) of the Sponsor Support
Agreement); 

  

	 	5.8	the substitution of the words “clause 8.2” for the words “clauses 8.2 and 9.2” in each of clause 12.1.2.2 and clause 12.2.2 of the Sponsor Support Agreement;

  

	 	5.9	the deletion of “9,” in clause 12.2.1; 

  

	 	5.10	the substitution of the words “clause 15.1.1 to 15.1.6 (both inclusive), and the Sponsor makes the representations and warranties set out in clauses 15.1.7 to 15.1.11 (both
inclusive),” for the words “this clause 15.1” in the introductory paragraph of clause 15.1 of the Sponsor Support Agreement; 

  

	 	5.11	the deletion of the words “and MHL” in clause 15.1.11.1 of the Sponsor Support Agreement; 

  

	 	5.12	the substitution of the words “The Sponsor hereby renounces” for the words “The Sponsor and MHL hereby renounce” in clause 17.1 of the Sponsor Support Agreement;
and 

  

	 	5.13	the substitution of the words “it declares it understands” for the word “they declares they understand” in clause 17.1 of the Sponsor Support Agreement.

 

 

	6.	Confidentiality and Public Announcements 

  

	 	6.1	None of the Parties shall disclose this letter, any of its contents or any aspect of this letter to anyone other than to its directors, officers, employees and professional advisors
(on a need to know basis) or as may otherwise be required by law or under the listings requirements of the JSE Limited (“JSE”) (or any other exchange on which the securities of such Party are traded) without the prior written
consent of the other Parties. 

  

	 	6.2	No Party shall issue any press release or announcement or any other public document or make any public statement in each case relating to or connected with or arising out of this
letter (save for any such release, announcement, document or statement which is required to be given, made or published by law or under the listings requirements of the JSE (or any other exchange on which the securities of such Party are traded))
without obtaining the prior approval of the other Parties to the contents thereof and the manner of its presentation and publication. 

  

	 	6.3	In the case of a release, announcement, document or statement which is required to be given, made or published by law or under the listings requirements of the JSE (or any other
exchange on which the securities of such Party are traded), the Party to give, make or publish the same shall give to the other Parties as much advance warning thereof as is reasonable in the circumstances together with drafts or a copy thereof as
soon as it is at liberty so to do. 

  

	7.	General 

  

	 	7.1	This letter constitutes the sole record in relation to the subject matter hereof. The Parties shall not be bound by any express or implied term, representation, warranty, promise or
the like not recorded herein. 

  

	 	7.2	No addition to, variation or agreed cancellation of, or cession, assignment and/or delegation of rights and/or obligations under, this letter shall be of any force or effect unless
reduced to writing and signed by or on behalf of the Parties 

 

 

	 	7.3	The signature by any Party of a counterpart of this letter shall be as effective as if that Party had signed the same document as all of the other Parties. 

 

	 	7.4	Each Party shall bear and pay its own costs of and in relation to the negotiation, preparation and finalisation of this letter. 

  

	
	Yours sincerely
	
	

	 Mvelaphanda Resources limited

 We, Mvelaphanda Holdings (Proprietary) Limited, agree to the provisions of this letter 
  

	
	

	 who warrants that he is duly authorised hereto

	
	 Date:                     
2008

 We, FirstRand Bank Limited, in our/capacity as agent for Micawber 325 (Proprietary) Limited, agree to the
provisions of this letter 
  

	
	

	 who-warrants that he is duly/authorised hereto

	
	 Date: 27-03 2008

 

 

					
	 
	Each of the parties whose signatures appear below agrees to the provisions of this letter:
	
	 
			
	Mvelaphanda Gold (Proprietary) Limited	  		  	

		  		  	who warrants that he is duly authorised hereto
	17-03-2008	  		  	
			
	 	  	 	  	 
			
	Gold Fields Limited	  		  	 

		  		  	who warrants that he is duly authorised hereto
			
	           2008	  		  	
			
	 	  	 	  	 
			
	GFI Mining South Africa (Proprietary) Limited	  		  	

		  		  	who warrants that he is duly authorised hereto
			
	           2008	  		  	
			
	 	  	 	  	 
			
	Gold Fields Holdings Company (BVI) Limited	  		  	 

		  		  	who warrants that he is duly authorised hereto
			
	           2008	  		  	
			
	 	  	 	  	 

 

 

					
	Gold Fields Australia Proprietary Limited	  		  	  

		  		  	who warrants that he is duly authorised hereto
	           2008	  		  	
			
	 	  	 	  	 
			
	GFL Mining Services Limited	  		  	 

		  		  	who warrants that he is duly authorised hereto
	           2008	  		  	
			
	 	  	 	  	 
			
	Newshelf 848 (Proprietary) Limited	  		  	 

		  		  	who warrants that he is duly authorized hereto
	           2008	  		  	
			
	 	  	 	  	 
			
	Newshelf 849 (Proprietary) Limited	  		  	 

		  		  	who warrants that he is duly authorised hereto
	           2008	  		  	
			
	 	  	 	  	 
			
	Atripalm Resources (Proprietary) Limited	  		  	 

		  		  	who warrants that he is duly authorised hereto
	           2008	  		  	

 

 

					
	 	 	 
	Micawber 325 (Proprietary) Limited	  		  	  

		  		  	who warrants that he is duly authorised hereto
	           2008	  		  	
			
	 	  	 	  	 
			
	Public Investment Corporation Limited	  		  	 

		  		  	who warrants that he is duly authorised hereto
	14-6-2008	  		  	
			
	 	  	 	  	 
			
	International Finance Corporation	  		  	  

		  		  	who warrants that he is duly authorised hereto
	           2008	  		  	
			
	 	  	 	  	 
			
	Industrial Development Corporation of South Africa Limited	  		  	  

		  		  	who warrants that he is duly authorised hereto
	           2008	  		  	
			
	 	  	 	  	 
			
	JP Morgan Securities South Africa (Proprietary) Limited	  		  	  

		  		  	who warrants that he is duly authorised hereto
	           2008	  		  	
			
		  		  	

 

 

					
	 	 	 
	Indwa Investments Limited	 		  	  

		 		  	who warrants that he is duly authorised hereto
	           2008	 		  	
			
	 	 	 	  	 
			
	Barclays Bank plc South African Branch	 		  	  

		 		  	who warrants that he is duly authorised hereto
	           2008	 		  	
			
	 	 	 	  	 
			
	FirstRand Bank Limited (acting through its Rand Merchant Bank and FNB Corporate Divisions)	 		  	

		 		  	who warrants that he is duly authorised hereto
	27-03-2008	 		  	
			
	 	 	 	  	 
			
	The Trustees for the time being of the West Street 7 Trust	 		  	  

		 		  	who warrants that he is duly authorised hereto
	           2008	 		  	
			
	 	 	 	  	 

 

 

					
	Bergg Credit (Pty) Ltd	 		  	
		 		  	  

		 		  	who warrants that he is duly authorised hereto
	           2008	 		  	
			
	 	 	 	  	 
			
