Document:

Exhibit 4.29

 

	
  

  	
  LIMITED LIABILITY PARTNERSHIP

  

 

CONFORMED COPY

US$250,000,000

FACILITY AGREEMENT

Dated 3 MARCH 2006

for

OROGEN HOLDING
(BVI) LIMITED

arranged by

BARCLAYS CAPITAL

AND

J.P. MORGAN PLC

with

J.P. MORGAN EUROPE
LIMITED

acting as Agent

 

DUAL CURRENCY TERM
FACILITY AGREEMENT

 

 

CONTENTS

	
  Clause

  	
   

  	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  
	
  1.

  	
   

  	
  Definitions And Interpretation

  	
   

  	
  1

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  2.

  	
   

  	
  The Facility

  	
   

  	
  16

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  3.

  	
   

  	
  Purpose

  	
   

  	
  16

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  4.

  	
   

  	
  Conditions Of Utilisation

  	
   

  	
  16

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  5.

  	
   

  	
  Utilisation

  	
   

  	
  18

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  6.

  	
   

  	
  Optional Currencies

  	
   

  	
  19

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  7.

  	
   

  	
  Repayment

  	
   

  	
  22

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  8.

  	
   

  	
  Prepayment And Cancellation

  	
   

  	
  22

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  9.

  	
   

  	
  Interest

  	
   

  	
  26

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  10.

  	
   

  	
  Interest Periods

  	
   

  	
  27

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  11.

  	
   

  	
  Changes To The Calculation Of Interest

  	
   

  	
  28

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  12.

  	
   

  	
  Fees

  	
   

  	
  29

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  13.

  	
   

  	
  Tax Gross Up And Indemnities

  	
   

  	
  30

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  14.

  	
   

  	
  Increased Costs

  	
   

  	
  32

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  15.

  	
   

  	
  Other Indemnities

  	
   

  	
  33

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  16.

  	
   

  	
  Mitigation By The Lenders

  	
   

  	
  34

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  17.

  	
   

  	
  Costs And Expenses

  	
   

  	
  34

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  18.

  	
   

  	
  Guarantee And Indemnity

  	
   

  	
  36

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  19.

  	
   

  	
  Representations

  	
   

  	
  39

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  20.

  	
   

  	
  Information Undertakings

  	
   

  	
  43

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  21.

  	
   

  	
  Financial Covenants

  	
   

  	
  48

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  22.

  	
   

  	
  General Undertakings

  	
   

  	
  49

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  23.

  	
   

  	
  Events Of Default

  	
   

  	
  53

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  24.

  	
   

  	
  Changes To The Lenders

  	
   

  	
  58

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  25.

  	
   

  	
  Changes To The Obligors

  	
   

  	
  61

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  26.

  	
   

  	
  Role Of The Agent And The Arranger

  	
   

  	
  63

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  27.

  	
   

  	
  Conduct Of Business By The Finance Parties

  	
   

  	
  68

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  28.

  	
   

  	
  Sharing Among The Finance Parties

  	
   

  	
  68

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  29.

  	
   

  	
  Payment Mechanics

  	
   

  	
  70

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  30.

  	
   

  	
  Set-Off

  	
   

  	
  72

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  31.

  	
   

  	
  Notices

  	
   

  	
  72

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  32.

  	
   

  	
  Calculations And Certificates

  	
   

  	
  74

  

 

 

 

	
  33.

  	
   

  	
  Partial Invalidity

  	
   

  	
  74

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  34.

  	
   

  	
  Remedies And Waivers

  	
   

  	
  74

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  35.

  	
   

  	
  Amendments And Waivers

  	
   

  	
  75

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  36.

  	
   

  	
  Counterparts

  	
   

  	
  75

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  37.

  	
   

  	
  Governing Law

  	
   

  	
  76

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  38.

  	
   

  	
  Enforcement

  	
   

  	
  76

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Schedule 1 THE ORIGINAL PARTIES

  	
   

  	
  77

  
	
   

  	
   

  	
  Part I The Obligors

  	
   

  	
  77

  
	
   

  	
   

  	
  Part II The Original Lenders

  	
   

  	
  78

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Schedule 2 CONDITIONS PRECEDENT

  	
   

  	
  79

  
	
   

  	
   

  	
  Part I Conditions Precedent To Initial Utilisation

  	
   

  	
  79

  
	
   

  	
   

  	
  Part II Conditions Precedent Required To Be
  Delivered By An Additional Borrower

  	
   

  	
  81

  
	
   

  	
   

  	
  Part III Conditions Precedent Required To Be
  Delivered By An Additional Guarantor

  	
   

  	
  83

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Schedule 3 REQUESTS

  	
   

  	
  85

  
	
   

  	
   

  	
  Part I Utilisation Request

  	
   

  	
  85

  
	
   

  	
   

  	
  Part II Selection Notice

  	
   

  	
  86

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Schedule 4 MANDATORY COST FORMULAE

  	
   

  	
  87

  
	
   

  	
   

  	
   

  
	
  Schedule 5 FORM OF TRANSFER CERTIFICATE

  	
   

  	
  89

  
	
   

  	
   

  	
   

  
	
  Schedule 6 FORM OF ACCESSION LETTER

  	
   

  	
  91

  
	
   

  	
   

  	
   

  
	
  Schedule 7 FORM OF RESIGNATION LETTER

  	
   

  	
  92

  
	
   

  	
   

  	
   

  
	
  Schedule 8 FORM OF COMPLIANCE CERTIFICATE

  	
   

  	
  93

  
	
   

  	
   

  	
   

  
	
  Schedule 9 TIMETABLE

  	
   

  	
  94

  
	
   

  	
   

  	
   

  
	
  Schedule 10 DISCLOSURE SCHEDULE

  	
   

  	
  95

  
								

 

 

THIS AGREEMENT
is dated 3 March 2006 and made between:

(1)                            GOLD FIELDS LIMITED (the “Parent”);

(2)                            OROGEN HOLDING (BVI) LIMITED (the “Original Borrower”);

(3)                            THE SUBSIDIARIES of the Parent listed in Part I of Schedule 1 (The Original
Parties) as original guarantors (together with the Parent, the “Original  Guarantors”);

(4)                            BARCLAYS CAPITAL and J.P. MORGAN PLC as
mandated lead arranger(s) (whether acting individually or together the “Arranger”);

(5)                            THE FINANCIAL INSTITUTIONS listed in Part II of
Schedule 1 (The Original Parties) as lenders
(the “Original Lenders”); and 

(6)                            J.P. MORGAN EUROPE LIMITED as agent of the other Finance
Parties (the “Agent”).

IT IS AGREED as
follows:

SECTION 1

INTERPRETATION

1.                                 DEFINITIONS
AND INTERPRETATION

1.1                           Definitions

In this Agreement:

“Accession
Letter” means a document substantially in the form set out in
Schedule 6 (Form of Accession Letter).

“Acquisition” means the acquisition by a
wholly owned Subsidiary of Gold Fields Venezuela Holding B.V. of the Target
Shares.

“Additional
Borrower” means a company which becomes an Additional Borrower in
accordance with Clause 25 (Changes to the Obligors).

“Additional
Cost Rate” has the meaning given to it in Schedule 4 (Mandatory Cost Formulae).

“Additional Guarantor” means a company which
becomes an Additional Guarantor in accordance with Clause 25 (Changes to the Obligors).

“Additional Obligor” means an Additional
Borrower or an Additional Guarantor.

“Affiliate”
means, in relation to any person, a Subsidiary of that person or a Holding
Company of that person or any other Subsidiary of that Holding Company.

“Agent’s Spot
Rate of Exchange” means the Agent’s spot rate of exchange for the
purchase of the relevant currency with the Base Currency in the London foreign
exchange market at or about 11:00 a.m. on a particular day.

 1
 

 

“Auditors” means, at any time, the auditors
of the Parent at that time, being as at the date of this Agreement
PricewaterhouseCoopers Inc. and any replacement for those auditors appointed by
the Parent.

“Availability
Period” means the
period from and including the date of this Agreement to and including the date
which is three hundred and sixty four days (364) after the date of this
Agreement.

“Available Commitment” means a Lender’s Commitment minus:

(a)                                      the
Base Currency Amount of its participation in any outstanding Loans; and

(b)                                     in
relation to any proposed Utilisation, the Base Currency Amount of its
participation in any Loans that are due to be made on or before the proposed
Utilisation Date.

“Available
Facility” means the aggregate for the time being of each Lender’s
Available Commitment.

“Base
Currency” means dollars.

“Base
Currency Amount” means, in relation to a Loan, the amount specified
in the Utilisation Request delivered by a Borrower for that Loan (or, if the
amount requested is not denominated in the Base Currency, that amount converted
into the Base Currency at the Agent’s Spot Rate of Exchange on the date which
is three Business Days before the Utilisation Date or, if later, on the date
the Agent receives the Utilisation Request) adjusted to reflect any repayment
(other than a repayment arising from a change of currency), prepayment,
consolidation or division of the Loan.

“Borrower”
means the Original Borrower or an Additional Borrower.

“Break Costs” means the amount (if any) by which:

(a)                                      the
interest which a Lender should have received for the period from the date of
receipt of all or any part of its participation in a Loan or Unpaid Sum to the
last day of the current Interest Period in respect of that Loan or Unpaid Sum,
had the principal amount or Unpaid Sum received been paid on the last day of
that Interest Period;

exceeds:

(b)                                     the
amount which that Lender would be able to obtain by placing an amount equal to
the principal amount or Unpaid Sum received by it on deposit with a leading
bank in the Relevant Interbank Market for a period starting on the Business Day
following receipt or recovery and ending on the last day of the current
Interest Period.

“Business Day”
means a day (other than a Saturday or Sunday) on which banks are open for
general business in London, New York, Johannesburg and, in relation to any
date for payment or purchase of Canadian dollars, Toronto.

“Cerro Corona Project” means the development
of the gold and copper deposits in Peru by the Cerro Corona Subsidiary.

“Cerro Corona Subsidiary” means Sociedad
Minera La Cima S.A.

 2
 

 

“Commitment” means:

(a)                                      in
relation to an Original Lender, the amount in the Base Currency set opposite
its name under the heading “Commitment” in
Part II of Schedule 1 (The Original Parties)
and the amount of any other Commitment transferred to it under this Agreement;
and

(b)                                     in
relation to any other Lender, the amount in the Base Currency of any Commitment
transferred to it under this Agreement,

to the extent not cancelled,
reduced or transferred by it under this Agreement.

“Compliance
Certificate” means a certificate substantially in the form set out
in Schedule 8 (Form of Compliance
Certificate).

“Confidentiality
Undertaking” means a confidentiality undertaking substantially in a
recommended form of the LMA or in any other form agreed between the Parent and the Agent.

“Consolidated EBITDA” has the meaning set
out in Clause 21.1 (Financial Definitions).

“Consolidated Tangible Net Worth” means, at
any time, the Shareholders’ Equity, as reported in the Group Statement of
Changes in Shareholders’ Equity in the last set of annual consolidated
financial statements of the Parent delivered to the Agent pursuant to this
Agreement.

“Constitutional Documents” means, in respect
of any person at any time, the then current and up-to-date constitutional
documents of such person at such time (including, without limitation, such
person’s memorandum and articles of association, certificate of incorporation,
articles of incorporation or commercial registration certificate).

“Default”
means an Event of Default or any event or circumstance specified in
Clause 23 (Events of Default) which would
(with the expiry of a grace period, the giving of notice, the making of any
determination under the Finance Documents or any combination of any of the
foregoing) be an Event of Default.

“Encumbrance” means;

(a)                                      any
mortgage, pledge, lien, assignment or cession conferring security,
hypothecation, a security interest, preferential right or trust arrangement or
other encumbrance securing any obligation of any person; or

(b)                                     any
arrangement under which money or claims to, or for the benefit of, a bank or
other account may be applied, set off or made subject to a combination of
accounts so as to effect discharge of any sum owed or payable to any person; or

(c)                                      any
other type of preferential agreement or arrangement (including any title
transfer and retention arrangement), the effect of which is the creation of a
security interest.

“Environmental Claim” means any claim,
proceeding or investigation by any person in respect of any Environmental Law.

 3
 

 

“Environmental Law” means any law applicable
to the business conducted by a Material Group Company at the relevant time in
any jurisdiction in which that Material Group Company conducts business which
relates to the pollution, degradation or protection of the environment or harm
to or the protection of human health or the health of animals or plants.

“Environmental Permits” means any permit,
licence, consent, approval and other authorisation and the filing of any
notification, report or assessment required under any Environmental Law for the
operation of the business of any Material Group Company conducted on or from
the properties owned or used by that Material Group Company.

“Event of
Default” means any event or circumstance specified as such in
Clause 23 (Events of Default).

“Facility”
means the term loan facility made available under this Agreement as described
in Clause 2 (The Facility).

“Facility
Office” means the office notified by a Lender to the Agent in
writing on or before the date it becomes a Lender (or, following that date, by
not less than five Business Days’ written notice) as the office through which
it will perform its obligations under this Agreement.

“Fee Letter”
means any letter or letters dated on or about the date of this Agreement
between the Arranger and the Parent
(or the Agent and the Parent)
setting out any of the fees referred to in Clause 12 (Fees).

“Finance
Document” means this Agreement, the Mandate Letter, any Fee Letter,
any Accession Letter and any other document designated as such by the Agent and
the Parent.

“Financial Indebtedness” means (without
double counting) any indebtedness for or in respect of:

(a)                                      moneys
borrowed;

(b)                                     any
amount raised by acceptance under any acceptance credit facility or
dematerialised equivalent;

(c)                                      any
amount raised pursuant to any note purchase facility or the issue of bonds,
notes, debentures, loan stock or any similar instrument;

(d)                                     the
amount of any liability in respect of any lease or hire purchase contract which
would, in accordance with GAAP, be treated as a finance or capital lease;

(e)                                      receivables
sold or discounted (other than any receivables to the extent they are sold on a
non-recourse basis);

(f)                                        the
amount of liability in respect of any purchase price for assets or services the
payment of which is deferred where the deferral of such price is either;

(i)                        used
primarily as a method of raising credit; or

(ii)                     not made in
the ordinary course of business;

 4
 

 

(g)                                     any
agreement or option to re-acquire an asset if one of the primary reasons for
entering into such agreement or option is to raise finance;

(h)                                     any
amount raised under any other transaction (including any forward sale or
purchase agreement) having the commercial effect of a borrowing;

(i)                                         any
derivative transaction entered into in connection with protection against or
benefit from fluctuation in any rate or price (and, when calculating the value
of any derivative transaction, only the marked to market value shall be taken
into account);

(j)                                         any
counter-indemnity obligation in respect of a guarantee, indemnity, bond,
standby or documentary letter of credit or any other instrument issued by a
bank or financial institution;

(k)                                      any
amount raised by the issue of redeemable shares; and

(l)                                         the
amount of any liability in respect of any guarantee or indemnity for any of its
items referred to in paragraphs (a) to (k) above.

“Financial Year” means, at any time, the
financial year of the Group ending on 30 June in each calendar year.

“Finance
Party” means the Agent, the Arranger or a Lender.

“GAAP”
means the generally accepted accounting principles set out in IFRS.

“Ghanaian Companies” means Gold Fields Ghana
Limited and Abosso Goldfields Limited.

“Group”
means the Parent and its
Subsidiaries for the time being.

“Group Company” means a member of the Group.

“Guarantor” means an Original Guarantor or
an Additional Guarantor unless, in the case of an Additional Guarantor, it has
ceased to be a Guarantor in accordance with Clause 25 (Changes to the Obligors).

“Holding
Company” means, in relation to a company or corporation, any other
company or corporation in respect of which it is a Subsidiary.

“IFRS” means International Financial
Reporting Standards issued and/or adopted by the International Accounting
Standards Board.

“Indebtedness
for Borrowed Money” means Financial Indebtedness save for any
indebtedness for or in respect of paragraphs (i) and (j) of the definition of “Financial Indebtedness”.

“Information
Memorandum” means the document dated 15 December 2005 which, at the Parent’s request and on its behalf,
was prepared in relation to this transaction and distributed by the Arranger to
selected financial institutions before the date of this Agreement.

 5
 

 

“Interest
Period” means, in relation to a Loan, each period determined in
accordance with Clause 10 (Interest Periods) and,
in relation to an Unpaid Sum, each period determined in accordance with
Clause 9.3 (Default interest).

“Lender” means:

(a)                                      any
Original Lender; and

(b)                                     any
bank or financial institution which has become a Party in accordance with
Clause 24 (Changes to the Lenders),

which in each case has
not ceased to be a Party in accordance with the terms of this Agreement.

“LIBOR” means, in relation to any Loan:

(a)                                      the
applicable Screen Rate; or

(b)                                     (if
no Screen Rate is available for the currency or Interest Period of that Loan)
the arithmetic mean of the rates (rounded upwards to four decimal places) as
supplied to the Agent at its request quoted by the Reference Banks to leading
banks in the London interbank market,

as of the Specified Time
on the Quotation Day for the offering of deposits in the currency of that Loan
and for a period comparable to the Interest Period for that Loan.