	 Calyon Corporate and Investment Bank,
 South Africa
Branch
	 		  	
		 		  	  

		 		  	who warrants that he is duly authorised hereto
	           2008	 		  	
			
	 	 	 	  	 
			
	Commerzbank AG, Johannesburg Branch	 		  	
		 		  	  

	           2008	 		  	who warrants that he is duly authorised hereto
			
	 	 	 	  	 
			
	Malakani Holdings Limited	 		  	
		 		  	  

	           2008	 		  	who warrants that he is duly authorised hereto
			
	 	 	 	  	 

 

 

 Annexure A 
 NEDBANK / MICAWBER 325 GUARENTEE 
 GUARANTEE 
 By 
 NEDBANK LIMITED 
 In favor of 

 MICAWBER 325 (PROPRIETARY) LIMITED 
  

	1	DEFINITIONS AND INTERPRETATION 

  

	 	1.1	In this Agreement, unless inconsistent with the context,: 

  

	 	1.1.1	“Agreement” means this guarantee agreement, as amended from time to time; 

  

	 	1.1.2	“Business Day” means a day other than a Saturday, Sunday or a day which is officially declared a public holiday in South Africa and on which day banks are open for
business in Johannesburg; 

  

	 	1.1.3	 “the Effective Date” shall mean the date on which the Relationship Agreement dated 3 March 2008 between Anglo Platinum Limited, Rustenburg
Platinum Mines Limited, Norbush Properties (Proprietary) Limited, Micawber 278 (Proprietary) Limited, Afripalm Resources (Proprietary) Limited, Newshelf 848 (Proprietary) Limited, Newshelf 909 (Proprietary) Limited, Mvelaphanda Holdings
(Proprietary) Limited, Mvela Resources, Khumama Platinum (Proprietary) Limited, Mvelaphanda Equity (Proprietary) Limited, Mvelaphanda Debt (Proprietary) Limited, Mvelaphanda Platinum (Proprietary) Limited, Northam Platinum Limited and 

  

 Page 1 of 25 

	 	 
Plimline Investments (Proprietary) Limited has become unconditional; 

  

	 	1.1.4	“the Guarantee” shall mean the guarantee granted by the Guarantor to Mezz SPV as set out in this Agreement; 

  

	 	1.1.5	“Guarantor” shall mean Nedbank Limited, a public company with share capital incorporated under the laws of South Africa with registration number 1951/000009/06,
which is registered as a bank in terms of the Banks Act, 1990; 

  

	 	1.1.6	“Mezz SPV” shall mean Micawber 325 (Proprietary) Limited, a private company with share capital incorporated under the laws of South Africa with registration number
2002/016188/07; 

  

	 	1.1.7	“the Mezz SPV Loan Agreement” shall mean a written agreement entitled “Mezz SPV Loan Agreement” entered into between Mezz SPV, Mvela Gold and Firstrand
Bank Limited dated 13 February 2004; 

  

	 	1.1.8	“Mvela Gold” shall mean Mvelaphanda Gold (Proprietary) Limited, a private company with share capital incorporated under the laws of South Africa with registration
number 2003/013950/07; 

  

	 	1.1.9	“Mvela Resources” means Mvelaphanda Resources Limited, a public company with share capital incorporated under the laws of South Africa with registration number
1980/001395/06; 

  

	 	1.1.10	 “the Mvela Resources Guarantee” shall mean the guarantee given by Mvela Resources to Mezz SPV in respect of the Guaranteed Obligations (as defined
in the Sponsor Support Agreement) on the terms and conditions, 

  

 Page 2 of 25 

	 	 
and subject to the limits, specified in clause 8 of the Sponsor Support Agreement; 

  

	 	1.1.11	“Obligations” shall mean the obligations of Mvela Resources to effect payment of any and all sums, moneys and indebtedness which are from time to time due, owing
and payable by Mvela Resources under or arising from the Mvela Resources Guarantee; 

  

	 	1.1.12	“the Parties” shall mean the Guarantor and Mezz SPV; 

  

	 	1.1.13	“the Sponsor Support Agreement” shall mean the “Sponsor Support, Guarantee and Retention Agreement” entered into between Gold Fields Limited, GFI Mining
South Africa (Proprietary) Limited, Mvela Resources, Mvelaphanda Holdings (Proprietary) Limited, Mvelaphanda Gold (Proprietary) Limited, Firstrand Bank Limited and Mezz SPV on 13 February 2004, as amended; 

  

	 	1.1.14	“South Africa” means the Republic of South Africa; 

  

	 	1.2	Unless inconsistent with the context or save where the contrary is expressly indicated: 

  

	 	1.2.1	if any provision in a definition is a substantive provision conferring rights or imposing obligations on any Party, notwithstanding that it appears only in this interpretation
clause, effect shall be given to it as if it were a substantive provision of this Agreement; 

  

	 	1.2.2	 when any number of days is prescribed in this Agreement, same shall be reckoned exclusively of the first and inclusively of the last day unless the last day falls
on a day which is not a Business Day, 

  

 Page 3 of 25 

	 	 
in which case the last day shall be the next succeeding Business Day; 

  

	 	1.2.3	in the event that the day for payment of any amount due in terms of this Agreement should fall on a day which is not a Business Day, the relevant day for payment shall be the
preceding Business Day; 

  

	 	1.2.4	in the event that the day for performance of any obligation (other than a payment obligation) to be performed in terms of this Agreement should fall on a day which is not a Business
Day, the relevant day for performance shall be the subsequent Business Day; 

  

	 	1.2.5	any reference in this Agreement to an enactment is to that enactment as at the signature date and as amended or re-enacted from time to time; 

  

	 	1.2.6	any reference in this Agreement to this Agreement or any other agreement or document shall be construed as a reference to this Agreement or, as the case may be, such other agreement
or document as say may have been, or may from time to time be, amended, varied, novated or supplemented; 

  

	 	1.2.7	no provision of this Agreement constitutes a stipulation for the benefit of any person who is not a Party to this Agreement; 

  

	 	1.2.8	references to day/s, month/s or year/s shall be construed as Gregorian calendar day/s, month/s or year/s; 

  

 Page 4 of 25 

	 	1.2.9	a reference to a Party includes that Party’s successors-in-title and permitted assigns. 

  

	 	1.3	The headings to the clauses and schedules of this Agreement are for reference purposes only and shall in no way govern or affect the interpretation of nor modify nor amplify the
terms of this Agreement nor any clause or schedule hereof. 

  

	 	1.4	Unless inconsistent with the context, an expression which denotes: 

  

	 	1.4.1	any one gender includes the other genders; 

  

	 	1.4.2	a natural person includes an artificial person and vice versa; and 

  

	 	1.4.3	the singular includes the plural and vice versa. 

  

	 	1.5	The Schedules to this Agreement form an integral part hereof and words and expressions defined in this Agreement shall bear, unless the context otherwise requires, the same meaning
in such schedules. To the extent that there is any conflict between the schedules to this Agreement and the provisions of this Agreement, the provisions of this Agreement shall prevail. 

  

	 	1.6	Where any term is defined within the context of any particular clause in this Agreement, the term so defined, unless it is clear from the clause in question that the term so defined
has limited application to the relevant clause, shall bear the same meaning as ascribed to it for all purposes in terms of this Agreement, notwithstanding that term has not been defined in this interpretation clause. 

  

 Page 5 of 25 

	 	1.7	The rule of construction that, in the event of ambiguity, a contract shall be interpreted against the Party responsible for the drafting thereof, shall not apply in the
interpretation of this Agreement. 

  

	 	1.8	The expiration or termination of this Agreement shall not affect such of the provisions of this Agreement as expressly provide that they will operate after any such expiration or
termination or which of necessity must continue to have effect after such expiration or termination, notwithstanding that the clauses themselves do not expressly provide for this. 

  

	 	1.9	This Agreement shall be binding on and enforceable by the administrators, trustees, permitted assigns or liquidators of the Parties as fully and effectually as if they had signed
this Agreement in the first instance and reference to any Party shall be deemed to include such Party’s administrators, trustees, permitted assigns or liquidators, as the case may be. 

  

	 	1.10	The use of any expression in this Agreement covering a process available under South African law such as winding-up (without limitation eiusdem generis) shall, if any of the
Parties to this Agreement is subject to the law of any other jurisdiction, be construed as including any equivalent or analogous proceedings under the law of such other jurisdiction. 

  

	 	1.11	Where figures are referred to in numerals and in words in this Agreement, if there is any conflict between the two, the words shall prevail. 

  

	 	1.12	The eiusdem generis rule shall not apply and whenever the term “including” is used followed by specific examples, such examples shall be interpreted to be
illustrative only. 

  

 Page 6 of 25 

	2	GUARANTEE 

  

	 	2.1	Subject to the remaining terms and conditions of this Agreement, the Guarantor hereby: 

  

	 	2.1.1	irrevocably and unconditionally binds itself in favour of Mezz SPV, as guarantor and co-principal debtor in solidum, for the due and punctual payment by Mvela Resources of
the Obligations; and 

  

	 	 2.1.2
	 undertakes to Mezz SPV that if Mvela Resources for any reason fails to make payment timeously or at all of any the
Obligations when due, the Guarantor shall, within 3 (three) Business Days of receipt from the Mezz SPV Agent of a written demand to this effect (at 4th Floor, F Block, 135 Rivonia Road, Sandown (marked for attention : Head : Project Management) (facsimile number : 011 295 3902)), pay to Mezz SPV the amount owing to Mezz SPV in respect of the Obligations then due for payment provided that
if Mezz SPV has, in connection with such demand, failed to comply with its undertaking in clause 2.9, such period shall be extended to 10 (ten) Business Days. 

  

	 	2.2	This Guarantee is in addition to, and does not prejudice, nor is it prejudiced by, any other security now or hereafter held by Mezz SPV (or its assigns) in relation to the
Obligations. This Guarantee is not conditional upon other security or guarantee being held by Mezz SPV or any other person. 

  

	 	2.3	 This Guarantee shall apply in respect of the Mvela Resources Guarantee as amended or varied, provided the Mvela Resources Guarantee is amended or varied with the
prior written consent of the Guarantor. The Guarantor hereby consents to the amendments to the Sponsor Support Agreement, contemplated in a letter addressed by 

  

 Page 7 of 25 

	 	 
Mvela Resources to Mezz SPV and the other parties to the Mezz SPV Loan Agreement, a copy of which is annexed hereto 

  

	 	2.4	If any payment having the effect of reducing or discharging the Guarantor’s liability under this Guarantee is set aside or reversed or refunded for any reason, the Guarantor
will remain liable to Mezz SPV in terms of this Guarantee for the discharge of any obligation arising from or revived by the occurrence of any such event, even if it takes place after the termination of the Guarantor’s liability in terms of
this Guarantee in other respects. 

  

	 	2.5	Notwithstanding any indication to the contrary, this Guarantee does not constitute a suretyship and shall be construed as a primary undertaking giving rise to a principal obligation
by the Guarantor. 

  

	 	2.6	The Guarantor acknowledges that it is fully acquainted with the contents, meaning and import of the Mvela Resources Guarantee. 

  

	 	2.7	Neither the obligations of the Guarantor herein contained nor the rights, powers and remedies conferred upon Mezz SPV in respect of the Guarantor shall be discharged by:

  

	 	2.7.1	the winding-up, dissolution, administration or reorganisation of Mvela Resources or any change in Mvela Resources’ status or function; 

  

	 	2.7.2	time or other indulgences being granted or agreed to be granted to Mvela Resources by Mezz SPV in respect of the Mvela Resources Guarantee or in respect of any security granted
pursuant thereto; 

  

	 	2.7.3	any failure to take in full any security now or hereafter agreed to be taken in relation to the Mezz SPV Loan Agreement; 

  

	 	2.7.4	the Mvela Resources Guarantee being or becoming wholly or partially illegal, invalid, unenforceable or ineffective; 

  

 Page 8 of 25 

	 	2.7.5	any failure to realise in full the value of, or any release, discharge, exchange or substitution of, any security taken pursuant to the Mezz SPV Loan Agreement.

  

	 	2.8	Mezz SPV may claim payment under this Guarantee in whole or in part from time to time and more than one claim may be made under this Guarantee. 

  

	 	2.9	Mezz SPV undertakes that it shall deliver to the Guarantor (at 4th Floor, F Block, 135 Rivonia Road, Sandown (marked for attention: Head: Project Management) (facsimile number:
(011) 295 3902)), a copy of any written demand delivered by it to Mvela Resources pursuant to the Mvela Resources Guarantee, on the same day that it sends such written demand to Mvela Resources. 

  

	 	2.10	All payments by the Guarantor to Mezz SPV shall be made free of exchange, any other costs, charges or expenses and without any deduction, set-off or counterclaim whatsoever.

  

	3	GENERAL 

  

	 	3.1	This Guarantee constitutes the whole agreement between the Parties concerning the subject matter hereof and there are no warranties, promises, representations or inducements,
whatsoever, which have been made by any Party in connection therewith, unless such warranties, promises, representations are contained herein. 

  

	 	3.2	No amendment or consensual cancellation of this Guarantee or any provision or term hereof or of any agreement, bill of exchange or other document issued or executed pursuant to or
in terms of this Guarantee and no settlement of any disputes arising under this Guarantee shall be binding unless recorded in a written document signed by the parties. 

  

	 	3.3	 No extension of time or waiver or relaxation of any of the provisions in terms of this Guarantee or any agreement, bill of exchange or other document issued or
executed pursuant to the 

  

 Page 9 of 25 

	 	 
terms of this Guarantee (unless in writing), shall operate as an estoppel against any Party in respect of its rights under this Guarantee, nor shall
it operate so as to preclude such Party thereafter from exercising its rights strictly in accordance with this Guarantee. 