“LMA”
means the Loan Market Association.

“Loan”
means a loan made or to be made under the Facility or the principal amount
outstanding for the time being of that loan.

“Majority Lenders” means:

(a)                                      if
there are no Loans then outstanding, a Lender or Lenders whose Commitments
aggregate more than 662/3% of the Total Commitments (or,
if the Total Commitments have been reduced to zero, aggregated more than 662/3% of the Total Commitments immediately
prior to the reduction); or

(b)                                     at
any other time, a Lender or Lenders whose participations in the Loans then
outstanding aggregate more than 662/3% of all the Loans then
outstanding.

“Mandate Letter” means the letter dated 15
December 2005 between the Arranger, the Parent
and others.

“Mandatory
Cost” means the percentage rate per annum calculated by the Agent in
accordance with Schedule 4 (Mandatory Cost Formulae).

“Margin”
means 0.35 per cent. per annum.

“Material Adverse Effect” means a material
adverse effect on:

(a)                                      the
ability of an Obligor to perform its financial or other material obligations
under the Finance Documents to which it is a party; or

 6
 

 

(b)                                     the
validity or enforceability of the Finance Documents or any of them.

“Material Group Company”
means:

(a)                                      the
Obligors; and

(b)                                     any
member of the Group from time to time that is not a Non-Material Group Company;

and “Material Group Companies”
means, as the context requires, all of them.

“Month” means a period starting on one day in a calendar
month and ending on the numerically corresponding day in the next calendar
month, except that:

(a)                                      (subject
to paragraph (c) below) if the numerically corresponding day is not a
Business Day, that period shall end on the next Business Day in that calendar
month in which that period is to end if there is one, or if there is not, on
the immediately preceding Business Day;

(b)                                     if
there is no numerically corresponding day in the calendar month in which that
period is to end, that period shall end on the last Business Day in that
calendar month; and

(c)                                      if
an Interest Period begins on the last Business Day of a calendar month, that
Interest Period shall end on the last Business Day in the calendar month in
which that Interest Period is to end.

The above rules will only
apply to the last Month of any period.

“Non-Material Group Company” means, at any time,
a member of the Group (other than an Obligor) which had EBITDA (determined on
the same basis as Consolidated EBITDA) or gross assets in its most recently
ended Financial Year (on a consolidated basis) less than or equal to 5% (five
percent) of Consolidated EBITDA or gross assets of the Group (calculated
according to the most recent set of audited consolidated financial statements
delivered pursuant to Clause 20.1 (Financial
Statements)).  Compliance with
the aforementioned condition shall be determined by reference to the latest
audited financial statements of such member of the Group (consolidated in the
case of a member of the Group which itself has Subsidiaries), provided that:

(a)                                      if,
in the case of any member of the Group which itself has Subsidiaries, no
consolidated financial statements are prepared and audited, its consolidated
EBITDA and gross assets shall be determined on the basis of pro forma consolidated financial
statements of the relevant member of the Group and its Subsidiaries, prepared for
this purpose by the Parent;

(b)                                     if
any intra-Group transfer or re-organisation takes place, the audited financial
statements of the Group Company and all relevant members of the Group shall be
adjusted by the Parent in order to take into account such intra-Group transfer
or re-organisation; and

 7
 

 

(c)                                      the
audited financial statements of the Group and any relevant member of the Group
shall be adjusted in such a manner as the Auditors think fair and appropriate
to take account of the acquisition or disposal of any member of the Group or
any business of any member of the Group, after the date or at which the audited
financial statements of the Group are made up.

Should there be any
dispute regarding whether any member of the Group is or is not a Non-Material Group
Company such dispute shall be referred, at the request of the Agent, to the
Auditors and a report by the Auditors that a member of the Group is or is not a
Non-Material Group Company shall, in the absence of manifest error, be
conclusive and binding on all Parties. 
The costs of obtaining the report by the Auditors will be borne by the
unsuccessful party to the dispute.

“Obligor”
means a Borrower or a Guarantor.

“Optional
Currency” means Canadian dollars.

“Original
Financial Statements” means the audited consolidated financial
statements of the Parent for the
Financial Year ended 30 June 2005.

“Party”
means a party to this Agreement.

“Permitted Disposal” means any sale, lease,
transfer or other disposal:

(a)                                      by
an Obligor or any member of the Group of obsolete or redundant assets which are
no longer required for the efficient operation of the business of such Obligor
or such member of the Group; or

(b)                                     by
an Obligor or any member of the Group in the ordinary course of its day-to-day
business if that sale, lease, transfer or other disposal is not otherwise
restricted by a term of any Finance Document; or

(c)                                      by
an Obligor to an Obligor (other than to an Additional Obligor); or

(d)                                     by
a member of the Group that is not an Obligor to an Obligor or by an Obligor to
an Additional Obligor or to a member of the Group that is not an Obligor if
such sale, lease, transfer or other disposal is concluded at arm’s length; or

(e)                                      by
a member of the Group that is not an Obligor to another member of the Group
that is not an Obligor; or

(f)                                        by
any member of the Group to any other person where the higher of the market
value or consideration receivable when aggregated with the higher of the market
value or consideration receivable for any other sale, lease, transfer or other disposal
by any member of the Group (other than a sale, lease, transfer or other
disposal referred to in (a), (b), (c), (d), (e) and (g)) does not exceed 10%
(ten percent) of the Consolidated Tangible Net Worth in any Financial Year
subject to a maximum of 20% (twenty percent) of the Consolidated Tangible Net
Worth in aggregate during the period from the date of this Agreement to the
Termination Date; or

 8
 

 

(g)                                     for
which the Agent has given its prior written consent (acting on the instructions
of the Majority Lenders).

“Permitted Encumbrance” means:

(a)                                      any
Encumbrance created prior to the date of this Agreement which (i) is disclosed
in the Original Financial Statements and (ii) in all circumstances secures only
indebtedness outstanding or a facility available at the date of this Agreement
if the principal amount or original facility thereby secured is not increased
after the date of this Agreement;

(b)                                     any
title transfer or retention arrangement entered into by any member of the Group
in the normal course of its trading activities and on terms no worse for that
member of the Group than the standard terms of the relevant supplier;

(c)                                      any
netting or set-off arrangement entered into by any member of the Group in the
ordinary course of its banking arrangements (which shall include, for the
avoidance of doubt, those pursuant to hedging arrangements in relation to gold
and silver prices, foreign exchange rates and interest rates where such
arrangements are entered into for the purposes of providing protection against
fluctuation in such rates or prices in the ordinary course of business), for
the purpose of netting debit and credit balances;

(d)                                     any
lien arising by operation of law and in the ordinary course of trading and not
by reason of any default (whether in payments or otherwise), of any member of
the Group;

(e)                                      any
Encumbrance over or affecting (or transaction described in paragraph (b) of
Clause 22.3 (Negative Pledge) (“Quasi-Encumbrance”) affecting) any asset acquired by a
member of the Group after the date of this Agreement if:

(i)                        the
Encumbrance or Quasi-Encumbrance was not created in contemplation of the
acquisition of that asset by a member of the Group;

(ii)                     the principal
amount secured has not been increased in contemplation of, or since the
acquisition of that asset by a member of the Group; and

(iii)                  the Encumbrance
or Quasi-Encumbrance is (other than an Encumbrance or Quasi-Encumbrance
otherwise permitted pursuant to paragraphs (b), (c), (d), (f), (g), (h) or (i))
removed or discharged within six months of the date of acquisition of such
asset;

(f)                                        any
Encumbrance or Quasi-Encumbrance over or affecting any asset of any company
which becomes a member of the Group after the date of this Agreement, where the
Encumbrance or Quasi-Encumbrance is created prior to the date on which that
company becomes a member of the Group, if:

(i)                        the
Encumbrance or Quasi-Encumbrance was not created in contemplation of the
acquisition of that company;

(ii)                     the principal
amount secured has not increased in contemplation of or since the acquisition
of that company; and

 9
 

 

(iii)                  the Encumbrance
or Quasi-Encumbrance is (other than an Encumbrance or Quasi-Encumbrance
otherwise permitted pursuant to paragraphs (b), (c), (d), (e), (g), (h) or (i))
removed or discharged within six months of that company becoming a member of
the Group;

(g)                                     any
Encumbrance or Quasi-Encumbrance granted in respect of Project Finance
Borrowings over assets of, or the shares in, a Project Finance Subsidiary;

(h)                                     in
respect of Encumbrances or Quasi-Encumbrances over or affecting any asset of
any Material Group Company, any Encumbrance or Quasi-Encumbrance securing
indebtedness the principal amount of which (when aggregated with the principal
amount of any other indebtedness which has the benefit of Encumbrance or
Quasi-Encumbrance other than any permitted under paragraphs (a) to (g) above
and (i) and (j) below)) does not at any time exceed 12% (twelve percent.) of
Consolidated Tangible Net Worth (or its equivalent in another currency) (but
adjusted to include the net value of new assets acquired since the last date of
the latest set of consolidated annual financial statements of the Group);

(i)                                         any
other Encumbrance or Quasi-Encumbrance as agreed by the Agent (acting on the
instructions of the Majority Lenders) in writing; or

(j)                                         any
Encumbrance or Quasi-Encumbrance granted in respect of Financial Indebtedness
incurred in connection with the Cerro Corona Project over the business or
assets of the Cerro Corona Subsidiary or over the Ownership Interests in the
Cerro Corona Subsidiary provided that the
amount of Financial Indebtedness secured by all such Encumbrances or
Quasi-Encumbrances permitted by this paragraph (j) does not at any time in
aggregate exceed $200,000,000 (or its equivalent).  In this paragraph (j) “Ownership Interests”
means (i) the shares issued by the Cerro Corona Subsidiary; (ii) any
shareholder loans made to the Cerro Corona Subsidiary (iii) to the extent
required by Peruvian law, the shares in the Holding Company which directly owns
the shares issued by the Cerro Corona Subsidiary provided that such Holding Company’s sole assets are shares
issued by, and any loans made by it to, the Cerro Corona Subsidiary and its
sister company, Minera Gold Fields S.A.

“Permitted Financial Indebtedness” means any
Financial Indebtedness:

(a)                                      arising
under the Finance Documents;

(b)                                     arising
under any environmental bond which any member of the Group is required to issue
by any applicable law;

(c)                                      arising
in connection with the Cerro Corona Project;

(d)                                     arising
under any derivative transaction entered into in connection with protection
against or benefit from fluctuation in any rate or price but not for
speculative purposes;

(e)                                      arising
under the bridge facility raised by GFL Mining Services Limited in connection
with the funding of the Acquisition provided
that such facility is promptly cancelled and repaid in full after
the first Utilisation Date; and

 10
 

 

(f)                                        not
falling within paragraphs (a), (b), (c), (d) or (e) above provided that the aggregate amount of all
Financial Indebtedness (excluding, for the avoidance of doubt, any Financial
Indebtedness incurred by a Guarantor or a Project Finance Subsidiary) permitted
under this paragraph (f) does not at any time exceed $150,000,000 (or its
equivalent).

“Project Finance Borrowings” means:

(a)                                      any
indebtedness to finance (or re-finance) a project comprised of the ownership,
development, construction, refurbishment, commissioning and/or operation of
assets which is incurred by a Project Finance Subsidiary in connection with such
project and in respect of which the recourse of the person(s) making any such
finance (or re-finance) available to that Project Finance Subsidiary for the
payment, repayment and prepayment of such indebtedness is limited to (i) the
Project Finance Subsidiary and its assets and/or the shares in that Project
Finance Subsidiary and/or (ii) during the period prior to successful completion
of the relevant completion tests applicable to such project guarantees from any
one or more members of the Group; or

(b)                                     any
indebtedness the terms and conditions of which have been approved by the Agent
and which the Agent has agreed in writing (acting on the instructions of the
Majority Lenders) to treat as a “Project Finance Borrowing” for the purposes of
this Agreement.

“Project Finance Subsidiary” means a single
purpose company (excluding the Obligors) whose sole business is a project
comprised of the ownership, development, construction, refurbishment,
commissioning and/or operation of an asset which has incurred Project Finance
Borrowings.

“Quotation
Day” means, in the case of a determination of LIBOR, the date on
which quotations would customarily be provided by leading banks in the London
Interbank Market for deposits or amounts in the relevant currency for delivery
on the first day of such period or on any other relevant date.

“Reference
Banks” means, the principal London offices of Barclays Bank PLC,
JPMorgan Chase Bank, N.A. and Citibank, N.A. or such other banks as may be
appointed by the Agent in consultation with the Parent.

“Relevant
Interbank Market” means the London interbank market.

“Repeating
Representations” means each of the representations set out in
Clause 19.1 (Status), to Clause 19.23 (No Material Adverse Effect) other than
Clause 19.3 (Binding Obligations),
Clause 19.6 (Governing law and enforcement),
Clause 19.7 (Deduction of Tax),
Clause 19.8 (No filing or stamp taxes),
paragraphs (a) and (b) of Clause 19.10 (No
misleading information), Clause 19.13 (No proceedings pending or threatened), and Clause 19.22 (No undisclosed unfunded liabilities).

“Resignation Letter” means a letter
substantially in the form set out in Schedule 7 (Form of Resignation Letter).

 11

 

“Screen Rate”
means the British Bankers’ Association Interest Settlement Rate for the
relevant currency and period, displayed on the appropriate page of the Telerate
screen.  If the agreed page is replaced
or service ceases to be available, the Agent may specify another page or
service displaying the appropriate rate after consultation with the Parent and the Lenders.

“Selection
Notice” means a notice substantially in the form set out in Part II
of Schedule 3 (Requests) given
in accordance with Clause 10 (Interest Periods).

“Specified
Time” means a time determined in accordance with Schedule 9 (Timetables).

“Subsidiary” means, in relation to any company or corporation, a company or corporation:

(a)                                      which
is controlled, directly or indirectly, by the first mentioned company or corporation;

(b)                                     more
than half the issued share capital of which is beneficially owned, directly or
indirectly by the first mentioned company
or corporation; or

(c)                                      which
is a Subsidiary of another Subsidiary of the first mentioned company or corporation,

and for this purpose, a company or corporation shall be
treated as being controlled by another if that other company or corporation is able to direct its affairs and/or to
control the composition of its board of directors or equivalent body.

“Target” means Bolivar Gold Corp., a company
incorporated under the law of Yukon Territories, Canada with registered number
29927.

“Target Shares” means all the shares of
Target.

“Tax”
means any tax, levy, impost, duty or other charge or withholding of a similar
nature (including, without limitation, any penalty or interest payable in
connection with any failure to pay or any delay in paying any of the same).

“Tax Credit” means a credit against, relief
or remission for, or repayment of any Tax.

“Tax Deduction” means a deduction or
withholding for or on account of Tax from a payment under a Finance Document.

“Tax Payment” means either the increase in a
payment made by an Obligor to a Finance Party under Clause 13.1 (Tax gross-up) or a payment under Clause
13.2 (Tax indemnity).

“Termination
Date” means the date which is 36 Months after the date of this
Agreement.

“Total
Commitments” means the aggregate of the Commitments being
$250,000,000 at the date of this Agreement.

“Transfer
Certificate” means a certificate substantially in the form set out
in Schedule 5 (Form of Transfer
Certificate) or any other form agreed between the Agent and the Parent.

“Transfer Date” means, in relation to a transfer, the later
of:

(a)                                      the
proposed Transfer Date specified in the Transfer Certificate; and

 12
 

 

(b)                                     the
date on which the Agent executes the Transfer Certificate.

“Unpaid Sum”
means any sum due and payable but unpaid by an Obligor under the Finance
Documents.

“Utilisation”
means a utilisation of the Facility.

“Utilisation
Date” means the date of a Utilisation, being the date on which the
relevant Loan is to be made.

“Utilisation
Request” means a notice substantially in the form set out in Part I
of Schedule 3 (Requests).

“VAT”
means value added tax as provided for in the Value Added Tax Act 1994 and any
other tax of a similar nature.