  

	 	3.4	To the extent permissible by law, no Party shall be bound by any express or implied term, representation, warranty, promise or the like not recorded herein, whether it induced the
contract and/or whether it was negligent or not. 

  

	 	3.5	Any consent or approval by any Party under any provision of this Guarantee must be in writing. 

  

	 	3.6	Each provision in this Guarantee is severable, the one from the other, and if at any time any provision is or becomes or is found to be illegal, invalid, defective or unenforceable
for any reason by any competent court in any jurisdiction, the remaining provisions shall be of full force and effect and shall continue to be of full force and effect. 

  

	 	3.7	Each Party warrants that it is acting as principal and not as an agent for an undisclosed principal. 

  

	4	COSTS 

 Each of the Parties hereto shall pay its own
costs of negotiating, drafting, preparing and implementing this Guarantee and the transactions set out herein. 
  

	5	COUNTERPARTS 

 If any of the Parties or the
signatories of any of the Parties signs this Agreement in counterparts, the counterparts, taken together, shall constitute one agreement. 
  

 Page 10 of 25 

 SIGNED on the dates and at the place set forth below. 
  

							
		 		 		  	NEDBANK LIMITED (As Guarantor)
				
	Place:	 	  
	 		  	  

				
	Date:	 	  
	 		  	Name:
				
		 		 		  	Capacity:
				
		 		 		  	Who warrants her/his authority hereto
				
		 		 		  	  

				
		 		 		  	Name:
				
		 		 		  	Capacity:
				
		 		 		  	Who warrants her/his authority hereto
				
		 		 		  	MICAWBER 325 (PROPRIETARY)
				
		 		 		  	LIMITED
				
	Place:	 	  
	 		  	  

				
	Date:	 	  
	 		  	Name:
				
		 		 		  	Capacity:
				
		 		 		  	Who warrants her/his authority hereto
				
		 		 		  	  

				
		 		 		  	Name:
				
		 		 		  	Capacity:
				
		 		 		  	Who warrants her/his authority hereto

  

 Page 11 of 25Placement Agreement, dated May 19, 2008

 Exhibit 4.40 
  
  
 Placement Agreement 
 SINO GOLD MINING LIMITED ABN 42 093 518 579 
 GOLD FIELDS AUSTRALASIA (BVI) LTD Reg No: 467530 
  
  

 TABLE OF CONTENTS 
  

			
	 1. Definitions and interpretations
	  	1
	 2. Completion Obligations
	  	8
	 3. Placement
	  	9
	 4. Quotation
	  	10
	 5. Representations and Warranties
	  	10
	 6. Notice under Section 708A(6) of the Corporations Act
	  	12
	 7. Confidentiality
	  	12
	 8. Notices
	  	12
	 9. General provisions
	  	13
	 Annexure A – Warranties
	  	16

 DETAILS 
 Date:                May 2008 
 Parties 

 

	(1)	SINO GOLD MINING LIMITED (Company) 

  

			
	ABN	  	42 093 518 579
	Address	  	Level 22
		  	44 Market Street
		  	Sydney NSW 2000
	Fax	  	+61 2 8259 7070
	Attention	  	Mr J Klein

  

	(2)	GOLD FIELDS AUSTRALASIA (BVI) LTD (Gold Fields) 

  

			
	Reg No	  	467530
	Address	  	9 Columbus Centre Pelican Drive Tortola
		  	British Virgin Islands
		
	Fax	  	+61 8 9211 9201
	Attention	  	Company Secretary

 Recitals 
  

	A.	The Company proposes to make a placement of the Placement Shares to Gold Fields at the Subscription Price on the terms of this Agreement. 

  

	B.	In parallel with the placement, the Company also intends to undertake an accelerated renounceable entitlement offer to the Company’s shareholders (the ARE Offer).
The ARE Offer will comprise of an offer of Shares to the Company’s shareholders for each shareholder to take up a predetermined number of Shares. 

  

	C.	The ARE Offer will be undertaken in two stages, firstly being an offer to ‘institutional’ shareholders of the Company (the Institutional Offer) and secondly an
offer to ‘retail’ or non-institutional shareholders of the Company (the Retail Offer), each with associated bookbuilds for entitlements not taken up by existing shareholders. 

 Operative Parts 
  

	1.	Definitions and interpretations 

  

	1.1	Definitions 

 In this agreement unless the context
requires another meaning:  
 ARE Offer has the meaning given to that term in recital B. 
  

 1 

 ASX means ASX Limited ACN 008 624 691; 
 ASX Listing Rules means the listing rules for the time being of ASX; 
 Board means board of directors of the Company; 
 Business Day means a day that is not a
Saturday, Sunday or a public holiday or bank holiday in Sydney; 
 Confidential Information means the contents of this agreement and
all information supplied to or obtained by the other about this agreement and any negotiations or discussions relating to this agreement; 
 Constitution means the constitution of the Company, as amended from time to time; 
 Corporations Act means
Corporations Act (Cth) 2001;  
 Director means a director of the Company; 
 First Tranche Price means the price equal to a 4% discount to the volume weighted average price of Shares on the ASX published by or derived from
Bloomberg Page VAP over the five trading days commencing on and from 12 May 2008 and ending on 16 May 2008, provided that the First Tranche Price will not be less than $5.00 per Share nor greater than $5.30 per Share; 
 First Tranche Settlement means completion of the placement of the First Tranche Shares in accordance with this agreement; 
 First Tranche Settlement Date means not later than 6pm (Sydney time) on 22 May 2008; 
 First Tranche Shares means 11,000,000 Shares;  
 Government Agency means: 
  

	 	(a)	a government, whether foreign, federal, state, territorial or local; 

  

	 	(b)	a department, office or minister of a government acting in that capacity; or 

  

	 	(c)	a commission, delegate, instrumentality, agency, board or other governmental, semi-governmental, judicial, administrative, monetary or fiscal authority, whether statutory or not;

 Group means the Company and each of its Related Bodies Corporate; 
 HKSE Listing Rules means the listing rules for the time being of HKSE;  
 HKSE means The Stock Exchange of Hong Kong Limited; 
  

 2 

 A party is Insolvent if: 
  

	 	(a)	it is (or states that it is) an insolvent under administration (each as defined in the Corporations Act); or 

  

	 	(b)	is in liquidation, in provisional liquidation, under administration or wound up or has had a Controller (as defined in the Corporations Act) appointed to its property; or

  

	 	(c)	it is subject to any arrangement, assignment, moratorium or composition, protected from creditors under any statute or dissolved (in each case, other than to carry out a
reconstruction or amalgamation while solvent on terms approved by the other parties to this agreement); or 

  

	 	(d)	an application or order has been made (an in the case of an application, it is not stayed, withdrawn or dismissed within 30 days), resolution passed, proposal put forward, or any
other action taken, in each case in connection with that person, which is preparatory to or could result in any of the events described in any of paragraphs (a), (b) or (c) above; or 

  

	 	(e)	it is taken (under section 459F(1) of the Corporations Act) to have failed to comply with a statutory demand; or 

  