1.2                           Construction

(a)                                      Unless a contrary
indication appears any reference in this Agreement to:

(i)                        the “Agent”, the “Arranger”,
any “Finance Party”, any “Lender”, any “Obligor” or any “Party”
shall be construed so as to include its successors in title, permitted assigns
and permitted transferees;

(ii)                     “arm’s length”
means terms that are fair and reasonable to the counterparty of a transaction
and no more or less favourable to the other party to the relevant transaction
as could reasonably be expected to be obtained in a comparable arm’s length
transaction with a person that is not the ultimate Holding Company of such
counterparty or an entity of which such counterparty or its ultimate Holding
Company has direct or indirect control, or owns directly or indirectly more
than 20% (twenty percent) of the share capital or similar rights of ownership;

(iii)                  “assets”
includes properties, revenues and rights of every description;

(iv)                 “audited” means,
in respect of any financial statement, those financial statements as audited by
the Auditors;

(v)                    “authorisations”
mean any authorisation, consent, registration, filing agreement, notarisation,
certificate, licence, approval, resolution, permit and/or authority or any
exemption from any of the aforesaid, by, with or from any authority (including,
without limitation, any approvals required from the South African Reserve Bank
in relation to any Finance Document or any transaction contemplated under any
Finance Document);

(vi)                 a “Finance
Document” or any other agreement or instrument is a reference to
that Finance Document or other agreement or instrument as amended or novated;

 13
 

 

(vii)              “indebtedness”
shall be construed so as to include any obligation (whether incurred as
principal or as surety) for the payment or repayment of money, whether present
or future, actual or contingent;

(viii)           “law” shall be
construed as any law (including statutory, common or customary law), statute,
constitution, decree, judgment, treaty, regulation, directive, by-law, order,
other legislative measure, requirement, request or guideline (whether or not
having the force of law but, if not having the force of law, is generally
complied with by the persons to whom it is addressed or applied) of any
government, supranational, local government, statutory or regulatory or
self-regulatory or similar body or authority or court and the common law, as
amended, replaced, re-enacted, restated or reinterpreted from time to time;

(ix)                   a
“person” shall be construed as a
reference to any person, firm, company, corporation, government, state or
agency of a state or any association, trust or partnership (whether or not
having separate legal personality) of two or more of the foregoing;

(x)                      a
“regulation” includes any
regulation, rule, official directive, request or guideline (whether or not
having the force of law but complied with generally) of any governmental,
intergovernmental or supranational body, agency, department or regulatory,
self-regulatory or other authority or organisation;

(xi)                   a
provision of law is a reference to that provision as amended or re-enacted; and

(xii)                a
time of day is a reference to London time.

(b)                                     Section,
Clause and Schedule headings are for ease of reference only.

(c)                                      Unless
a contrary indication appears, a term used in any other Finance Document or in
any notice given under or in connection with any Finance Document has the same
meaning in that Finance Document or notice as in this Agreement.

(d)                                     A
Default (other than an Event of Default) is “continuing”
if it has not been remedied or waived and an Event of Default is “continuing” if it has not been remedied or waived.

(e)                                      Any
reference to “Barclays Capital” is a reference to Barclays Capital, the
investment banking division of Barclays Bank PLC.

1.3                           Currency Symbols and Definitions

“$”
and “dollars” denote lawful currency of the
United States of America and “CAN$”
and “Canadian dollars” means the
lawful currency of Canada.

1.4                           Third party rights

(a)                                      Unless
expressly provided to the contrary in a Finance Document, a person who is not a
Party has no right under the Contracts (Rights of Third Parties) Act 1999 (the “Third Parties Act”) to enforce or to enjoy
the benefit of any term of this Agreement.

 14
 

 

(b)                                     Notwithstanding
any term of any Finance Document, the consent of any person who is not a Party
is not required to rescind or vary this Agreement at any time.

 15
 

 

SECTION 2

THE FACILITY

2.                                 THE FACILITY

2.1                           The Facility

Subject to the terms of
this Agreement, the Lenders make available to the Borrowers a term loan
facility in an aggregate amount equal to the Total Commitments.

2.2                           Finance Parties’ rights and obligations

(a)                                      The
obligations of each Finance Party under the Finance Documents are several.  Failure by a Finance Party to perform its
obligations under the Finance Documents does not affect the obligations of any
other Party under the Finance Documents. 
No Finance Party is responsible for the obligations of any other Finance
Party under the Finance Documents.

(b)                                     The
rights of each Finance Party under or in connection with the Finance Documents
are separate and independent rights and any debt arising under the Finance
Documents to a Finance Party from an Obligor shall be a separate and
independent debt.

(c)                                      A
Finance Party may, except as otherwise stated in the Finance Documents,
separately enforce its rights under the Finance Documents.

3.                                 PURPOSE

3.1                           Purpose

Each Borrower shall apply
all amounts borrowed by it under the Facility towards financing or refinancing
amounts paid or to be paid for or in connection with the Acquisition and
general corporate purposes.

3.2                           Monitoring

No Finance Party is bound
to monitor or verify the application of any amount borrowed pursuant to this
Agreement.

4.                                 CONDITIONS OF UTILISATION

4.1                           Initial conditions precedent

No Borrower may deliver a
Utilisation Request unless the Agent has received all of the documents and
other evidence listed in Part I of Schedule 2 (Conditions
precedent) in form and substance satisfactory to the Agent.  The Agent shall notify the Parent and the Lenders promptly upon
being so satisfied.

 16
 

 

4.2                           Further conditions precedent

(a)                                      The
Lenders will only be obliged to comply with Clause 5.4 (Lenders’ participation) if on the date of the Utilisation
Request and on the proposed Utilisation Date:

(i)                        no
Default is continuing or would result from the proposed Loan; and

(ii)                     the
representations in Clause 19 (Representations)
to be made by each Obligor are true in all material respects.

(b)                                     The
Lenders will only be obliged to comply with Clause 6.3 (Change of currency) if, on the first day of an Interest
Period, no Default is continuing or would result from the change of currency
and the representations to be made by each Obligor are true in all material
respects.

4.3                           Maximum number of Loans

(a)                                      A
Borrower may not deliver a Utilisation Request if as a result of the proposed
Utilisation, 6 or more Loans would be outstanding.

(b)                                     A
Borrower may not request that a Loan be divided if, as a result of the proposed
division, 6 or more Loans would be outstanding.

(c)                                      Any
Loan made by a single Lender under Clause 6.2 (Unavailability
of a currency) shall not be taken into account in this
Clause 4.3.

 17
 

 

SECTION 3

UTILISATION

5.                                 UTILISATION

5.1                           Delivery of a Utilisation Request

A Borrower may utilise
the Facility by delivery to the Agent of a duly completed Utilisation Request
not later than the Specified Time.

5.2                           Completion of a Utilisation Request

(a)                                      Each Utilisation
Request is irrevocable and will not be regarded as having been duly completed
unless:

(i)                        the proposed Utilisation Date
is a Business Day within the Availability Period;

(ii)                     the currency and amount of the
Utilisation comply with Clause 5.3 (Currency and amount);
and

(iii)                  the proposed Interest Period complies
with Clause 10 (Interest Periods).

(b)                                     Only one Loan may
be requested in each Utilisation Request.

5.3                           Currency and amount

(a)                                      The currency
specified in a Utilisation Request must be the Base Currency or the Optional
Currency.

(b)                                     The amount of the
proposed Loan must be:

(i)                        if the currency selected is the
Base Currency, a minimum of US$20,000,000 or, if less, the Available Facility;
or

(ii)                     if the Optional Currency is
selected, a minimum of CAN$20,000,000 or, if less, an amount in Canadian
dollars calculated at the Agent’s Spot Rate of Exchange that is equal to the
Available Facility,

in any event
such that its Base Currency Amount is less than or equal to the Available
Facility.

5.4                           Lenders’ participation

(a)                                      If the conditions
set out in this Agreement have been met, each Lender shall make its
participation in each Loan available by the Utilisation Date through its
Facility Office.

(b)                                     The amount of each
Lender’s participation in each Loan will be equal to the proportion borne by
its Available Commitment to the Available Facility immediately prior to making
the Loan.

(c)                                      The Agent shall
determine the Base Currency Amount of each Loan which is to be made in the
Optional Currency and shall notify each Lender of the amount, currency

 18
 

 

and the Base Currency Amount of each Loan and the amount of its
participation in that Loan, in each case by the Specified Time.

6.                                 OPTIONAL CURRENCIES

6.1                           Selection of currency

(a)                                      A
Borrower (or the Parent on
behalf of a Borrower) shall select the currency of a Loan:

(i)                        (in
the case of an initial Utilisation) in a Utilisation Request; and

(ii)                     (afterwards
in relation to a Loan made to it) in a Selection Notice.

(b)                                     If
a Borrower (or the Parent on
behalf of a Borrower) fails to issue a Selection Notice in relation to a Loan,
the Loan will remain denominated for its next Interest Period in the same
currency in which it is then outstanding.

(c)                                      If
a Borrower (or the Parent on
behalf of a Borrower) issues a Selection Notice requesting a change of currency
and the first day of the requested Interest Period is not a Business Day for
the other currency, the Agent shall promptly notify the Borrower and the
Lenders and the Loan will remain in the existing currency (with Interest
Periods running from one Business Day until the next Business Day) until the
next day which is a Business Day for both currencies, on which day the
requested Interest Period will begin.

6.2                           Unavailability of a currency

If before the
Specified Time on any Quotation Day:

(a)                                      a
Lender notifies the Agent that the Optional Currency requested is not readily available
to it in the amount required; or

(b)                                     a
Lender notifies the Agent that compliance with its obligation to participate in
a Loan in the proposed Optional Currency would contravene a law or regulation
applicable to it,

the Agent will give
notice to the relevant Borrower to that effect by the Specified Time on that
day.  In this event, any Lender that
gives notice pursuant to this Clause 6.2 will be required to participate
in the Loan in the Base Currency (in an amount equal to that Lender’s
proportion of the Base Currency Amount) and its participation will be treated
as a separate Loan denominated in the Base Currency during that Interest
Period.

6.3                           Change of currency

(a)                                      If a Loan is to
be denominated in different currencies during two successive Interest Periods:

(i)                        if the currency for the second
Interest Period is the Optional Currency, the amount of the Loan in that
Optional Currency will be calculated by the Agent as the amount of that
Optional Currency equal to the Base Currency Amount of the Loan at the Agent’s
Spot Rate of Exchange at the Specified Time;

 19
 

 

(ii)                     if the currency for the second
Interest Period is the Base Currency, the amount of the Loan will be equal to
the Base Currency Amount;

(iii)                  (unless the Agent and the Borrower
agree otherwise in accordance with paragraph (b) below) the Borrower that
has borrowed the Loan shall repay it on the last day of the first Interest
Period in the currency in which it was denominated for that Interest Period;
and

(iv)                 (subject to Clause 4.2 (Further conditions precedent)) the Lenders shall re-advance
the Loan in the new currency in accordance with Clause 6.5 (Agent’s calculations).

(b)                                     If the Agent and
the Borrower that has borrowed the Loan agree, the Agent shall:

(i)                        apply the amount paid to it by
the Lenders pursuant to paragraph (a)(iv) above (or so much of that amount
as is necessary) in or towards purchase of an amount in the currency in which
the Loan is outstanding for the first Interest Period; and

(ii)                     use the amount it purchases in or
towards satisfaction of the relevant Borrower’s obligations under
paragraph (a)(iii) above.

(c)                                      If the amount
purchased by the Agent pursuant to paragraph (b)(i) above is less than the
amount required to be repaid by the relevant Borrower, the Agent shall promptly
notify that Borrower and that Borrower shall, on the last day of the first
Interest Period, pay an amount to the Agent (in the currency of the outstanding
Loan for the first Interest Period) equal to the difference.

(d)                                     If any part of the
amount paid to the Agent by the Lenders pursuant to paragraph (a)(iv)
above is not needed to purchase the amount required to be repaid by the
relevant Borrower, the Agent shall promptly notify that Borrower and pay that
Borrower, on the last day of the first Interest Period that part of that amount
(in the new currency).

6.4                           Same Optional Currency during successive Interest Periods

(a)                                      If a Loan is to
be denominated in the same Optional Currency during two successive Interest
Periods, the Agent shall calculate the amount of the Loan in the Optional
Currency for the second of those Interest Periods (by calculating the amount of
Optional Currency equal to the Base Currency Amount of that Loan at the Agent’s
Spot Rate of Exchange at the Specified Time) and (subject to paragraph (b)
below):

(i)                        if the amount calculated is
less than the existing amount of that Loan in the Optional Currency during the
first Interest Period, promptly notify the Borrower that has borrowed that Loan
and that Borrower shall pay, on the last day of the first Interest Period, an
amount equal to the difference; or

(ii)                     if the amount calculated is more
than the existing amount of that Loan in the Optional Currency during the first
Interest Period, promptly notify each Lender and, if no Event of Default is
continuing, each Lender shall, on the last day of

 20
 

 

the first Interest Period, pay its participation in an amount equal to
the difference.

(b)                                     If the calculation
made by the Agent pursuant to paragraph (a) above shows that the amount of
the Loan in the Optional Currency for the second of those Interest Periods
converted into the Base Currency at the Agent’s Spot Rate of Exchange at the
Specified Time has increased or decreased by less than 5 per cent. compared to
its Base Currency Amount (taking into account any payments made pursuant to
paragraph (a) above), no notification shall be made by the Agent and no
payment shall be required under paragraph (a) above.

6.5                           Agent’s calculations

(a)                                      All calculations
made by the Agent pursuant to this Clause 6 will take into account any
repayment, prepayment, consolidation or division of Loans to be made on the
last day of the first Interest Period.

(b)                                     Each Lender’s
participation in a Loan will, subject to paragraph (a) above, be
determined in accordance with paragraph (b) of Clause 5.4 (Lenders’ participation).

 21
 

 

SECTION 4

REPAYMENT, PREPAYMENT AND CANCELLATION

7.                                 REPAYMENT

7.1                           Repayment of Loans

(a)                                      Without prejudice
to its obligations to repay any Loan earlier pursuant to Clause 6.3 (Change of currency), each Borrower shall
repay the Loans made to it which are outstanding on the Termination Date, in
full on the Termination Date.

(b)                                     No Borrower may
reborrow any part of the Facility which is repaid.

8.                                 PREPAYMENT AND CANCELLATION

8.1                           Illegality

If it becomes unlawful in
any applicable jurisdiction for a Lender to perform any of its obligations as
contemplated by this Agreement or to fund or maintain its participation in any
Loan:

(a)                                      that Lender shall
promptly notify the Agent upon becoming aware of that event;

(b)                                     upon the Agent
notifying the Parent, the
Commitment of that Lender will be immediately cancelled; and

(c)                                      each Borrower
shall repay that Lender’s participation in the Loans made to that Borrower on
the last day of the Interest Period for each Loan occurring after the Agent has
notified the Parent or, if
earlier, the date specified by the Lender in the notice delivered to the Agent
(being no earlier than the last day of any applicable grace period permitted by
law).

8.2                           Change of control

(a)                                      If any person or
group of persons acting in concert gains control of the Parent:

(i)                        the Parent shall promptly
notify the Agent upon becoming aware of that event;

(ii)                     a Lender shall not be obliged to
fund a Utilisation and the Agent and the Parent shall consult about the change
of control;

(iii)                  if the Majority Lenders so require
after a period of 45 (forty-five) days from receipt of the notice referred to
in (i) above, the Agent shall by notice to the Parent, (such notice to be
delivered no later than 60 (sixty) days from receipt of the notice referred to
in (i) above), cancel the Total Commitments and declare all outstanding Loans,
together with accrued interest and all other amounts accrued under the Finance
Documents immediately due and payable, whereupon the Total Commitments will be
cancelled and all such outstanding amounts will become immediately due and
payable;

(iv)                 if the Agent does not serve the notice
referred to in paragraph (iii) above, a Lender may by notice to the Agent which
shall be delivered not earlier than 45

 22
 

 

(forty-five) days nor later than 60 (sixty) days from receipt of the
notice referred to in (i) above, whereupon the Agent shall by notice to the
Parent (such notice to be delivered promptly after receipt of such Lender
notification), cancel the Commitment of that Lender and declare the
participation of that Lender in all outstanding Loans, together with accrued
interest thereon and all other amounts due to such Lender under the Finance
Documents immediately due and payable, whereupon the Commitment of that Lender
will be cancelled and all such outstanding amounts will become immediately due
and payable.

(b)                                     For the purpose of
paragraph (a) above “control” means:

(i)                        the power (whether by way of
ownership of shares, proxy, contract, agency or otherwise) to:

(A)                cast, or control the casting of, more
than one-half of the maximum number of votes that might be cast at a general
meeting of the Parent; or

(B)                  appoint or remove all, or the
majority, of the directors or other equivalent officers of the Parent; or

(C)                  give directions with respect to the
operating and financial policies of the Parent which the directors or other
equivalent officers of the Parent are obliged to comply with; or

(ii)                     the holding of more than one-half
of the issued share capital of the Parent (excluding any part of that issued
share capital that carries no right to participate beyond a specified amount in
a distribution of either profits or capital).

(c)                                      For the purpose
of paragraph (a) above “acting in concert”
means, a group of persons who, pursuant to an agreement or understanding
(whether formal or informal), actively co-operate, through the acquisition by
any of them, either directly or indirectly, of shares in the Parent, to obtain
or consolidate control of the Parent.

8.3                           Voluntary cancellation

The Parent may, if it gives the Agent not
less than 10 days’ (or such shorter period as the Majority Lenders may agree)
prior notice, cancel the whole or any part (being a minimum amount of
$10,000,000) of the Available Facility. 
Any cancellation under this Clause 8.3 shall reduce the Commitments
of the Lenders rateably.

8.4                           Voluntary prepayment of Loans

(a)                                      A Borrower to
which a Loan has been made may, if it gives the Agent not less than 10 days’
(or such shorter period as the Majority Lenders may agree) prior notice, prepay
the whole or any part of any Loan (but, if in part, being an amount that
reduces the Base Currency Amount of the Loan by a minimum amount of
$5,000,000).

(b)                                     A Loan may only be
prepaid after the last day of the Availability Period (or, if earlier, the day
on which the Available Facility is zero).

 23

 

8.5                           Right of repayment and cancellation in relation to a
single Lender

(a)                                      If:

(i)                        any
sum payable to any Lender by an Obligor is required to be increased under
paragraph (c) of Clause 13.1 (Tax gross-up);
or

(ii)                     any
Lender claims indemnification from the Parent
under Clause 13.2 (Tax indemnity)
or Clause 14.1 (Increased costs);
or

(iii)                  any
Lender notifies the Agent of its Additional Cost Rate under paragraph 3 of
Schedule 4 (Mandatory Cost Formulae),

the Parent may, whilst (in the case of
paragraphs (i) and (ii) above) the circumstance giving rise to the
requirement or indemnification continues or (in the case of
paragraph (iii) above) that Additional Cost Rate is greater than zero,
give the Agent notice of cancellation of the Commitment of that Lender and its
intention to procure the repayment of that Lender’s participation in the Loans.

(b)                                     On
receipt of a notice referred to in paragraph (a) above, the Commitment of
that Lender shall immediately be reduced to zero whereupon Total Commitments
shall be reduced by the same amount.

(c)                                      On
the last day of each Interest Period which ends after the Parent has given notice under
paragraph (a) above (or, if earlier, the date specified by the Parent in that notice), each
Borrower to which a Loan is outstanding shall repay that Lender’s participation
in that Loan.

8.6                           Restrictions

(a)                                      Any
notice of cancellation or prepayment given by any Party under this
Clause 8 shall be irrevocable and, unless a contrary indication appears in
this Agreement, shall specify the date or dates upon which the relevant
cancellation or prepayment is to be made and the amount of that cancellation or
prepayment.

(b)                                     Any
prepayment under this Agreement shall be made together with accrued interest on
the amount prepaid and, subject to any Break Costs, without premium or penalty.

(c)                                      Subject
to Clause 6.3 (Change of currency),
no Borrower may reborrow any part of the Facility which is prepaid.

(d)                                     The
Borrowers shall not repay or prepay all or any part of the Loans or cancel all
or any part of the Commitments except at the times and in the manner expressly
provided for in this Agreement.

(e)                                      No
amount of the Total Commitments cancelled under this Agreement may be
subsequently reinstated.

(f)                                        At
the end of the Availability Period, the Total Commitments shall be reduced to
zero.

 24
 

 

(g)                                     If
the Agent receives a notice under this Clause 8 it shall promptly forward
a copy of that notice to either the Parent
or the affected Lender, as appropriate.

 25
 

 

 

SECTION 5

COSTS OF UTILISATION

9.                                 INTEREST

9.1                           Calculation of interest

The rate of
interest on each Loan for each Interest Period is the percentage rate per annum
which is the aggregate of the applicable:

(a)                                      Margin;

(b)                                     LIBOR;
and

(c)                                      Mandatory
Cost, if any.

9.2                           Payment of interest

The Borrower to which a
Loan has been made shall pay accrued interest on that Loan on the last day of
each Interest Period (and, if the Interest Period is longer than six Months, on
the dates falling at six Monthly intervals after the first day of the Interest
Period).

9.3                           Default interest

(a)                                      If
an Obligor fails to pay any amount payable by it under a Finance Document on
its due date, interest shall accrue on the overdue amount from the due date up
to the date of actual payment (both before and after judgment) at a rate which,
subject to paragraph (b) below, is one per cent higher than the rate which
would have been payable if the overdue amount had, during the period of
non-payment, constituted a Loan in the currency of the overdue amount for
successive Interest Periods, each of a duration selected by the Agent (acting
reasonably).  Any interest accruing under
this Clause 9.3 shall be immediately payable by the Obligor on demand by
the Agent.

(b)                                     If
any overdue amount consists of all or part of a Loan which became due on a day
which was not the last day of an Interest Period relating to that Loan:

(i)                        the
first Interest Period for that overdue amount shall have a duration equal to
the unexpired portion of the current Interest Period relating to that Loan; and

(ii)                     the
rate of interest applying to the overdue amount during that first Interest
Period shall be one per cent. higher than the rate which would have applied if
the overdue amount had not become due.

(c)                                      Default
interest (if unpaid) arising on an overdue amount will be compounded with the
overdue amount at the end of each Interest Period applicable to that overdue
amount but will remain immediately due and payable.

9.4                           Notification of rates of interest

The Agent shall promptly
notify the Lenders and the relevant Borrower of the determination of a rate of
interest under this Agreement.

 26
 

 

10.                            INTEREST
PERIODS

10.1                     Selection of Interest Periods

(a)                                      A
Borrower (or the Parent on
behalf of a Borrower) may select an Interest Period for a Loan in the
Utilisation Request for that Loan or (if the Loan has already been borrowed) in
a Selection Notice.

(b)                                     Each
Selection Notice for a Loan is irrevocable and must be delivered to the Agent
by the Borrower (or the Parent
on behalf of a Borrower) to which that Loan was made not later than the Specified
Time.

(c)                                      If
a Borrower (or the Parent)
fails to deliver a Selection Notice to the Agent in accordance with
paragraph (b) above, the relevant Interest Period will be one Month.

(d)                                     Subject
to this Clause 10, a Borrower (or the Parent) may select an Interest Period of one, two, three or six
Months or any other period agreed between the Parent and the Agent (acting on the instructions of all the
Lenders).

(e)                                      An
Interest Period for a Loan shall not extend beyond the Termination Date.

(f)                                        Each
Interest Period for a Loan shall start on the Utilisation Date or (if already
made) on the last day of its preceding Interest Period.

10.2                     Non-Business Days

If an Interest Period
would otherwise end on a day which is not a Business Day, that Interest Period
will instead end on the next Business Day in that calendar month (if there is
one) or the preceding Business Day (if there is not).

10.3                     Consolidation and division of Loans

(a)                                      Subject
to paragraph (b) below, if two or more Interest Periods:

(i)                        relate
to Loans in the same currency; and

(ii)                     end
on the same date; and

(iii)                  are
made to the same Borrower,

those Loans will, unless
that Borrower (or the Parent on
its behalf) specifies to the contrary in the Selection Notice for the next
Interest Period, be consolidated into, and treated as, a single Loan on the
last day of the Interest Period.

(b)                                     Subject
to Clause 4.3 (Maximum number of Loans)
and Clause 5.3 (Currency and amount),
if a Borrower (or the Parent
on its behalf) requests in a Selection Notice that a Loan be divided into two
or more Loans, that Loan will, on the last day of its Interest Period, be so
divided with Base Currency Amounts specified in that Selection Notice, being an
aggregate Base Currency Amount equal to the Base Currency Amount of the Loan
immediately before its division.

 27
 

 

11.                         Changes to the
calculation of interest

11.1                     Absence of quotations

Subject to
Clause 11.2 (Market disruption), if LIBOR is
to be determined by reference to the Reference Banks but a Reference Bank does
not supply a quotation by the Specified Time on the Quotation Day, the
applicable LIBOR shall be determined on the basis of the quotations of the
remaining Reference Banks.

11.2                     Market disruption

(a)                                      If
a Market Disruption Event occurs in relation to a Loan for any Interest Period,
then the rate of interest on each Lender’s share of that Loan for the Interest
Period shall be the percentage rate per annum which is the sum of:

(i)                        the
Margin;

(ii)                     the
rate notified to the Agent by that Lender as soon as practicable and in any
event not later than 5 (five) Business Days before interest is due to be paid
in respect of that Interest Period (provided that
if such Lender is unable to notify the Agent of such rate not later than 5
(five) Business Days before interest is due to be paid in respect of that
Interest Period, it shall do so before interest is due to be paid in respect of
that Interest Period), to be that which expresses as a percentage rate per
annum the cost to that Lender of funding its participation in that Loan from
whatever source it may reasonably select; and

(iii)                  the
Mandatory Cost, if any, applicable to that Lender’s participation in the Loan.

(b)                                     In
this Agreement “Market Disruption Event”
means:

(i)                        at
or about noon on the Quotation Day for the relevant Interest Period the Screen
Rate is not available and none or only one of the Reference Banks supplies a
rate to the Agent to determine LIBOR for the relevant currency and Interest
Period; or

(ii)                     before
close of business in London on the Quotation Day for the relevant Interest
Period, the Agent receives notifications from a Lender or Lenders (whose
participations in a Loan exceed 35 per cent. of that Loan) that the cost to it
of obtaining matching deposits in the Relevant Interbank Market would be in
excess of LIBOR.

11.3                     Alternative basis of interest or funding

(a)                                      If
a Market Disruption Event occurs and the Agent or the Parent so requires, the Agent and the Parent shall enter into negotiations (for a period of not more
than thirty days) with a view to agreeing a substitute basis for determining
the rate of interest.

(b)                                     Any
alternative basis agreed pursuant to paragraph (a) above shall, with the
prior consent of all the Lenders and the Parent, be binding on all Parties.

 28
 

 

11.4                   Break
Costs

(a)                                      Each
Borrower shall, within three Business Days of demand by a Finance Party, pay to
that Finance Party its Break Costs attributable to all or any part of a Loan or
Unpaid Sum being paid by that Borrower on a day other than the last day of an
Interest Period for that Loan or Unpaid Sum.

(b)                                     Each
Lender shall, as soon as reasonably practicable after a demand by the Agent,
provide a certificate confirming the amount of its Break Costs for any Interest
Period in which they accrue.

12.                           FEES

12.1                     Commitment fee

(a)                                      The
Parent shall pay to the Agent
(for the account of each Lender) a fee in the Base Currency computed at the
rate of thirty per cent. of the Margin on that Lender’s Available Commitment
for the Availability Period.

(b)                                     The
accrued commitment fee is payable on the last day of each successive period of
three Months which ends during the Availability Period, on the last day of the
Availability Period and, if cancelled in full, on the cancelled amount of the
relevant Lender’s Commitment at the time the cancellation is effective.

12.2                     Arrangement fee

The Parent shall pay to the Arranger an
arrangement fee in the amount and at the times agreed in a Fee Letter.

12.3                     Agency fee

The Parent shall pay to the Agent (for its
own account) an agency fee in the amount and at the times agreed in a Fee
Letter.

 29
 

 

 

SECTION 6

ADDITIONAL PAYMENT OBLIGATIONS

13.                           TAX GROSS UP AND INDEMNITIES

13.1                     Tax gross-up

(a)                                      Each
Obligor shall make all payments to be made by it without any Tax Deduction,
unless a Tax Deduction is required by law.

(b)                                     The
Parent shall promptly upon
becoming aware that an Obligor must make a Tax Deduction (or that there is any
change in the rate or the basis of a Tax Deduction) notify the Agent
accordingly.  Similarly, a Lender shall
notify the Agent on becoming so aware in respect of a payment payable to that
Lender.  If the Agent receives such
notification from a Lender it shall notify the Parent and, if applicable, that Obligor.

(c)                                      If
a Tax Deduction is required by law to be made by an Obligor, the amount of the
payment due from that Obligor shall be increased to an amount which (after
making any Tax Deduction) leaves an amount equal to the payment which would
have been due if no Tax Deduction had been required.

(d)                                     If
an Obligor is required to make a Tax Deduction, that Obligor shall make that
Tax Deduction and any payment required in connection with that Tax Deduction
within the time allowed and in the minimum amount required by law.

(e)                                      Within
thirty days of making either a Tax Deduction or any payment required in
connection with that Tax Deduction, the Obligor making that Tax Deduction shall
deliver to the Agent for the Finance Party entitled to the payment evidence
reasonably satisfactory to that Finance Party that the Tax Deduction has been
made or (as applicable) any appropriate payment paid to the relevant taxing
authority.

13.2                     Tax indemnity

(a)                                      The
Parent shall (within three
Business Days of demand by the Agent) pay to a Finance Party an amount equal to
the loss, liability or cost which that Finance Party determines (in its absolute
discretion) will be or has been (directly or indirectly) suffered for or on
account of Tax by that Finance Party in respect of a Finance Document.

(b)                                     Paragraph (a)
above shall not apply:

(i)                        with
respect to any Tax assessed on a Finance Party:

(A)                under
the law of the jurisdiction in which that Finance Party is incorporated or, if
different, the jurisdiction (or jurisdictions) in which that Finance Party is
treated as resident for tax purposes; or

(B)                  under
the law of the jurisdiction in which that Finance Party’s Facility Office is
located in respect of amounts received or receivable in that jurisdiction,

 30
 

 

 

if that Tax is imposed on
or calculated by reference to the net income received or receivable (but not
any sum deemed to be received or receivable) by that Finance Party; or

(ii)                     to
the extent a loss, liability or cost is compensated for by an increased payment
under Clause 13.1 (Tax gross-up).

(c)                                      A
Finance Party making, or intending to make a claim under paragraph (a)
above shall promptly notify the Agent of the event which will give, or has
given, rise to the claim, following which the Agent shall notify the Parent.

(d)                                     A
Finance Party shall, on receiving a payment from an Obligor under this
Clause 13.2, notify the Agent.

13.3                     Tax Credit

If an Obligor makes a Tax
Payment and the relevant Finance Party determines (in its absolute discretion)
that:

(a)                                      a
Tax Credit is attributable either to an increased payment of which that Tax
Payment forms part, or to that Tax Payment; and

(b)                                     that
Finance Party has obtained, utilised and retained that Tax Credit,

the Finance Party shall
pay an amount to such Obligor which that Finance Party determines (in its
absolute discretion) will leave it (after that payment) in the same after-Tax
position as it would have been in had the Tax Payment not been required to be
made by such Obligor.

13.4                     Stamp taxes

The Parent shall pay and, within three
Business Days of demand, indemnify each Finance Party against any cost, loss or
liability that Finance Party incurs in relation to all stamp duty, registration
and other similar Taxes payable in respect of any Finance Document.

13.5                     Value added tax

(a)                                      All
amounts set out, or expressed to be payable under a Finance Document by any
Party to a Finance Party which (in whole or in part) constitute the
consideration for VAT purposes shall be deemed to be exclusive of any VAT which
is chargeable on such supply, and accordingly, subject to paragraph (c)
below, if VAT is chargeable on any supply made by any Finance Party to any
Party under a Finance Document, that Party shall pay to the Finance Party (in
addition to and at the same time as paying the consideration) an amount equal
to the amount of the VAT (and such Finance Party shall promptly provide an
appropriate VAT invoice to such Party).

(b)                                     If
VAT is chargeable on any supply made by any Finance Party (the “Supplier”) to any other Finance Party (the “Recipient”) under a Finance Document, and any Party (the “Relevant Party”) is required by the terms of any Finance
Document to pay an amount equal to the consideration for such supply to the
Supplier (rather than being required to reimburse the Recipient in respect of
that consideration), such Party shall also pay to the Supplier (in addition to
and at the same time as paying such amount)

 31
 

 

an amount
equal to the amount of such VAT.  The
Recipient will promptly pay to the Relevant Party an amount equal to any credit
or repayment from the relevant tax authority which it reasonably determines
relates to the VAT chargeable on that supply.

(c)                                      Where
a Finance Document requires any Party to reimburse a Finance Party for any
costs or expenses, that Party shall also at the same time pay and indemnify the
Finance Party against all VAT incurred by the Finance Party in respect of the
costs or expenses to the extent that the Finance Party reasonably determines
that neither it nor any other member of any group of which it is a member for
VAT purposes is entitled to credit or repayment from the relevant tax authority
in respect of the VAT.

14.                           Increased
costs

14.1                     Increased costs

(a)                                      Subject
to Clause 14.3 (Exceptions) the
Parent shall, within five
Business Days of a demand by the Agent, pay for the account of a Finance Party
the amount of any Increased Costs incurred by that Finance Party or any of its
Affiliates as a result of (i) the introduction of or any change in (or in the
interpretation, administration or application of) any law or regulation or (ii)
compliance with any law or regulation made after the date of this Agreement.

(b)                                     In
this Agreement “Increased Costs”
means:

(i)                        a
reduction in the rate of return from the Facility or on a Finance Party’s (or
its Affiliate’s) overall capital;

(ii)                     an
additional or increased cost; or

(iii)                  a
reduction of any amount due and payable under any Finance Document,

which is incurred or
suffered by a Finance Party or any of its Affiliates to the extent that it is
attributable to that Finance Party having entered into its Commitment or
funding or performing its obligations under any Finance Document.

14.2                     Increased cost claims

(a)                                      A
Finance Party intending to make a claim pursuant to Clause 14.1 (Increased costs) shall notify the Agent of the event giving
rise to the claim, following which the Agent shall promptly notify the Parent.

(b)                                     Each
Finance Party shall, as soon as practicable after a demand by the Agent,
provide a certificate confirming the amount of its Increased Costs.

14.3                     Exceptions

Clause 14.1 (Increased costs) does not apply to the extent any Increased
Cost is:

(a)                                      attributable
to a Tax Deduction required by law to be made by an Obligor;

 32
 

 

 

(b)                                     compensated
for by Clause 13.2 (Tax indemnity) (or would have been compensated for under Clause 13.2
(Tax indemnity) but was not so
compensated solely because any of the exclusions in paragraph (b) of
Clause 13.2 (Tax indemnity) applied);

(c)                                      compensated
for by the payment of the Mandatory Cost; or

(d)                                     attributable
to the wilful breach by the relevant Finance Party or its Affiliates of any law
or regulation.