	 	(f)	it is the subject of an event described in section 459C(2)(b) or section 585 of the Corporations Act (or it makes a statement from which another party to this agreement reasonably
deduces it is so subject); or 

  

	 	(g)	it is otherwise unable to pay its debts as and when they fall due; or 

  

	 	(h)	something having a substantially similar effect to (a) to (g) happens in connection with that person under the law of any jurisdiction; 

 Material Adverse Effect means an event, condition or circumstance which has or which, given the effluxion of time, may be considered reasonably
likely to have a material adverse effect on the reputation, condition (financial or otherwise), operations, earnings, business, properties, prospects of the Company taken as a whole or the ability of the Company to perform its obligations under this
agreement, or which are otherwise material in the context of the allotment and issue of the Placement Shares; 
 Party means a party to
this agreement and any of its successors and assigns; 
 Placement means the placement and issue of the First Tranche Shares and the
Second Tranche Shares to Gold Fields in accordance with this agreement; 
 Placement Shares means the First Tranche Shares and the
Second Tranche Shares;  
 PRC means the People’s Republic of China; 
 Related Body Corporate has the same meaning given to that term in section 50 of the Corporations Act; 
  

 3 

 Retail Offer has the meaning given to that term in recital C. 
 Second Tranche Settlement means completion of the placement of the Second Tranche Shares in accordance with this agreement; 
 Second Tranche Settlement Date means not later than 6pm (Sydney time) on the settlement date of the Retail Offer (expected to be 25 June
2008); 
 Second Tranche Shares means such number of Shares which will result in Gold Fields holding 19.9% of the issued Shares
immediately following Second Tranche Settlement; 
 Second Tranche Price means the price equal to a 4% discount to the volume weighted
average price of Shares on the ASX published by or derived from Bloomberg Page VAP over the five trading days commencing on and from the date the Retail Offer closes, provided that the Second Tranche Price will not be greater than the First Tranche
Price and otherwise not less than $5.00 per Share nor greater than $5.30 per Share; 
 Section 708A Notice means a completed
notice in accordance with section 708A(6) of the Corporations Act; 
 Settlement Date means, as the context requires, the
First Tranche Settlement Date and the Second Tranche Settlement Date; 
 Shares means fully paid ordinary shares in the capital of the
Company; 
 Warranties means the warranties contained in clauses 5.1(b), 5.1(c), 5.1(d) and Annexure A each being a
Warranty. 
  

	1.2	Interpretation 

 In this agreement, unless the
context requires otherwise: 
  

	 	(a)	a reference to a word includes the singular and the plural of the word and vice versa; 

  

	 	(b)	a reference to a gender includes any gender; 

  

	 	(c)	if a word or phrase is defined, then other parts of speech and grammatical forms of that word or phrase have a corresponding meaning; 

  

	 	(d)	a term which refers to a natural person includes a company, a partnership, an association, a corporation, a body corporate, a joint venture or a governmental agency;

  

	 	(e)	headings are included for convenience only and do not affect interpretation; 

  

	 	(f)	a reference to a document includes a reference to that document as amended, novated, supplemented, varied or replaced; 

  

 4 

	 	(g)	a reference to a thing includes a part of that thing and includes but is not limited to a right; 

  

	 	(h)	the terms included, including and similar expressions when introducing a list of items do not exclude a reference to other items of the same class or genus;

  

	 	(i)	a reference to a part, Clause, party, annexure, exhibit or Schedule is a reference to an item of that type in this agreement and includes a reference to the provisions or terms of
that part, clause, annexure, exhibit or Schedule; 

  

	 	(j)	a reference to this agreement includes each annexure, exhibit and a Schedule to this agreement; 

  

	 	(k)	a reference to a party to this document includes the party’s successors and permitted assigns and includes any person to whom this agreement is novated;

  

	 	(1)	a reference to a statute or statutory provision includes but is not limited to: 

  

	 	(i)	a statute or statutory provision which amends, extends, consolidates or replaces the statute or statutory provision; 

  

	 	(ii)	a statute or statutory provision which has been amended, extended, consolidated or replaced by the statute or statutory provision; and 

  

	 	(iii)	subordinate legislation made under the statute or statutory provision including but not limited to an order, regulation, or instrument; 

  

	 	(m)	a reference to a document is a reference to a document of any kind including but not limited to an agreement in writing, a certificate, a notice, or an instrument;

  

	 	(n)	reference to $, A$, Australian Dollars or dollars is a reference to the lawful tender for the time being and from time to time of the Commonwealth of Australia;

  

	 	(o)	a covenant, representation, warranty or an agreement between more than one person binds them jointly and severally; 

  

	 	(p)	a provision of this agreement is not to be construed against a party solely on the ground that the party is responsible for the preparation of this agreement or a particular
provision; 

  

	 	(q)	a reference to an asset includes all property or title of any nature including but not limited to a business, a right, a revenue and a benefit, whether beneficial, legal or
otherwise; 

  

	 	(r)	 a reference to liquidation includes appointment of an administrator, compromise, arrangement, merger, amalgamation, reconstruction, winding up, dissolution,
assignment for the benefit of creditors, scheme composition 

  

 5 

	 	 
or arrangement of creditors, insolvency, bankruptcy or any similar procedure or if applicable changes in the constitution of a partnership or the death of a
person; 

  

	 	(s)	a reference to a body which is not a party to this agreement which ceases to exist or whose power or function is transferred to another body, is a reference to the body which
replaces or substantially succeeds to the power or function of the first body. 

  

	1.3	GST 

  

	 	(a)	GST Definitions 

 Expressions set out in italics in
this clause 1.3 bear the same meaning as those expressions in the GST Law. 
 For the purpose of this clause 1.3: 
 GST Amount means, in relation to a Payment, an amount arrived at by multiplying the Payment (or the relevant part of a Payment if only part of a
Payment is the consideration for a taxable supply) by the appropriate rate of GST (being 10% when the GST Law commenced); 
 GST Law
has the meaning given to that term in the A New Tax System (Goods and Services Tax) Act 1999 (as amended) and any regulation made under that Act; 
 Payment means: 
  

	 	(i)	the amount of any monetary consideration (other than a GST Amount payable under this clause 1.3); 

  

	 	(ii)	the GST exclusive market value of any non-monetary consideration; 

  

	 	(iii)	paid or provided by one Party to another for any supply made under or in connection with this agreement and includes any amount payable by way of indemnity, reimbursement,
compensation or damages. 

  

	 	(b)	Amount otherwise payable do not include GST 

 All
Payments have been set or determined without regard to the impact of GST. 
  

	 	(c)	Liability to pay any GST 

 Subject to clause 1.3(e),
if the whole or any part of a Payment by a Party (including amounts referred to in clause 1.3(d)) is the consideration for a taxable supply, the GST Amount in respect of the Payment must be paid to the payee as an additional amount, at the same time
and in the same manner as the Payment is otherwise payable or as otherwise agreed in writing. 
  