15.                           Other indemnities

15.1                     Currency indemnity

(a)                                      If
any sum due from an Obligor under the Finance Documents (a “Sum”), or any order, judgment or award
given or made in relation to a Sum, has to be converted from the currency (the
“First Currency”) in which that
Sum is payable into another currency (the “Second
Currency”) for the purpose of:

(i)                        making
or filing a claim or proof against that Obligor;

(ii)                     obtaining
or enforcing an order, judgment or award in relation to any litigation or
arbitration proceedings,

that Obligor shall as an
independent obligation, within five Business Days of demand, indemnify each
Finance Party to whom that Sum is due against any cost, loss or liability
arising out of or as a result of the conversion including any discrepancy
between (A) the rate of exchange used to convert that Sum from the First
Currency into the Second Currency and (B) the rate or rates of exchange
available to that person at the time of its receipt of that Sum.

(b)                                     Each Obligor
waives any right it may have in any jurisdiction to pay any amount under the
Finance Documents in a currency or currency unit other than that in which it is
expressed to be payable.

15.2                     Other
indemnities

The Parent shall (or shall procure that an
Obligor will), within five Business Days of demand, indemnify each Finance
Party against any cost, loss or liability incurred by that Finance Party as a
result of:

(a)                                      the occurrence of
any Event of Default;

(b)                                     a failure by an
Obligor to pay any amount due under a Finance Document on its due date,
including without limitation, any cost, loss or liability arising as a result
of Clause 28 (Sharing Among the Finance
Parties);

(c)                                      funding, or
making arrangements to fund, its participation in a Loan requested by a
Borrower in a Utilisation Request but not made by reason of the operation of
any one or more of the provisions of this Agreement (other than by reason of
default or negligence by that Finance Party alone); or

 33
 

 

 

(d)                                     a Loan (or part of
a Loan) not being prepaid in accordance with a notice of prepayment given by a
Borrower or the Parent.

15.3                     Indemnity
to the Agent

The Parent shall promptly indemnify the
Agent against any cost, loss or liability incurred by the Agent (acting
reasonably) as a result of:

(a)                                      investigating any
event which it reasonably believes is a Default; or

(b)                                     entering into or
performing any foreign exchange contract for the purposes of paragraph (b)
of Clause 6.3 Change of Currency);
or

(c)                                      acting or relying
on any notice, request or instruction which it reasonably believes to be
genuine, correct and appropriately authorised.

16.                           Mitigation by the Lenders

16.1                     Mitigation

(a)                                      Each Finance
Party shall, in consultation with the Parent,
take all reasonable steps to mitigate any circumstances which arise and which
would result in any amount becoming payable under or pursuant to, or cancelled
pursuant to, any of Clause 8.1 (Illegality),
Clause 13 (Tax Gross-up and Indemnities),
Clause 14 (Increased Costs) or
paragraph 3 of Schedule 4 (Mandatory Cost Formulae)
including (but not limited to) transferring its rights and obligations under
the Finance Documents to another Affiliate or Facility Office.

(b)                                     Paragraph (a)
above does not in any way limit the obligations of any Obligor under the
Finance Documents.

16.2                     Limitation
of liability

(a)                                      The
Parent shall indemnify each
Finance Party for all costs and expenses reasonably incurred by that Finance
Party as a result of steps taken by it under Clause 16.1 (Mitigation).

(b)                                     A
Finance Party is not obliged to take any steps under Clause 16.1 (Mitigation) if, in the opinion of that Finance Party (acting
reasonably), to do so might be prejudicial to it.

17.                           Costs
and expenses

17.1                     Transaction expenses

The Parent
shall, promptly within three Business Days of demand, pay the Agent and the
Arranger the amount of all costs and expenses (including legal fees but subject
to any agreed cap) reasonably incurred by any of them in connection with the
negotiation, preparation, printing, execution and syndication of:

(a)                                      this
Agreement and any other documents referred to in this Agreement; and

(b)                                     any
other Finance Documents executed after the date of this Agreement.

 34
 

 

17.2                   Amendment
costs

If (a) an Obligor
requests an amendment, waiver or consent or (b) an amendment is required
pursuant to Clause 29.9 (Change of currency),
the Parent shall, within five
Business Days of demand, reimburse the Agent for the amount of all costs and
expenses (including legal fees) reasonably incurred by the Agent in responding
to, evaluating, negotiating or complying with that request or requirement.

17.3                     Enforcement costs

The Parent shall, within five Business
Days of demand, pay to each Finance Party the amount of all costs and expenses
(including legal fees) incurred by that Finance Party in connection with the
enforcement of, or the preservation of any rights under, any Finance Document.

 35

 

SECTION 7

GUARANTEE

18.                         GUARANTEE AND INDEMNITY

18.1                   Guarantee and indemnity

Each Guarantor
irrevocably and unconditionally jointly and severally:

(a)                                      guarantees
to each Finance Party punctual performance by each Borrower of all that
Borrower’s obligations under the Finance Documents;

(b)                                     undertakes
with each Finance Party that whenever a Borrower does not pay any amount when
due under or in connection with any Finance Document, that Guarantor shall
immediately on demand pay that amount as if it was the principal obligor; and

(c)                                      indemnifies
each Finance Party immediately on demand (and shall make the relevant payment
within five Business Days of such demand) against any cost, loss or liability
suffered by that Finance Party if any obligation guaranteed by it is or becomes
unenforceable, invalid or illegal.  The
amount of the cost, loss or liability shall be equal to the amount which that
Finance Party would otherwise have been entitled to recover.

18.2                   Continuing guarantee

This guarantee is
a continuing guarantee and will extend to the ultimate balance of sums payable
by any Obligor under the Finance Documents, regardless of any intermediate
payment or discharge in whole or in part.

18.3                   Reinstatement

If any payment by
an Obligor or any discharge given by a Finance Party (whether in respect of the
obligations of any Obligor or any security for those obligations or otherwise)
is avoided or reduced as a result of insolvency or any similar event:

(a)                                      the
liability of each Obligor shall continue as if the payment, discharge,
avoidance or reduction had not occurred; and

(b)                                     each
Finance Party shall be entitled to recover the value or amount of that security
or payment from each Obligor, as if the payment, discharge, avoidance or
reduction had not occurred.

18.4                   Waiver of defences

The obligations of
each Guarantor under this Clause 18 will not be affected by an act,
omission, matter or thing which, but for this Clause, would reduce, release or
prejudice any of its obligations under this Clause 18 (without limitation
and whether or not known to it or any Finance Party) including:

(a)                                      any
time, waiver or consent granted to, or composition with, any Obligor or other
person;

 36
 

 

(b)                                     the
release of any other Obligor or any other person under the terms of any
composition or arrangement with any creditor of any member of the Group;

(c)                                      the
taking, variation, compromise, exchange, renewal or release of, or refusal or
neglect to perfect, take up or enforce, any rights against, or security over
assets of, any Obligor or other person or any non-presentation or
non-observance of any formality or other requirement in respect of any
instrument or any failure to realise the full value of any security;

(d)                                     any
incapacity or lack of power, authority or legal personality of or dissolution
or change in the members or status of an Obligor or any other person;

(e)                                      any
amendment (however fundamental) or replacement of a Finance Document or any
other document or security;

(f)                                        any
unenforceability, illegality or invalidity of any obligation of any person
under any Finance Document or any other document or security; or

(g)                                     any
insolvency or similar proceedings.

18.5                   Immediate recourse

Each Guarantor waives any
right it may have of first requiring any Finance Party (or any trustee or agent
on its behalf) to proceed against or enforce any other rights or security or
claim payment from any person before claiming from that Guarantor under this
Clause 18.  This waiver applies
irrespective of any law or any provision of a Finance Document to the contrary.

18.6                   Appropriations

Until all amounts
which may be or become payable by the Obligors under or in connection with the
Finance Documents have been irrevocably paid in full, each Finance Party (or
any trustee or agent on its behalf) may:

(a)                                      refrain
from applying or enforcing any other moneys, security or rights held or
received by that Finance Party (or any trustee or agent on its behalf) in
respect of those amounts, or apply and enforce the same in such manner and
order as it sees fit (whether against those amounts or otherwise) and no
Guarantor shall be entitled to the benefit of the same; and

(b)                                     hold
in an interest-bearing suspense account any moneys received from any Guarantor
or on account of any Guarantor’s liability under this Clause 18.

18.7                   Deferral of Guarantors’ rights

Until all amounts
which may be or become payable by the Obligors under or in connection with the
Finance Documents have been irrevocably paid in full and unless the Agent
otherwise directs, no Guarantor will exercise any rights which it may have by
reason of performance by it of its obligations under the Finance Documents:

(a)                                      to
be indemnified by an Obligor;

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(b)                                     to
claim any contribution from any other guarantor of any Obligor’s obligations
under the Finance Documents; and/or

(c)                                      to
take the benefit (in whole or in part and whether by way of subrogation or
otherwise) of any rights of the Finance Parties under the Finance Documents or
of any other guarantee or security taken pursuant to, or in connection with,
the Finance Documents by any Finance Party.

18.8                   Additional security

This guarantee is in
addition to and is not in any way prejudiced by any other guarantee or security
now or subsequently held by any Finance Party.

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SECTION 8

REPRESENTATIONS, UNDERTAKINGS AND EVENTS OF DEFAULT

19.                         REPRESENTATIONS

Each Obligor makes
the representations and warranties set out in this Clause 19 to each
Finance Party, subject to disclosure set out in Schedule 10 (Disclosure Schedule).

19.1                   Status

(a)                                      It
is a limited liability company, duly incorporated and validly existing under
the law of its jurisdiction of incorporation.

(b)                                     It
has the power to own its assets and carry on its business as it is being
conducted or is contemplated to be conducted.

19.2                   Power and authority

It has the power to enter
into and perform, and has taken all necessary action to authorise its entry
into, and performance of, the Finance Documents to which it is party and the
transactions contemplated by those Finance Documents.

19.3                   Binding obligations

The obligations expressed
to be assumed by it in each Finance Document to which it is a party are legal,
valid, binding and enforceable obligations.

19.4                   Non-conflict with other obligations

The entry into and
performance by it of, and the transactions contemplated by, the Finance Documents
to which it is a party do not and will not conflict with:

(a)                                      any
law applicable to it;

(b)                                     its
Constitutional Documents; or

(c)                                      any
material agreement or instrument binding upon it or any of its assets.

19.5                   Validity and admissibility in evidence

All authorisations
required:

(a)                                      to
enable it lawfully to enter into, exercise its rights and comply with its
obligations under the Finance Documents to which it is a party and to ensure
that the obligations expressed to be assumed by it thereunder are legal, valid,
binding and enforceable; and

(b)                                     to
make the Finance Documents to which it is a party admissible in evidence in its
jurisdiction of incorporation,

have been obtained or
effected and are in full force and effect.

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19.6                   Governing law and enforcement

Subject to any general
principles of law as at the date of this Agreement set out in any legal opinion
delivered pursuant to Clause 4 (Conditions
of utilisation) or Clause 25 (Changes
to the Obligors):

(a)                                      the
choice of English law as the governing law of the Finance Documents will be
recognised and enforced in its jurisdiction of incorporation; and

(b)                                     any
judgment obtained in England in relation to a Finance Document will be
recognised and enforced in its jurisdiction of incorporation.

19.7                   Deduction of Tax

It is not required under
the law of its jurisdiction of incorporation to make any deduction for or on
account of Tax from any payment it may make under any Finance Document.

19.8                   No filing or stamp taxes

Except to the extent set
out in any legal opinion provided pursuant to Clause 4.1 (Initial conditions precedent) or Clause 25
(Changes to the Obligors) in
relation to it, under the law of its jurisdiction of incorporation it is not
necessary that the Finance Documents be filed, recorded or enrolled with any
court or other authority in that jurisdiction or that any stamp, registration
or similar tax be paid on or in relation to the Finance Documents or the
transactions contemplated by the Finance Documents.

19.9                   No default

(a)                                      No
Default is continuing or might reasonably be expected to result from the making
of any Utilisation.

(b)                                     It
is not, nor is it likely to be as a result of entering into and performing its
obligations under the Finance Documents, in violation of any law or in breach
of or in default under any agreement to which it is a party or which is binding
on it or any of its assets to an extent or in a manner which could reasonably
be expected to have a Material Adverse Effect.

19.10             No misleading information

(a)                                      Any
factual information provided by an Obligor for the purposes of the Information
Memorandum was true and accurate in all material respects as at the date it was
provided or as at the date (if any) at which it is stated.

(b)                                     Nothing
has occurred or been omitted from the Information Memorandum and no information
has been given or withheld that results in the information contained in the
Information Memorandum being untrue or misleading in any material respect.

(c)                                      All
written information supplied by it to the Finance Parties and the Agent was
true and accurate in all material respects as at the date it was given and was
not misleading in any material respect at such date.

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(d)                                     It
has not knowingly withheld any information which, if disclosed, would
reasonably be expected materially and adversely to affect the decision of the
Finance Parties in considering whether or not to provide finance to the
Borrowers.

19.11             Financial statements

(a)                                      The
Original Financial Statements were prepared in accordance with GAAP.

(b)                                     The
Original Financial Statements fairly represent the Group’s financial condition
and operations during the relevant financial year.

19.12             Pari passu ranking

Its payment obligations
under the Finance Documents rank at least pari
passu with the claims of all its other unsecured and unsubordinated
creditors, except for obligations mandatorily preferred by law applying to
companies generally in the jurisdiction of its incorporation.

19.13             No proceedings pending or threatened

No litigation,
arbitration or administrative proceedings of or before any court, arbitral body
or government agency which, if adversely determined, might reasonably be
expected to have a Material Adverse Effect have (to the best of its knowledge
and belief) been started or threatened against it or any Material Group
Company.

19.14             No winding-up

No Material Group Company
has taken any corporate action, nor have any other steps been taken or legal
proceedings started or (to the best of its knowledge and belief, after due
enquiry) threatened against any Material Group Company, for its winding-up,
dissolution, administration or re-organisation or for the enforcement of any
Encumbrance over all or any of its revenues or assets or for the appointment of
a receiver, administrator, administrative receiver, conservator, custodian,
trustee or similar officer of it or of all or any of its assets which could
reasonably be expected to have a Material Adverse Effect.

19.15             No encumbrances

(a)                                      No
Encumbrance exists over all or any of the assets of any Material Group Company
except for Permitted Encumbrances.

(b)                                     No
Encumbrance would arise as a result of the execution of and performance of its
rights and obligations under the Finance Documents.

19.16             Assets

It and each Material
Group Company has good title to or validly leases or licenses all of the assets
necessary and has all consents and/or authorisations necessary to carry on its
business as conducted to the extent that failure to comply with this
Clause 19.16 could reasonably be expected to have a Material Adverse
Effect.

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19.17             Insurance

Each Material Group
Company maintains insurances on and in relation to its business and assets
against those risks and to the extent as is usual for companies in the
jurisdiction in which it conducts its business carrying on substantially
similar business in such jurisdiction.

19.18             Environmental Compliance

Each Material Group
Company has adopted and complies with an environmental policy which requires
monitoring of and compliance with all applicable Environmental Law and
Environmental Permits applicable to it from time to time and compliance with
such policy will not cause a Material Adverse Effect.

19.19             Environmental Claims

No Environmental Claim
(not of a frivolous or vexatious nature) has been commenced or (to the best of
its knowledge and belief) is threatened against any Material Group Company
where that claim would be reasonably likely, if determined against that
Material Group Company, to have a Material Adverse Effect.

19.20             Taxation

(a)                                      It
and each Material Group Company has duly and punctually paid and discharged all
Taxes imposed upon it or its assets within the time period allowed without
incurring penalties except to the extent that:

(i)                        payment
is being contested in good faith;

(ii)                     it
has maintained adequate reserves for those Taxes; and

(iii)                  payment
can be lawfully withheld.

(b)                                     It
is not and no Material Group Company is materially overdue in the filing of any
Tax returns.

19.21             Ownership of Material Group Companies

(a)                                      Each
Material Group Company (other than the Cerro Corona Subsidiary and the Ghanaian
Companies) is a wholly-owned Subsidiary of the Parent.

(b)                                     The
Parent holds at least 71% of the issued share capital of each Ghanaian Company.

(c)                                      The
Parent holds at least 92% of the voting shares in the share capital of the
Cerro Corona Subsidiary (which equates to 80.7% of the issued and outstanding
shares in the share capital of the Cerro Corona Subsidiary).

19.22             No undisclosed unfunded liabilities

No material undisclosed
unfunded liabilities have arisen or will arise as a result of the Acquisition.

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19.23             No Material
Adverse Effect

There has been no change
in its business, condition (financial or otherwise), operations, performance,
properties or prospects since:

(a)                                      in
the case of the Guarantors and any member of the Group that is not a
Non-Material Group Company, 30 June 2005; or

(b)                                     in
the case of the Original Borrower, the date of its incorporation,

to the extent or in a
manner which could reasonably be expected to have a Material Adverse Effect.