 6 

	 	(d)	Reimbursements 

 If a Payment due under this
agreement is a reimbursement or indemnification by one Party of an expense, loss or liability incurred or to be incurred by the other Party, the Payment will exclude any GST forming part of the amount to be reimbursed or indemnified to the extent to
which the other Party can claim an input tax credit. 
  

	 	(e)	Tax Invoice 

 A Party’s obligation to make
payment under clause 1.3(c) is subject to a valid tax invoice being delivered to the Party liable to pay for the taxable supply. 
  

	 	(f)	Penalties or interest 

 Where the payee has become
subject to any penalties or interest because of a late payment by the payee to the Australian Taxation Office of any GST Amount and that late payment is a result of the failure of the payer to comply with the terms of this clause 1.3, the payer must
pay to the payee an additional amount on demand equal to the amount of those penalties and interest. 
  

	 	(g)	Indemnity 

 The payer must indemnify the payee on
demand in respect to all loss or damage arising from a breach by the payer of its obligations under this clause 1.3. 
  

	1.4	Business Day and Day 

  

	 	(a)	If this agreement requires that the day on which a thing must be done is a day which is not a Business Day, then that thing must be done on or by the preceding Business Day.

  

	 	(b)	If an event occurs on a day which is not a Business Day, or occurs later than 5.00 p.m. local time at the place that the event occurs, then the event is deemed to have occurred on
the next Business Day in the place that the event occurs. 

  

	 	(c)	A reference to a day is a reference to a time period which begins at midnight and ends 24 hours later. 

  

	 	(d)	A reference to a period of time unless specifically written otherwise, excludes the first day of that period. 

  

	1.5	Payments 

 Unless the context otherwise requires,
where an amount is required to be paid to a party (Receiving Party) by another party (Paying Party) under this agreement, that amount must be paid by bank cheque or by direct bank transfer to the 

  

 7 

 
Receiving Party, or otherwise as set out in the written direction of the Receiving Party if that written direction is received by the Paying Party at least 2
Business Days before the date upon which payment of the amount is due. 
  

	2.	Completion Obligations 

  

	2.1	Gold Fields’ obligation to Complete 

 Gold
Fields is not required to acquire the First Tranche Shares or the Second Tranche Shares (as the case may be), and may terminate this agreement by giving written notice to the Company if: 
  

	 	(a)	(insolvency) the Company is Insolvent; or 

  

	 	(b)	(Warranties) a Warranty is untrue, inaccurate or misleading in a material respect; or 

  

	 	(c)	(suspension) trading in Shares on ASX is suspended for a total or more than 5 days in the 12 months immediately preceding the relevant Settlement Date; or

  

	 	(d)	(Undertakings) the Company fails to comply with its undertakings under clause 2.2. 

  

	2.2	Undertakings of the Company 

  

	 	(a)	(First Tranche Shares) the Company must notify Gold Fields as soon as possible of the Company’s calculation of the First Tranche Price (expected to be known on the
evening of Monday 19 May 2008). 

  

	 	(b)	(No dividends) the Company must not declare or pay any dividend prior to the Settlement Date. 

  

	 	(c)	(No capital reorganisation) other than as disclosed in writing to Gold Fields prior to the date of this agreement, the Company must not during the period from the date of
this agreement to the Settlement Date, announce or otherwise undertake a reorganisation of its capital without the consent of Gold Fields; 

  

	 	(d)	(Further agreements, issues etc) during the period from the date of this agreement to the Settlement Date, the Company must not enter into any agreement or legally binding
commitment to give any person any right to invest in or acquire shares or any security convertible into or exercisable for shares in the Company and will not issue, redeem or cancel any Shares or any options over Shares, except (a) the ARE
Offer; (b) as disclosed in writing to Gold Fields prior to the date of this agreement; (c) or in relation to the exercise of options or the conversion of convertible notes disclosed in writing to Gold Fields prior to the date of this
agreement. 

  

 8 

	3.	Placement 

  

	3.1	Placement 

 Subject to the terms and conditions of
this agreement, the Company agrees to issue and allot to Gold Fields, and Gold Fields agrees to subscribe for: 
  

	 	(a)	the First Tranche Shares at the First Tranche Price; and 

  

	 	(b)	the Second Tranche Shares at the Second Tranche Price. 

  

	3.2	Issue of First Tranche Shares 

 Subject to clause
3.3, the Company must issue and allot the First Tranche Shares to Gold Fields: 
  

	 	(a)	at the First Tranche Settlement on the First Tranche Settlement Date; and 

  

	 	(b)	in accordance with the constitution of the Company. 

  

	3.3	Payment for First Tranche Shares 

 Subject to clause
2.1, Gold Fields must pay the aggregate First Tranche Price for the First Tranche Shares at the First Tranche Settlement on the First Tranche Settlement Date by bank cheque or, if agreed with the Company, a wire transfer of cleared funds to the
Company’s bank account. 
  

	3.4	Issue of Second Tranche Shares 

 Subject to clause
3.5, the Company must issue and allot the Second Tranche Shares to Gold Fields: 
  

	 	(a)	at the Second Tranche Settlement on the Second Tranche Settlement Date; and 

  

	 	(b)	in accordance with the constitution of the Company. 

  

	3.5	Payment for Second Tranche Shares 

 Subject to
clause 2.1 and the Company complying with clause 3.2, Gold Fields must pay the aggregate Second Tranche Price for the Second Tranche Shares at the Second Tranche Settlement on the Second Tranche Settlement Date by bank cheque or, if agreed with the
Company, a wire transfer of cleared funds to the Company’s bank account. 
  

	3.6	Ranking of Placement Shares 

 The Placement Shares
will rank equally with each other Share for all dividends, distributions, rights and other benefits in accordance with the Company’s constitution, on and from their date of issue. 
  

 9 

	4.	Quotation 

 The Company must apply, at its expense,
for the official quotation on ASX of the relevant Placement Shares within 5 Business Days after each date on which Placement Shares are issued. 
  

	5.	Representations and Warranties 

  

	5.1	Representations and Warranties by the Company 

 The
Company represents and warrants to Gold Fields: 
  

	 	(a)	each of the Warranties are true, accurate and not misleading in all material respects as at the date of this agreement and on each of the First Tranche Settlement Date and Second
Tranche Settlement Date by reference to the facts and circumstances then existing; 

  

	 	(b)	it has been duly incorporated and is validly existing under the laws of its jurisdiction of incorporation and has the power to enter into and perform its obligations under this
agreement and to carry out the transactions contemplated by this agreement; 

  

	 	(c)	all approvals and authorities that may be required to permit it to enter into this agreement and to carry out the transactions contemplated by this agreement have been obtained and
such authorisation remain valid and subsisting; and 

  

	 	(d)	the entry into and performance of this agreement does not breach: 

  

	 	(i)	any obligation (including any statutory, contractual or fiduciary obligation) of the Company; 

  

	 	(ii)	the ASX Listing Rules or the HKSE Listing Rules; or 

  

	 	(iii)	the Constitution. 