19.24             Times when representation made

(a)                                      All
the representations and warranties in this Clause 19 are made by each Obligor
on the date of this Agreement and in the case of an Additional Obligor (other
than paragraphs (a) and (b) of Clause 19.10 (No
misleading information)), the day on which the company becomes (or
it is proposed that the company becomes) an Additional Obligor.

(b)                                     All
the representations and warranties in this Clause 19 are deemed to be made by
each Obligor (by reference to the facts and circumstances then existing) on the
date of each Utilisation Request and Utilisation Date.

(c)                                      The
Repeating Representations are deemed to be made by each Obligor (by reference
to the facts and circumstances then existing) on the first day of each Interest
Period (other than on the first day of the first Interest Period for a Loan)
save that the references in Clause 19.11 (Financial
statements) to “the Original Financial
Statements” shall, for the purposes of the Repeating
Representations, be construed as references to the most recent audited
consolidated financial statements of the Parent delivered to the Agent under
Clause 20.1 (Financial statements).

20.                         INFORMATION UNDERTAKINGS

The undertakings in this
Clause 20 are given in favour of each Finance Party and remain in force
from the date of this Agreement for so long as any amount is outstanding under
the Finance Documents or any Commitment is in force.

20.1                   Financial statements

The Parent shall supply
to the Agent:

(a)                                      as soon as the
same become available, but in any event within 120 (one hundred and twenty)
days after the end of each of its Financial Years:

(i)                        the audited consolidated
financial statements of the Parent for that Financial Year;

(ii)                     the audited financial statements
of each Obligor (other than Gold Fields Holdings Company (BVI) Limited unless
there is a legal requirement to audit its financial statements) for that
Financial Year; and

 43
 

 

(iii)                  if the audited financial statements
of Gold Fields Holdings Company (BVI) Limited are not delivered under (ii)
above, the unaudited financial statements of Gold Fields Holdings Company (BVI)
Limited for that Financial Year;

(b)                                     as
soon as the same become available, but in any event within 60 (sixty) days
after the first 6 (six) months of its Financial Years:

(i)                        the
unaudited financial statements of each Obligor for the first 6 (six) month
period of that Financial Year; and

(ii)                     the
unaudited consolidated financial statements of the Parent for the first 6 (six)
month period of that Financial Year; and

(c)                                      as
soon as the same become available, but in any event within 45 (forty-five) days
after the end of each quarter of each Financial Year:

(i)                        the
unaudited consolidated financial statements of the Parent for that period; and

(ii)                     the
unaudited financial statements of each Obligor for that period.

20.2                   Compliance Certificate

(a)                                      The
Parent shall supply to the Agent, with each set of consolidated financial
statements delivered pursuant to paragraphs (a) and (b) of Clause 20.1, a
Compliance Certificate setting out (in reasonable detail) computations as to
compliance with Clause 21 (Financial
Covenants) as at the date as at which those financial statements
were drawn up.

(b)                                     Each
Compliance Certificate shall be signed by 2 (two) directors of the Parent and,
if required to be delivered with the audited consolidated financial statements
delivered pursuant to paragraph (a)(i) of Clause 20.1 (Financial statements), by the Auditors.

20.3                   Requirements as to financial statements

(a)                                      Each
set of financial statements delivered by the Parent pursuant to Clause 20.1
(Financial statements) shall be
certified by a director of the relevant company as fairly representing its
financial condition as at the date as at which those financial statements were
drawn up.

(b)                                     The
Parent shall procure that each set of financial statements delivered pursuant
to Clause 20.1 (Financial statements)
is prepared in accordance with GAAP, the requirements of its jurisdiction of
incorporation and accounting practises and financial reference periods
consistent with those applied in the preparation of the Original Financial
Statements.

(c)                                      Paragraph
(b) above shall not apply to the extent that, in relation to any sets of
financial statements, the Parent notifies the Agent that there has been a
change in GAAP or the accounting practices or reference periods and its
Auditors (in the case of its annual audited financial statements) or the Parent
(in the case of any of its other financial statements) delivers to the Agent:

 44
 

 

(i)                        a
description of any change necessary for those financial statements to reflect
GAAP, accounting practices and reference periods upon which the Original
Financial Statements were prepared; and

(ii)                     sufficient
information, in form and substance as may be reasonably required by the Agent,
to enable the Agent to determine whether Clause 21 (Financial Covenants) has been complied
with and make an accurate comparison between the financial position indicated
in those financial statements and the Original Financial Statements.

(d)                                     If
the Parent notifies the Agent of a change in accordance with paragraph (c)
above, then the Parent and the Agent shall enter into negotiations in good
faith with a view to agreeing:

(i)                        whether
or not the change might result in material alteration in the commercial effect
of any of the terms of this Agreement or any other Finance Document; and

(ii)                     if
so, any amendments to this Agreement or any other Finance Document which may be
necessary to ensure that the change does not result in any material alteration
in the commercial effect of those terms, and if any amendments are agreed they
shall take effect and be binding on each of the Parties in accordance with
their terms.

(e)                                      Any
reference in this Agreement to “financial statements” shall be construed as a
reference to those financial statements as the same may be adjusted under this
Clause 20.3 to reflect the basis upon which the Original Financial
Statements were prepared.

20.4                   Access to records

At any time after the
occurrence of a Default and for so long as it is continuing, upon the request
of the Agent or a Finance Party each Obligor shall (at that Obligor’s expense)
provide to the Agent or any of its representatives and professional advisors
such access to that Obligor’s records (including its general ledger), books and
assets as that person may require at reasonable times and upon reasonable
notice.

20.5                   Information: miscellaneous

Each Obligor shall supply to the Agent, if the Agent
so requests:

(a)                                      all
documents dispatched by that Obligor to its shareholders (or any class of them)
or its creditors generally at the same time as they are dispatched;

(b)                                     the
details of any litigation, arbitration or administrative proceedings which are
current, threatened or pending against any member of the Group which, if
adversely determined against it, would be reasonably likely to have a Material
Adverse Effect; and

 45
 

 

(c)                                      promptly,
such further information (including an extract of its general ledger) regarding
the financial condition, business and operations of any Material Group Company
as any Finance Party (through the Agent) may reasonably request.

20.6                   Notification of default

(a)                                      Each
Obligor shall notify the Agent, of any Default (and the steps, if any, being
taken to remedy it) promptly upon becoming aware of its occurrence (unless that
Obligor is aware that a notification has already been provided by another
Obligor).

(b)                                     Promptly
upon a request by the Agent, each Borrower shall supply to the Agent, a
certificate signed by 2 (two) of its directors or senior officers on its behalf
certifying that no Default is continuing (or if a Default is continuing
specifying the Default and the steps, if any, being taken to remedy it).

20.7                   Use of websites

(a)                                      The
Parent may satisfy its
obligation under this Agreement to deliver any information in relation to those
Lenders (the “Website Lenders”) who accept this
method of communication by posting this information onto an electronic website
designated by the Parent and
the Agent (the “Designated Website”) if:

(i)                        the
Agent expressly agrees (after consultation with each of the Lenders) that it
will accept communication of the information by this method;

(ii)                     both
the Parent and the Agent are
aware of the address of and any relevant password specifications for the
Designated Website; and

(iii)                  the
information is in a format previously agreed between the Parent and the Agent.

If any Lender (a “Paper Form Lender”) does not agree to the
delivery of information electronically then the Agent shall notify the Parent accordingly and the Parent shall supply the information to
the Agent (in sufficient copies for each Paper Form Lender) in paper form.  In any event the Parent shall supply the Agent with at least one copy in paper form
of any information required to be provided by it.

(b)                                     The
Agent shall supply each Website Lender with the address of and any relevant
password specifications for the Designated Website following designation of
that website by the Parent and
the Agent.

(c)                                      The
Parent shall promptly upon
becoming aware of its occurrence notify the Agent if:

(i)                        the
Designated Website cannot be accessed due to technical failure;

(ii)                     the
password specifications for the Designated Website change;

(iii)                  any
new information which is required to be provided under this Agreement is posted
onto the Designated Website;

(iv)                 any
existing information which has been provided under this Agreement and posted
onto the Designated Website is amended; or

 46
 

 

(v)                    the
Parent becomes aware that the
Designated Website or any information posted onto the Designated Website is or
has been infected by any electronic virus or similar software.

If the Parent notifies the Agent under
paragraph (c)(i) or paragraph (c)(v) above, all information to be
provided by the Parent under
this Agreement after the date of that notice shall be supplied in paper form
unless and until the Agent and each Website Lender is satisfied that the
circumstances giving rise to the notification are no longer continuing.

Any Website Lender may
request, through the Agent, one paper copy of any information required to be
provided under this Agreement which is posted onto the Designated Website.  The Parent
shall comply with any such request within ten Business Days.

20.8                   “Know your customer” checks

(a)                                      If:

(i)                        the
introduction of or any change in (or in the interpretation, administration or
application of) any law or regulation made after the date of this Agreement;

(ii)                     any
change in the status of an Obligor or the composition of the shareholders of an
Obligor after the date of this Agreement; or

(iii)                  a
proposed assignment or transfer by a Lender of any of its rights and
obligations under this Agreement to a party that is not a Lender prior to such
assignment or transfer,

obliges the Agent or any
Lender (or, in the case of paragraph (iii) above, any prospective new
Lender) to comply with “know your customer” or similar identification
procedures in circumstances where the necessary information is not already
available to it, each Obligor shall promptly upon the request of the Agent or
any Lender supply, or procure the supply of, such documentation and other
evidence as is reasonably requested by the Agent (for itself or on behalf of
any Lender) or any Lender (for itself or, in the case of the event described in
paragraph (iii) above, on behalf of any prospective new Lender) in order
for the Agent, such Lender or, in the case of the event described in
paragraph (iii) above, any prospective new Lender to carry out and be
satisfied it has complied with all necessary “know your customer” or other
similar checks under all applicable laws and regulations pursuant to the
transactions contemplated in the Finance Documents.

(b)                                     Each
Lender shall promptly upon the request of the Agent supply, or procure the
supply of, such documentation and other evidence as is reasonably requested by
the Agent (for itself) in order for the Agent to carry out and be satisfied it
has complied with all necessary “know your customer” or other similar checks
under all applicable laws and regulations pursuant to the transactions
contemplated in the Finance Documents.

 47

 

(c)                                      The
Parent shall, by not less than
10 Business Days’ prior written notice to the Agent, notify the Agent (which
shall promptly notify the Lenders) of its intention to request that one of its
Subsidiaries becomes an Additional Obligor pursuant to Clause 25 (Changes to the Obligors).

(d)                                     Following
the giving of any notice pursuant to paragraph (c) above, if the accession
of such Additional Obligor obliges the Agent or any Lender to comply with “know
your customer” or similar identification procedures in circumstances where the
necessary information is not already available to it, the Parent shall promptly upon the
request of the Agent or any Lender supply, or procure the supply of, such
documentation and other evidence as is reasonably requested by the Agent (for
itself or on behalf of any Lender) or any Lender (for itself or on behalf of
any prospective new Lender) in order for the Agent or such Lender or any
prospective new Lender to carry out and be satisfied it has complied with all
necessary “know your customer” or other similar checks under all applicable
laws and regulations pursuant to the accession of such Subsidiary to this
Agreement as an Additional Obligor.

21.                       FINANCIAL
COVENANTS

21.1                   Financial definitions

In this
Clause 21:

“Consolidated EBITDA” means, for any
Measurement Period, (having reversed any entries made to reflect fair value
gains or losses on financial derivative investments which are undertaken in the
normal course of business) Consolidated Profits Before Interest and Tax before
any amount attributable to the amortisation of intangible assets and
depreciation of tangible assets and before any extraordinary items;

“Consolidated Net Borrowings” means, at any
time, the aggregate amount of all obligations of the Group for or in respect of
Indebtedness for Borrowed Money but excluding any such obligation to any member
of the Group, adjusted to take account of the aggregate amount of freely
available cash and cash equivalents held by any member of the Group (and so
that no amount shall be included or excluded more than once);

“Consolidated Net Finance Charges” means, in
respect of any Measurement Period, the aggregate amount of the interest
(including the interest element of leasing and hire purchase payments and
capitalised interest), commission, fees, discounts and other finance payments
payable by any member of the Group (including any commission, fees, discounts
and other finance payment payable by any member of the Group under any interest
rate hedging arrangement but deducting any commission, fees, discounts and
other finance payments receivable by any member of the Group under any interest
rate hedging instrument) but deducting any other interest receivable by any
member of the Group on any deposit or bank account;

“Consolidated Profits Before Interest and Tax”
means, in respect of any Measurement Period, the consolidated net income of the
Group (less the net income of any Project Finance Subsidiaries but including
any dividends received in cash by any member of the Group (other than a Project
Finance Subsidiary) from a Project Finance Subsidiary) before:

 48
 

 

(a)             any provision on
account of normal taxation; and

(b)                                     any
interest, commission, discounts or other fees incurred or payable, received or
receivable by any member of the Group in respect of Indebtedness for Borrowed
Money; and

“Measurement Period” means each period of 12
(twelve) months ending on the last day of the Parent’s Financial Year and each
period of 12 (twelve) months ending on the last day of the first half of the
Parent’s Financial Year.

21.2                   Financial condition

The Parent shall
ensure that for so long as any amount is outstanding under a Finance Document
or any Commitment is in force:

(a)                                      the
ratio of Consolidated EBITDA to Consolidated Net Finance Charges in respect of
any Measurement Period shall be or shall exceed 5:1;

(b)                                     the
ratio of Consolidated Net Borrowings to Consolidated EBITDA shall not in
respect of any Measurement Period exceed 2.5:1.

21.3                   Financial testing

The financial covenants
set out in Clause 21.2 (Financial condition)
shall be tested by reference to each of the financial statements and/or each
Compliance Certificate delivered pursuant to Clause 20.2 (Compliance Certificate).

21.4                   Breach of a Financial Condition Undertaking

Immediately upon becoming
aware of a breach of either of the financial covenants in Clause 21.2 (Financial condition), an Obligor shall
upon becoming aware notify the Agent and provide such details about the breach
as the Agent may request (unless that Obligor is aware that a notification has
already been provided by another Obligor).

22.                         GENERAL UNDERTAKINGS

The undertakings
in this Clause 22 are given in favour of each Finance Party and remain in
force from the date of this Agreement for so long as any amount is outstanding
under the Finance Documents or any Commitment is in force.

22.1                   Authorisations

Each Obligor shall
promptly:

(a)                                      obtain,
comply with and do all that is necessary to maintain in full force and effect;
and

(b)                                     upon
written request by the Agent or a Finance Party, supply certified copies to the
Agent and/or a Finance Party, as the case may be, of,

any authorisation
required or desirable under any applicable law to enable it to perform its
obligations under the Finance Documents to which it is a party and to ensure
the legality, validity, enforceability or admissibility in evidence of any
Finance Document.

 49
 

 

22.2                   Compliance with laws

Each Obligor shall comply
in all respects with all laws and regulations to which it may be subject
(including, but not limited to, Environmental Law), if failure so to comply
would materially impair its ability to perform its obligations under the
Finance Documents to which it is a party.

22.3                   Negative pledge

(a)                                      No
Obligor shall (and the Parent shall procure that no other Material Group
Company shall) create or permit to subsist any Encumbrance over any of its
assets.

(b)                                     No
Obligor shall (and the Parent shall ensure that no other Material Group Company
will):

(i)                        sell,
transfer or otherwise dispose of any of its assets on terms whereby they are or
may be leased to or re-acquired by it or by an Obligor or any other member of
the Group;

(ii)                     sell,
transfer or otherwise dispose of any of its receivables on recourse terms;

(iii)                  enter
into any arrangement under which money or the benefit of a bank or other
account may be applied, set-off or made subject to a combination of accounts;
or

(iv)                 enter
into any other preferential arrangement having a similar effect, in
circumstances where the arrangement or transaction is entered into primarily as
a method of raising Financial Indebtedness or of financing the acquisition of
an asset.

(c)                                      Paragraphs
(a) and (b) above do not apply to Permitted Encumbrances.

22.4                   Disposals and Mergers

(a)                                      No
Obligor shall (and the Parent shall ensure that no other Material Group Company
will):

(i)                        enter
into a single transaction or a series of transactions (whether related or not)
and whether voluntarily or involuntarily to sell, lease, transfer or otherwise
dispose of any assets;

(ii)                     enter
into any amalgamation, demerger, merger or corporate reconstruction.

(b)                                     Paragraph (a)
above does not apply to:

(i)                        Permitted
Disposals; or

(ii)                     any
amalgamation, demerger, merger or corporate reconstruction of any member of the
Group, without insolvency, if:

(A)                in
respect of the Obligors or the successors-in-title or assignees of the
Obligors, the Finance Documents are preserved as binding upon the 

 50
 

 

amalgamated,
demerged, merged and/or reconstructed members of the Group; and

(B)                  the
amalgamated, demerged, merged and/or reconstructed companies will be members of
the Group; and

(C)                  such
amalgamation, demerger, merger and/or corporate reconstruction will not have a
Material Adverse Effect.