  

	5.2	Representations and Warranties by Gold Fields 

 Gold
Fields represents and warrants to the Company that: 
  

	 	(a)	it has been incorporated and validly existing under the laws of its jurisdiction of incorporation and has the power to enter into and perform its obligations under this agreement
and to carry out the transactions contemplated by this agreement; 

  

	 	(b)	all approvals and authorities that may be required to permit it to enter into this agreement and to carry out the transactions contemplated by this agreement have been obtained and
such authorisations remain valid and subsisting; 

  

 10 

	 	(c)	it is a sophisticated investor for the purposes of section 708(8) of the Corporations Act and does not require a disclosure document under Part 6D.2 of the Corporations Act, or is
otherwise a person to whom the Placement Shares may lawfully be offered and sold in compliance with applicable laws without lodgement, registration or other formality; and 

  

	 	(d)	by entering into this agreement and performing any of its obligations thereunder, it will be so acting in compliance with all relevant laws and regulations (including, without
limitation, the requirements of the Foreign Acquisitions and Takeovers Act 1975 (Cth). 

  

	5.3	Placee’s Acknowledgement 

  

	 	(a)	The Company makes no warranties or representations in relation to the Placement Shares except as expressly provided for in this agreement. 

  

	 	(b)	Gold Fields acknowledges and agrees that: 

  

	 	(i)	it is aware of the nature of the business of the Company; 

  

	 	(ii)	it has had the opportunity to review publicly available information relating to the Company and to make (and has made) reasonable enquiries in relation to all matters material to
the Company; 

  

	 	(iii)	it is not in the United States and it is purchasing the Placement Shares outside the United States in an “offshore transaction” as defined in Rule 902(h) under the U.S.
Securities Act of 1933, as amended (the “Securities Act”) in accordance with Regulation S; 

  

	 	(iv)	it has not purchased the Placement Shares as a result of any “directed selling efforts” (within the meaning of Rule 902(c) under the Securities Act; and

  

	 	(v)	it understands that the Placement Shares have not been and will not be registered under the Securities Act or under the securities laws of any state or other jurisdiction in the
United States and it agrees that, in the future, if it decides to sell or otherwise transfer any Placement Shares, it will only do so if the offer and sale of such Placement Shares are (i) made in a transaction exempt from the registration
requirements of the Securities Act and the securities laws of any state or other jurisdiction in the United States or (ii) made outside the United States in accordance with Regulation S under the Securities Act. 

  

	5.4	Survival of Warranties 

 The representations and
warranties in, or given under, this agreement survive the execution of this agreement and Settlement. 
  

 11 

	5.5	Reliance on Warranties 

 Each party has entered into
this agreement in reliance on the representations and warranties in, or given under, this agreement by the other party. 
  

	6.	Notice under Section 708A(6) of the Corporations Act 

 The Company undertakes to deliver a Section 708A Notice to the ASX within 5 Business Days after each date on which Placement Shares are issued to Gold Fields. 
  

	7.	Confidentiality 

  

	 	(a)	Each of the parties acknowledge that the Confidential Information is confidential. 

  

	 	(b)	Each of the parties must take all necessary precautions to ensure that it, its employees, advisers and agents do not disclose any part of this agreement or any Confidential
Information without the prior written consent of the other or as otherwise required by law or any Government Agency or listing rules of any recognised stock exchange. 

  

	 	(c)	This clause 8 does not prohibit disclosure of any part of this agreement or the Confidential Information to the other party’s financial and professional advisers.

  

	 	(d)	Each of the parties undertakes that prior to the Settlement Date, it will not (except as required by law or any applicable regulatory body) make any announcement in connection with
this agreement unless the other party has consented to that announcement (which consent must not be unreasonably withheld or delayed and may be given either generally or in a specific case or cases and may be subject to conditions).

  

	8.	Notices 

  

	8.1	Requirements 

 All notices must be: 
  

	 	(e)	in legible writing and in English; 

  

	 	(f)	addressed to the recipient at the address or facsimile number set out in the Details of this agreement or to such other address or facsimile number as that party may notify in
writing to the other party; 

  

	 	(g)	signed by the party or where the sender is a company by an officer of that company or under the common seal of that company; and 

  

	 	(h)	sent to the recipient by hand, prepaid post (airmail if to or from a place outside Australia) or facsimile. 

  

 12 

	8.2	Receipt 

 Without limiting any other means by which
a party may be able to prove that a notice has been received by another party, a notice will be deemed to be duly received: 
  

	 	(i)	if sent by hand when left at the address of the recipient; 

  

	 	(j)	if sent by pre-paid post, 3 days (if posted within Australia to an address in Australia) or 10 days (if posted from one country to another) after the date of posting; or

  

	 	(k)	if sent by facsimile, upon receipt by the sender of an acknowledgement or transmission report generated by the machine from which the facsimile was sent indicating that the whole
facsimile was sent to the recipient’s facsimile number; 

 but if a notice is served by hand, or is received by the
recipient’s facsimile on a day which is not a Business Day, or after 5.00pm on a Business Day, the notice is deemed to be duly received by the recipient at 9.00am on the first Business Day after that day. 
  

	9.	General provisions 

  

	9.1	Entire agreement 

 This agreement and any document
referred to in this agreement or executed in connection with this agreement is the entire document of the parties about and supersedes all other representations, negotiations, arrangements, understandings or documents and all other communications.

  

	9.2	Further assurances 

 Each party must, at its own
expense, whenever reasonably requested by the other party, promptly do or arrange for others to do, everything reasonably necessary or desirable to give full effect to this agreement and the transactions contemplated by this agreement. 

 

	9.3	Costs 

 Each party will pay their own costs in
relation to this agreement. 
  

	9.4	Assignment 

 A party must not assign, create an
interest in or deal in any other way with any of its rights under this agreement without the prior written consent of the other party. 
  

	9.5	Invalid or unenforceable provisions 

 If a provision
of this agreement is invalid or unenforceable in a jurisdiction: 
  

	 	(a)	it is to be read down or severed in that jurisdiction to the extent of the invalidity or unenforceability; and 

  

 13 

	 	(b)	that fact does not affect the validity or enforceability of: 

  

	 	(i)	the provision in another jurisdiction; or 

  

	 	(ii)	the remaining provisions. 

  

	9.6	Waiver and exercise of rights 

 A waiver of a
provision of or of a right under this agreement is binding on the party granting the waiver only if it is given in writing and is signed by the party or an authorised officer of the party granting the waiver. 
 A waiver is effective only in the specific instance and for the specific purpose for which it is given. 
 A single or partial exercise of a right by a party does not preclude another exercise of that right or the exercise of another right. 
 Failure by a party to exercise or delay in exercising a right does not prevent its exercise or operate as a waiver. 
  

	9.7	Amendment 

 This agreement may be amended only by a
document signed by all parties. 
  

	9.8	Counterparts 

 This agreement may be signed in
counterparts and all counterparts taken together constitute one document. 
  

	9.9	Governing law 

 This agreement is governed by the
laws of New South Wales. 
  

	9.10	Jurisdiction 

 Each party irrevocably and
unconditionally: 
  

	 	(a)	submits to the non-exclusive jurisdiction of the courts of New South Wales; and 

  

	 	(b)	waives, without limitation, any claim or objection based on absence of jurisdiction or inconvenient forum. 

  

 14 

			
	Executed as an agreement	    	
		
	 Executed by Sino Gold Mining
 Limited ABN
42 093 518 579 in
 accordance with section 127 of the 
 Corporations Act 2001: 
	    	
		
	 

	    	 

	Signature of Director	    	Signature of Secretary
		
	 

	    	 

	Name of Director	    	Name of Secretary
	(BLOCK LETTERS)	    	(BLOCK LETTERS)
		
	 Executed by Gold Fields Australasia
 (BVI)
Ltd Reg No: 467530
	    	
		
	  
	    	  

	Signature of authorised person	    	Signature of authorised person
		
	  
	    	  

	Office held	    	Office held
		
	  
	    	  

	Name of authorised person	    	Name of authorised person
	(BLOCK LETTERS)	    	(BLOCK LETTERS)

  

 15 

 ANNEXURE A 
 WARRANTIES 
 In this Annexure: 
 Subsidiary has the meaning determined in accordance with Part 1.2 Division 6 of the Corporations Act. 
  

	1.	The Company is duly incorporated and existing under the laws of New South Wales, and each Related Body Corporate of the Company is duly incorporated and existing under the laws of
the place of its incorporation. 

  

	2.	The Company and each of its Related Body Corporate: 

  

	 	(a)	is not Insolvent; and 

  

	 	(b)	has full power and authority to own its properties and to conducts its business. 

  

	3.	The Company has full power and capacity, and has obtained all consents necessary, to enter into, deliver and perform its obligations under this agreement and all other instruments
contemplated hereunder. 

  

	4.	The execution, delivery and performance by the Company of this agreement and all other instruments contemplated hereunder and the consummation of the transactions contemplated
hereby and thereby: 

  

	 	(a)	have been duly authorised by all necessary corporate action, and 

  

	 	(b)	do not and will not conflict with, result in any breach or violation of, or constitute a default under the Constitution of the Company, the ASX Listing Rules, the HKSE Listing Rules
or any applicable laws, determination or award presently in effect and applicable to the Company, or of any commitment, agreement or any other instrument to which the Company is now a party or is otherwise bound, or result in or give rise to any
impairment or encumbrance on the Placement Shares. 

  

	5.	This agreement and all other instruments contemplated hereunder are, or when executed and delivered to the relevant parties will be, legal, valid and binding obligations of the
Company, enforceable in accordance with their respective terms. 

  

	6.	The Placement Shares will, at the time of their issue and allotment: 

  

	 	(a)	be duly authorised by the Company, validly issued and fully-paid, and will rank pari passu with all other Shares; and 

  

	 	(b)	be freely transferable and not subject to any pre-emptive or similar rights or restrictions on voting and transfers. 

  

 16 

	7.	(ASIC determination) No ASIC determination as contemplated by section 708A(2) of the Corporations Act has been made in respect of the Company. 

  

	8.	(quotation and trading) The Placement Shares to be issued pursuant to this agreement are in a class of securities that were officially quoted on the ASX at all times since
the Company listed, and trading in that class of securities on the ASX was not suspended for more than a total of five days in the 12 months immediately preceding the date on which the Placement Shares were issued. 

  

	9.	(Act exemptions, determinations and orders) No: 

  

	 	(a)	exemption under section 111AS or 111AT of the Corporations Act; or 

  

	 	(b)	order under section 340 or 341 of the Corporations Act. 

 has been made in respect of the Company, or any person as director or auditor of the Company, at any time since the Shares commenced to be officially quoted by the ASX. 
  

	10.	Except as expressly set out or contemplated in this agreement, no action or thing is required to be taken, fulfilled or done, and no consents, authorisations, filings, registration,
orders or approvals of any court or governmental or regulatory authority are required, to be done or obtained by the Company for the execution, delivery and performance by the Company of this agreement, the carrying out of the transactions
contemplated by this agreement or the compliance by the Company with the terms of this agreement, except for those which have already been, or will on or prior to the Settlement Date be, obtained and are, or will on the Settlement Date, be in full
force and effect. 

  

	11.	There are no pending actions, suits, proceedings or government or regulatory investigations against or affecting the Company or any Related Body Corporate of the Company or any of
their respective properties or assets which, if determined adversely to the Company or any Related Body Corporate of the Company could individually or in the aggregate have a Material Adverse Effect, and, to the best of the Group’s knowledge
(having made all reasonable enquiries), no such actions, suits or proceedings are threatened or contemplated. 

  

	12.	In conducting its business, the Company and each other member of the Group has complied in all material respects with all applicable laws and the listing rules of any exchange on
which the Company’s or other applicable Group member’s securities are listed. 

  

	13.	Neither the Company nor any other member of the Group, nor any of its or their respective assets or properties, has any immunity in respect of its obligations under this agreement
or from the jurisdiction of any court or from any legal process (whether through service of notice, attachment prior to judgment or attachment in aid of execution or otherwise). 

  

	14.	The Company: 

  

	 	(a)	has disclosed all information to the ASX required by Listing Rule 3.1; and 

  

 17 

	 	(b)	is not relying on an exception in Listing Rule 3.1A in respect of any information not disclosed to ASX which would have a Material Adverse Effect. 

  

	15.	The Company does not enter into this agreement in its capacity as trustee. 

  

	16.	Neither the Company nor any other member of the Group has taken, or caused to be taken, or will take, or cause to be taken, directly or indirectly, any action that has caused or
could cause it or any of its affiliates to be in violation of any law, regulation, treaty or convention relating to anti-bribery, anti-corruption or similar matters. 

  

	17.	The Company does not issue the Placement Shares with the purpose of Gold Fields selling or transferring them, or granting, issuing or transferring interests in, or options over,
them. 

  

	18.	(shares) 

  

	 	(a)	All of the Shares in the capital of the Company and each of its Related Bodies Corporate are validly allotted and issued and were not allotted or issued or transferred in breach of
any: 

  

	 	(i)	pre-emptive or similar rights of any person; 

  

	 	(ii)	contract which is binding on the Company or any of its Related Bodies Corporate. 

  

	 	(b)	All shares in the capital of the Company and each of its Subsidiaries are fully paid. 

  

	 	(c)	Neither the Company nor any of its Related Bodies Corporate is under any obligation, whether or not subject to any condition, to: 

  

	 	(i)	issue, allot, create, sell, transfer or otherwise dispose of any securities, except as disclosed to Gold Fields prior to the date of this agreement; 

  

	 	(ii)	enter into any agreement in respect of the rights to vote which are conferred in respect of any securities; or 

  

	 	(iii)	grant any warrant, option or right of first refusal or offer in respect of any securities, except as disclosed to Gold Fields prior to the date of this agreement.

  

	19.	(compliance with laws) The Company has conducted its business in all material respects in accordance with applicable laws, and so far as the Company is aware no allegation
has been made of any material breach of any applicable law. 

  

 18

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