22.5                   Change of business

Each Obligor shall
procure that no substantial change is made to the general nature of its
business or the business of the Group taken as a whole from that carried on at
the date of this Agreement.

22.6                   Insurance

Each Obligor shall (and
the Parent shall ensure that each Material Group Company will) maintain
insurances on and in relation to its business, properties and assets with
reputable underwriters or insurance companies against those risks and to the
extent as is usual for companies carrying on the same or substantially similar
business.

22.7                   Environmental Compliance

Each Obligor shall (and
the Parent shall ensure that each Material Group Company will) substantially
comply in all material respects with all Environmental Law and obtain and
maintain any Environmental Permits and take all reasonable steps in
anticipation of known or expected future changes to or obligations under the
same.

22.8                   Environmental Claims

Each Obligor shall inform
the Agent, in writing as soon as reasonably practical upon becoming aware of
the same:

(a)                                      if
any Environmental Claim (not of a frivolous or vexatious nature) has been
commenced or (to the best of its knowledge and belief) threatened against any
Material Group Company; or

(b)                                     of
any facts or circumstances which will or are reasonably likely to result in any
Environmental Claim (not of a frivolous or vexatious nature) being commenced or
threatened against any Material Group Company,

where the claim would be
reasonably likely, if determined against that Material Group Company, to have a
Material Adverse Effect.

22.9                   Taxation

Each Material Group
Company shall duly and punctually pay and discharge all Taxes imposed upon it
or its assets within the time period allowed without incurring penalties save
to the extent that:

(a)                                      payment
is being contested in good faith;

 51
 

 

(b)                                     adequate
reserves are being maintained for those Taxes; and

(c)                                      where
such payment can be lawfully withheld.

22.10             Maintenance of Legal Status

Each Material Group
Company shall do all such things as are necessary to maintain its existence as
a legal person and shall maintain its books and records in good order and make
all necessary corporate filings with the relevant authorities in its
jurisdiction of incorporation.

22.11             Claims Pari Passu

Each Obligor shall ensure
that at all times the claims of the Finance Parties against it under the
Finance Documents rank at least pari passu
with the claims of all its other unsecured and unsubordinated creditors save
those whose claims are preferred by any bankruptcy, insolvency, liquidation or
other similar laws of general application in its jurisdiction of incorporation.

22.12             Maintenance of Assets

Each Material Group
Company shall ensure that it has good title to or validly leases or licences
all of the assets necessary and has all consents and/or authorisations
necessary to carry on its business as conducted to the extent that failure to
comply with this Clause 22.12 could reasonably be expected to have a Material
Adverse Effect.

22.13             Acquisitions

No Obligor shall (and the
Parent shall ensure that no Material Group Company will), without the prior
consent of the Majority Lenders, enter into any transaction, acquire any
company, business, assets or undertaking where such a transaction or
acquisition is classed as a “Category 1” transaction under the Listing
Requirements of the JSE Limited.  For the
purpose of this Clause 22.13 only, references to a transaction shall be
construed as not including any acquisition of the Parent by a third party.

22.14             Financial Indebtedness

No member of the Group
(other than a Guarantor or a Project Finance Subsidiary) shall incur, create or
permit to subsist or have outstanding any Financial Indebtedness or enter into
any agreement or arrangement whereby it is entitled to incur, create or permit
to subsist any Financial Indebtedness other than Permitted Financial
Indebtedness.

22.15             Ownership of Material Group Companies

The Parent shall ensure
that:

(a)                                      each
Material Group Company (other than the Parent, any Ghanaian Company and the
Cerro Corona Subsidiary) is and continues to be a wholly-owned Subsidiary of
the Parent;

(b)                                     the
Parent holds and continues to hold at least 71% of the issued share capital of
each Ghanaian Company; and

 52
 

 

(c)                                      the
Parent holds and continues to hold at least 92% of the voting shares in the
share capital of the Cerro Corona Subsidiary (which equates to 80.7% of the
issued and outstanding shares in the share capital of the Cerro Corona
Subsidiary).

23.                         EVENTS OF DEFAULT

Each of the events or
circumstances set out in Clause 23 is an Event of Default (whether or not
caused by any reason whatsoever outside the control of a Borrower or the Parent
or any other person).

23.1                   Non-payment

An Obligor does not pay
on the due date any amount payable pursuant to a Finance Document at the place
at and in the currency in which it is expressly payable unless:

(a)                                      its
failure to pay is caused by administrative or technical error; and

(b)                                     payment
is made within 3 (three) Business Days of its due date.

23.2                   Financial covenants

Any requirement of
Clause 21 (Financial Covenants)
is not satisfied.

23.3                   Other obligations

(a)                                      Subject to Clause
23.17 (Remedy), an Obligor does
not comply with any provision of the Finance Documents (other than those
referred to in Clause 23.1 (Non-Payment)
and Clause 21 (Financial Covenants)).

(b)                                     No Event of
Default will occur under paragraph (a) above if the Taxes not duly and
punctually paid and discharged and in respect of which the undertaking
contained in Clause 22.9 (Taxation)
is given do not exceed an amount of $10,000,000 (ten million dollars).

23.4                   Misrepresentation

(a)                                      Subject
to Clause 23.17 (Remedy), any
representation or statement made or deemed to be made by any Obligor in the
Finance Documents or any other document delivered by or on behalf of any
Obligor under or in connection with any Finance Document is or proves to have
been incorrect or misleading in any material and adverse respect when made or
deemed to be made.

(b)                                     No Event of
Default will occur under paragraph (a) above if the Taxes in respect of which
the representation contained in Clause 19.20 (Taxation)
was made does not exceed an amount of $10,000,000 (ten million dollars).

23.5                   Cross-default

(a)                                      Any Financial
Indebtedness of a Material Group Company is not paid when due, nor where there
is an applicable grace period, within the earlier to expire of the originally
applicable grace period and a period of 5 (five) days starting at the same time
as the originally applicable grace period.

 53
 

 

(b)                                     Any Financial
Indebtedness of a Material Group Company is declared to be or otherwise becomes
due and payable prior to its specified maturity as a result of an event of
default (however described).

(c)                                      Any
commitment for any Financial Indebtedness of a Material Group Company is
cancelled or suspended by a creditor of a Material Group Company as a result of
an event of default (however described).

(d)                                     Any
creditor of a Material Group Company becomes entitled to declare any Financial
Indebtedness of a Material Group Company due and payable prior to its specified
maturity as a result of an event of default (however described).

(e)                                      No
Event of Default will occur under this Clause 23.5 if the aggregate amount
of Financial Indebtedness or commitment for Financial Indebtedness, falling
within paragraphs (a) to (d) of this Clause 23.5 above is less than
$20,000,000.

23.6                   Insolvency

(a)                                      Any
Material Group Company is unable or admits inability to pay its debts as they
fall due, suspends making payments on any of its debts or, by reason of actual
or anticipated financial difficulties, commences negotiations with one or more
of its classes of creditors with a view to rescheduling any of its Financial
Indebtedness which in the case of a Material Group Company (other than an
Obligor) could reasonably be expected to have a Material Adverse Effect.

(b)                                     The
value of the assets of any Material Group Company is less than its liabilities
(taking into account contingent and prospective liabilities) which in the case
of a Material Group Company (other than an Obligor) could reasonably be
expected to have a Material Adverse Effect.

(c)                                      A
moratorium is declared in respect of any Financial Indebtedness of any Material
Group Company.

23.7                   Insolvency proceedings

Any corporate action,
legal proceedings or other similar procedure or step is taken in relation to:

(a)                                      the
suspension of payments, a moratorium of any Financial Indebtedness, winding-up,
dissolution, administration or reorganisation (by way of voluntary arrangement,
scheme of arrangement or otherwise) of any Material Group Company;

(b)                                     a
composition, compromise, assignment or arrangement with any creditor or class
of creditors of any Material Group Company;

(c)                                      the
appointment of a liquidator, receiver, administrator, administrative receiver,
judicial manager, compulsory manager or other similar officer in respect of any
Material Group Company or any of its assets; or

(d)                                     enforcement
of any Encumbrance over any assets of any Material Group Company,

 54
 

 

or any
analogous procedure or step is taken in any jurisdiction and any such procedure
or proceedings are not contested in good faith nor discharged within 30
(thirty) days (or such shorter period provided for contesting such procedure or
proceedings under the laws of the relevant jurisdiction).

23.8                   Failure to comply with final judgement

Any Material Group
Company fails within 5 (five) Business Days of the due date to comply with or
pay any sum due from it under any material final judgement or any final order
made or given by any court of competent jurisdiction.  For the purposes of this Clause 23.8, a
“material final judgement” shall
be any judgement for the payment of a sum of money in excess of $10,000,000
(ten million dollars).

23.9                   Creditors’ process

Any expropriation (other
than an expropriation where fair compensation is received) or the operation of
the attachment, sequestration, distress or execution affects any material asset
of a Material Group Company and is not discharged within 21 (twenty-one)
days.  For the purposes of this
Clause 23.9 a “material asset”
is any single income producing asset of the relevant Material Group Company
which contributes not less than 5% (five percent) towards the Consolidated
EBITDA or gross assets of the Group (calculated according to the most recent
set of audited consolidated financial statements delivered pursuant to
Clause 20.1 (Financial Statements))
provided that any loss of mineral rights
arising as a result of the operation of the Mineral and Petroleum Resources
Development Act, No. 28 of 2002 substantially in its current form as at the
date of this Agreement and/or the operation of the Minerals and Petroleum
Royalty Bill in substantially its current form once enacted shall not
constitute an expropriation for the purposes of this Clause 23.9.

23.10             Unlawfulness

It is or becomes unlawful
for an Obligor to perform any of its obligations under the Finance Documents or
such obligations cease to be legal, valid, binding or enforceable obligations.

23.11             Repudiation and Unenforceability

An Obligor repudiates a
Finance Document or any Finance Document is declared to be or is otherwise
unenforceable against an Obligor by a court of the jurisdiction of
incorporation of the relevant Obligor.

23.12             Governmental Intervention

By or under the authority
of any government:

(a)                                      the
management of any Material Group Company is wholly or partially displaced or
the authority of any Material Group Company in the conduct of its business is
wholly or partially taken over; or

(b)                                     all
or a majority of the issued shares of any Material Group Company or material
part of its revenues or assets is seized, nationalised, expropriated or
compulsorily acquired.  For the purposes
of this Clause 23.12 “material part of its
revenues or assets” shall in relation to the relevant Material Group
Company be construed as 

 55
 

 

revenues
comprising not less than 5% (five percent) of the Consolidated EBITDA or gross
assets of the Group calculated mutatis mutandis in accordance with the
provisions of Clause 23.9 (Creditors’
process) or assets which contribute not less than 5% (five percent)
towards the Consolidated EBITDA or gross assets of the Group calculated mutatis mutandis accordance with the
provisions of Clause 23.9 (Creditors’
process), provided that neither the implementation of the Mineral
and Petroleum Resources Development Act, No. 28 of 2002 substantially in its
current form as at the date of this Agreement nor the implementation of the
Minerals and Petroleum Royalty Bill in substantially its current form once
enacted shall constitute a seizure, nationalisation, expropriation or
compulsory acquisition as contemplated by this Clause 23.12.

23.13             Material Adverse Effect

Any change occurs in the
business, condition (financial or otherwise), operations, performance,
properties or prospects of any Obligor or the Group as a whole since the date
of the last set of annual financial statements provided to the Agent in
accordance with this Agreement in relation to such Obligor or the Group, as
appropriate which would be reasonably likely to have a Material Adverse Effect.

23.14             Cessation of Business

Any Material Group
Company ceases to carry on the business which it undertakes at the date of this
Agreement.

23.15             Litigation

Any litigation,
arbitration, administrative proceedings or governmental or regulatory
investigations or proceedings against any Material Group Company or its
respective assets or revenues is reasonably expected to be adversely
determined, and if so determined, could reasonably be expected to have a
Material Adverse Effect.

23.16             Acceleration

On and at any time
after the occurrence of an Event of Default which is continuing the Agent may,
and shall if so directed by the Majority Lenders, by notice to the Parent:

(a)                                      cancel
the Total Commitments whereupon they shall immediately be cancelled;

(b)                                     declare
that all or part of the Loans, together with accrued interest, and all other
amounts accrued or outstanding under the Finance Documents be immediately due
and payable, whereupon they shall become immediately due and payable; and/or

(c)                                      declare
that all or part of the Loans be payable on demand, whereupon they shall
immediately become payable on demand by the Agent on the instructions of the
Majority Lenders.

23.17             Remedy

(a)                                      No
Event of Default under this Clause 23 (Events
of Default) (other than those referred to in Clause 23.1 (Non-payment) and 23.2 (Financial covenants)) will occur 

 56
 

 

if the failure
to comply or circumstance giving rise to the same is capable of remedy and is
remedied by an Obligor within 10 (ten) days of the Agent giving notice to the
Obligors or any Obligor becoming aware of the failure to comply.

(b)                                     For
the purposes of paragraph (a) above, the events or circumstances referred to in
Clause 23.5 (Cross-default),
Clause 23.6 (Insolvency), Clause
23.7 (Insolvency Proceedings),
Clause 23.8 (Failure to comply with final
judgment), Clause 23.9 (Creditors’
process), Clause 23.10 (Unlawfulness),
Clause 23.11 (Repudiation and
Unenforceability), Clause 23.12 (Governmental
Intervention), Clause 23.13 (Material
Adverse Change) and Clause 23.14 (Cessation
of Business) shall be deemed to be incapable of remedy save to the
extent set out therein unless the Agent determines otherwise.

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SECTION 9

CHANGES TO PARTIES

24.                         CHANGES TO THE LENDERS

24.1                   Assignments and transfers by the Lenders

Subject to this
Clause 24, a Lender (the “Existing Lender”)
may:

(a)                                      assign
any of its rights; or

(b)                                     transfer
by novation any of its rights and obligations,

to another bank or
financial institution (the “New Lender”).

24.2                   Conditions of assignment or transfer

(a)                                      The
consent of the Parent is
required for an assignment or transfer by an Existing Lender, unless the
assignment or transfer is:

(i)                        to another
Lender or an Affiliate of a Lender; or

(ii)                     made at a
time when an Event of Default is continuing.

(b)                                     The
consent of the Parent to an
assignment or transfer must not be unreasonably withheld or delayed.  The Parent
will be deemed to have given its consent five Business Days after the Existing
Lender has requested it unless consent is expressly refused by the Parent within that time.

(c)                                      The
consent of the Parent to an
assignment or transfer must not be withheld solely because the assignment or transfer
may result in an increase to the Mandatory Cost.

(d)                                     An
assignment will only be effective on:

(i)                        receipt
by the Agent of written confirmation from the New Lender (in form and substance
satisfactory to the Agent) that the New Lender will assume the same obligations
to the other Finance Parties as it would have been under if it was an Original
Lender; and

(ii)                     performance
by the Agent of all necessary “know your customer” or other similar checks
under all applicable laws and regulations in relation to such assignment to a
New Lender, the completion of which the Agent shall promptly notify to the
Existing Lender and the New Lender.

(e)                                      A
transfer will only be effective if the procedure set out in Clause 24.5 (Procedure for transfer) is complied with.

(f)                                        If:

(i)                        a
Lender assigns or transfers any of its rights or obligations under the Finance
Documents or changes its Facility Office; and

 58
 

 

(ii)                     as
a result of circumstances existing at the date the assignment, transfer or
change occurs, an Obligor would be obliged to make a payment to the New Lender
or Lender acting through its new Facility Office under Clause 13 (Tax gross-up and indemnities) or Clause 14 (Increased costs),

then the New Lender or
Lender acting through its new Facility Office is only entitled to receive
payment under those Clauses to the same extent as the Existing Lender or Lender
acting through its previous Facility Office would have been if the assignment,
transfer or change had not occurred.

24.3                   Assignment or transfer fee

The New Lender shall, on
the date upon which an assignment or transfer takes effect, pay to the Agent
(for its own account) a fee of $1500.

24.4                   Limitation of responsibility of Existing Lenders

(a)                                      Unless
expressly agreed to the contrary, an Existing Lender makes no representation or
warranty and assumes no responsibility to a New Lender for:

(i)                        the
legality, validity, effectiveness, adequacy or enforceability of the Finance
Documents or any other documents;

(ii)                     the
financial condition of any Obligor;

(iii)                  the
performance and observance by any Obligor of its obligations under the Finance
Documents or any other documents; or

(iv)                 the
accuracy of any statements (whether written or oral) made in or in connection
with any Finance Document or any other document,

and any representations
or warranties implied by law are excluded.

(b)                                     Each
New Lender confirms to the Existing Lender and the other Finance Parties that
it:

(i)                        has
made (and shall continue to make) its own independent investigation and
assessment of the financial condition and affairs of each Obligor and its
related entities in connection with its participation in this Agreement and has
not relied exclusively on any information provided to it by the Existing Lender
in connection with any Finance Document; and

(ii)                     will
continue to make its own independent appraisal of the creditworthiness of each
Obligor and its related entities whilst any amount is or may be outstanding
under the Finance Documents or any Commitment is in force.

(c)                                      Nothing
in any Finance Document obliges an Existing Lender to:

(i)                        accept
a re-transfer from a New Lender of any of the rights and obligations assigned
or transferred under this Clause 24; or

 59

 

(ii)                     support any losses directly or indirectly incurred by the New Lender by
reason of the non-performance by any Obligor of its obligations under the
Finance Documents or otherwise.

24.5                     Procedure for transfer

(a)                                      Subject to the conditions set out in Clause 24.2
(Conditions of assignment or transfer)
a transfer is effected in accordance with paragraph (c) below when the
Agent executes an otherwise duly completed Transfer Certificate delivered to it
by the Existing Lender and the New Lender. 
The Agent shall, subject to paragraph (b) below, as soon as
reasonably practicable after receipt by it of a duly completed Transfer
Certificate appearing on its face to comply with the terms of this Agreement
and delivered in accordance with the terms of this Agreement, execute that
Transfer Certificate.

(b)                                     The Agent shall only be obliged to execute a
Transfer Certificate delivered to it by the Existing Lender and the New Lender
once it is satisfied it has complied with all necessary “know your customer” or
other similar checks under all applicable laws and regulations in relation to
the transfer to such New Lender.

(c)                                      On the Transfer Date:

(i)                        to the extent that in the Transfer Certificate the Existing Lender
seeks to transfer by novation its rights and obligations under the Finance
Documents each of the Obligors and the Existing Lender shall be released from
further obligations towards one another under the Finance Documents and their
respective rights against one another under the Finance Documents shall be
cancelled (being the “Discharged
Rights and Obligations”);

(ii)                     each of the Obligors and the New Lender shall assume obligations
towards one another and/or acquire rights against one another which differ from
the Discharged Rights and Obligations only insofar as that Obligor and the New
Lender have assumed and/or acquired the same in place of that Obligor and the
Existing Lender;

(iii)                  the
Agent, the Arranger, the New Lender and other Lenders shall acquire the same
rights and assume the same obligations between themselves as they would have
acquired and assumed had the New Lender been an Original Lender with the rights
and/or obligations acquired or assumed by it as a result of the transfer and to
that extent the Agent, the Arranger and the Existing Lender shall each be
released from further obligations to each other under the Finance Documents;
and

(iv)                 the
New Lender shall become a Party as a “Lender”.

24.6                     Copy of Transfer Certificate
to Parent

The Agent shall, as soon as reasonably practicable
after it has executed a Transfer Certificate, send to the Parent a copy of that
Transfer Certificate.

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24.7                     Disclosure of information

Any Lender may disclose to any of its Affiliates and
any other person:

(a)                                      to (or through) whom that Lender assigns or
transfers (or may potentially assign or transfer) all or any of its rights and
obligations under this Agreement;

(b)                                     with (or through) whom that Lender enters
into (or may potentially enter into) any sub-participation in relation to, or
any other transaction under which payments are to be made by reference to, this
Agreement or any Obligor; or

(c)                                      to whom, and to the extent that, information
is required to be disclosed by any applicable law or regulation,

any information about any Obligor, the Group and the
Finance Documents as that Lender shall consider appropriate if, in relation to
paragraphs (a) and (b) above, the person to whom the information is to be
given has entered into a Confidentiality Undertaking.

25.                           CHANGES TO THE OBLIGORS

25.1                     Assignment and transfers by
Obligors

No Obligor may assign any of its rights or transfer
any of its rights or obligations under the Finance Documents.

25.2                     Additional Borrowers

(a)                                      Subject to compliance with the provisions of
paragraphs (c) and (d) of Clause 20.8 (“Know your customer” checks), the Parent may request that
any of its wholly owned Subsidiaries becomes an Additional Borrower.  That Subsidiary shall become an Additional
Borrower if:

(i)                        all the Lenders approve the addition of that Subsidiary;

(ii)                     the Parent delivers to the Agent a duly completed and executed
Accession Letter;

(iii)                  the
Parent confirms that no Default is continuing or would occur as a result of
that Subsidiary becoming an Additional Borrower; and

(iv)                 the
Agent has received all of the documents and other evidence listed in Part II of
Schedule 2 (Conditions precedent)
in relation to that Additional Borrower, each in form and substance
satisfactory to the Agent.

(b)                                     The Agent shall notify the Parent and the
Lenders promptly upon being satisfied that it has received (in form and
substance satisfactory to it) all the documents and other evidence listed in
Part II of Schedule 2 (Conditions
precedent).

25.3                     Resignation of an Additional
Borrower

(a)                                      The Parent may request that a Borrower (other
than the Original Borrower) ceases to be a Borrower by delivering to the Agent
a Resignation Letter.

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(b)                                     The Agent shall accept a Resignation Letter
and notify the Parent and the Lenders of its acceptance if:

(i)                        no Default is continuing or would result from the acceptance of the
Resignation Letter (and the Parent has confirmed to the Agent that this is the
case); and

(ii)                     the Borrower is under no actual or contingent obligations as a Borrower
under any Finance Documents,

whereupon that company shall cease to be a Borrower
and shall have no further rights or obligations under the Finance Documents.

25.4                     Additional Guarantors

(a)                                      Subject to compliance with the provisions of
paragraphs (c) and (d) of Clause 20.8 (“Know
your customer” checks), the Parent may request that any of its
wholly owned Subsidiaries become an Additional Guarantor.  That Subsidiary shall become an Additional
Guarantor if;

(i)                        the Parent delivers to the Agent a duly completed and executed
Accession Letter; and

(ii)                     the Agent has received all of the documents and other evidence listed
in Part III of Schedule 2 (Conditions
precedent) in relation to that Additional Guarantor, each in form
and substance satisfactory to the Agent.

(b)                                     The Agent shall notify the Parent and the
Lenders promptly upon being satisfied that it has received (in form and
substance satisfactory to it) all the documents and other evidence listed in
Part III of Schedule 2 (Conditions precedent).

25.5                     Repetition of
Representations

Delivery of an Accession Letter constitutes
confirmation by the relevant Subsidiary that the representations in Clause 19 (Representations) are true and correct in
relation to it as at the date of delivery as if made by reference to the facts
and circumstances then existing.

25.6                     Resignation of an Additional
Guarantor

(a)                                      The Parent may request that a Guarantor
(other than an Original Guarantor) ceases to be a Guarantor by delivering to
the Agent a Resignation Letter.

(b)                                     The Agent shall accept a Resignation Letter
and notify the Parent and the Lenders of its acceptance if no Default is
continuing and the Parent has confirmed to the Agent that this is the case.

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SECTION 10

THE FINANCE PARTIES

26.                           ROLE OF THE AGENT AND THE ARRANGER

26.1                     Appointment of the Agent

(a)                                      Each other Finance Party appoints the Agent
to act as its agent under and in connection with the Finance Documents.

(b)                                     Each other Finance Party authorises the Agent
to exercise the rights, powers, authorities and discretions specifically given
to the Agent under or in connection with the Finance Documents together with any
other incidental rights, powers, authorities and discretions.

26.2                     Duties of the Agent

(a)                                      The Agent shall promptly forward to a Party
the original or a copy of any document which is delivered to the Agent for that
Party by any other Party.

(b)                                     Except where a Finance Document specifically
provides otherwise, the Agent is not obliged to review or check the adequacy,
accuracy or completeness of any document it forwards to another Party.

(c)                                      If the Agent receives notice from a Party
referring to this Agreement, describing a Default and stating that the
circumstance described is a Default, it shall promptly notify the other Finance
Parties.

(d)                                     If the Agent is aware of the non-payment of
any principal, interest, commitment fee or other fee payable to a Finance Party
(other than the Agent or the Arranger) under this Agreement it shall promptly
notify the other Finance Parties.

(e)                                      The Agent’s duties under the Finance
Documents are solely mechanical and administrative in nature.

26.3                     Role of the Arranger

Except as specifically provided in the Finance
Documents, the Arranger has no obligations of any kind to any other Party under
or in connection with any Finance Document.

26.4                     No fiduciary duties

(a)                                      Nothing in this Agreement constitutes the
Agent or the Arranger as a trustee or fiduciary of any other person.

(b)                                     Neither the Agent nor the Arranger shall be
bound to account to any Lender for any sum or the profit element of any sum
received by it for its own account.

26.5                     Business with the Group

The Agent and the Arranger may accept deposits from,
lend money to and generally engage in any kind of banking or other business
with any member of the Group.

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26.6                     Rights and discretions of
the Agent

(a)                                      The Agent may rely on:

(i)                        any representation, notice or document believed by it to be genuine,
correct and appropriately authorised; and

(ii)                     any statement made by a director, authorised signatory or employee of
any person regarding any matters which may reasonably be assumed to be within
his knowledge or within his power to verify.

(b)                                     The Agent may assume (unless it has received
notice to the contrary in its capacity as agent for the Lenders) that:

(i)                        no Default has occurred (unless it has actual knowledge of a Default
arising under Clause 23.1 (Non-payment));

(ii)                     any right, power, authority or discretion vested in any Party or the
Majority Lenders has not been exercised; and

(iii)                  any
notice or request made by the Parent (other than a Utilisation Request or
Selection Notice) is made on behalf of and with the consent and knowledge of
all the Obligors.

(c)                                      The Agent may engage, pay for and rely on the
advice or services of any lawyers, accountants, surveyors or other experts.

(d)                                     The Agent may act in relation to the Finance
Documents through its personnel and agents.

(e)                                      The Agent may disclose to any other Party any
information it reasonably believes it has received as agent under this
Agreement.

(f)                                        Notwithstanding any other provision of any
Finance Document to the contrary, neither the Agent nor the Arranger is obliged
to do or omit to do anything if it would or might in its reasonable opinion
constitute a breach of any law or regulation or a breach of a fiduciary duty or
duty of confidentiality.

26.7                     Majority Lenders’
instructions

(a)                                      Unless a contrary indication appears in a
Finance Document, the Agent shall (i) exercise any right, power, authority or
discretion vested in it as Agent in accordance with any instructions given to
it by the Majority Lenders (or, if so instructed by the Majority Lenders,
refrain from exercising any right, power, authority or discretion vested in it
as Agent) and (ii) not be liable for any act (or omission) if it acts (or
refrains from taking any action) in accordance with an instruction of the
Majority Lenders.

(b)                                     Unless a contrary indication appears in a
Finance Document, any instructions given by the Majority Lenders will be
binding on all the Finance Parties.

 64
 

 

(c)                                      The Agent may refrain from acting in
accordance with the instructions of the Majority Lenders (or, if appropriate,
the Lenders) until it has received such security as it may require for any
cost, loss or liability (together with any associated VAT) which it may incur
in complying with the instructions.

(d)                                     In the absence of instructions from the
Majority Lenders, (or, if appropriate, the Lenders) the Agent may act (or
refrain from taking action) as it considers to be in the best interest of the
Lenders.

(e)                                      The Agent is not authorised to act on behalf
of a Lender (without first obtaining that Lender’s consent) in any legal or
arbitration proceedings relating to any Finance Document.

26.8                     Responsibility for
documentation

Neither the Agent nor the Arranger:

(a)                                      is responsible for the adequacy, accuracy
and/or completeness of any information (whether oral or written) supplied by
the Agent, the Arranger, an Obligor or any other person given in or in
connection with any Finance Document or the Information Memorandum; or

(b)                                     is responsible for the legality, validity,
effectiveness, adequacy or enforceability of any Finance Document or any other
agreement, arrangement or document entered into, made or executed in
anticipation of or in connection with any Finance Document.

26.9                     Exclusion of liability

(a)                                      Without limiting paragraph (b) below,
the Agent will not be liable (including without limitation, for negligence or
any other category of liability whatsoever) for any action taken by it under or
in connection with any Finance Document, unless directly caused by its gross
negligence or wilful misconduct.

(b)                                     No Party (other than the Agent) may take any
proceedings against any officer, employee or agent of the Agent in respect of
any claim it might have against the Agent or in respect of any act or omission
of any kind by that officer, employee or agent in relation to any Finance
Document and any officer, employee or agent of the Agent may rely on this
Clause 26.9 subject to Clause 1.4 (Third
Party Rights) and the provisions of the Third Parties Act.

(c)                                      The Agent will not be liable for any delay
(or any related consequences) in crediting an account with an amount required
under the Finance Documents to be paid by the Agent if the Agent has taken all
necessary steps as soon as reasonably practicable to comply with the
regulations or operating procedures of any recognised clearing or settlement
system used by the Agent for that purpose.

(d)                                     Nothing in this Agreement shall oblige the
Agent or the Arranger to carry out any “know your customer” or other checks in
relation to any person on behalf of any Lender and each Lender confirms to the
Agent and the Arranger that it is solely

 65
 

 

responsible for any such checks it is required to carry out and that it
may not rely on any statement in relation to such checks made by the Agent or
the Arranger.

26.10               Lenders’ indemnity to the
Agent

Each Lender shall (in proportion to its share of the
Total Commitments or, if the Total Commitments are then zero, to its share of
the Total Commitments immediately prior to their reduction to zero) indemnify
the Agent, within three Business Days of demand, against any cost, loss or
liability (including, without limitation, for negligence or any other category
of liability whatsoever) incurred by the Agent (otherwise than by reason of the
Agent’s gross negligence or wilful misconduct) in acting as Agent under the
Finance Documents (unless the Agent has been reimbursed by an Obligor pursuant
to a Finance Document).

26.11               Resignation of the Agent

(a)                                      The Agent may resign and appoint one of its
Affiliates acting through an office as successor by giving notice to the other
Finance Parties and the Parent.

(b)                                     Alternatively the Agent may resign by giving
notice to the other Finance Parties and the Parent, in which case the Majority
Lenders (after consultation with the Parent) may appoint a successor Agent.

(c)                                      If the Majority Lenders have not appointed a
successor Agent in accordance with paragraph (b) above within 30 days
after notice of resignation was given, the Agent (after consultation with the
Parent) may appoint a successor Agent.

(d)                                     The retiring Agent shall, at its own cost,
make available to the successor Agent such documents and records and provide
such assistance as the successor Agent may reasonably request for the purposes
of performing its functions as Agent under the Finance Documents.

(e)                                      The Agent’s resignation notice shall only
take effect upon the appointment of a successor.

(f)                                        Upon the appointment of a successor, the
retiring Agent shall be discharged from any further obligation in respect of
the Finance Documents but shall remain entitled to the benefit of this
Clause 26.  Its successor and each
of the other Parties shall have the same rights and obligations amongst
themselves as they would have had if such successor had been an original Party.

(g)                                     After consultation with the Parent, the
Majority Lenders may, by notice to the Agent, require it to resign in
accordance with paragraph (b) above. 
In this event, the Agent shall resign in accordance with
paragraph (b) above.

26.12               Confidentiality

(a)                                      In acting as agent for the Finance Parties,
the Agent shall be regarded as acting through its agency division which shall
be treated as a separate entity from any other of its divisions or departments.

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(b)                                     If information is received by another
division or department of the Agent, it may be treated as confidential to that
division or department and the Agent shall not be deemed to have notice of it.

26.13               Relationship with the
Lenders

(a)                                      The Agent may treat each Lender as a Lender,
entitled to payments under this Agreement and acting through its Facility
Office unless it has received not less than five Business Days prior notice
from that Lender to the contrary in accordance with the terms of this
Agreement.

(b)                                     Each Lender shall supply the Agent with any
information required by the Agent in order to calculate the Mandatory Cost in accordance
with Schedule 4 (Mandatory Cost
Formulae).

26.14               Credit appraisal by the
Lenders

Without affecting the responsibility of any Obligor
for information supplied by it or on its behalf in connection with any Finance
Document, each Lender confirms to the Agent and the Arranger that it has been,
and will continue to be, solely responsible for making its own independent
appraisal and investigation of all risks arising under or in connection with
any Finance Document including but not limited to:

(a)                                      the financial condition, status and nature of
each member of the Group;

(b)                                     the legality, validity, effectiveness,
adequacy or enforceability of any Finance Document and any other agreement,
arrangement or document entered into, made or executed in anticipation of,
under or in connection with any Finance Document;

(c)                                      whether that Lender has recourse, and the
nature and extent of that recourse, against any Party or any of its respective
assets under or in connection with any Finance Document, the transactions contemplated
by the Finance Documents or any other agreement, arrangement or document
entered into, made or executed in anticipation of, under or in connection with
any Finance Document; and

(d)                                     the adequacy, accuracy and/or completeness of
the Information Memorandum and any other information provided by the Agent, any
Party or by any other person under or in connection with any Finance Document,
the transactions contemplated by the Finance Documents or any other agreement,
arrangement or document entered into, made or executed in anticipation of,
under or in connection with any Finance Document.

26.15               Reference Banks

If a Reference Bank (or, if a Reference Bank is not a
Lender, the Lender of which it is an Affiliate) ceases to be a Lender, the
Agent shall (in consultation with the Parent) appoint another Lender or an
Affiliate of a Lender to replace that Reference Bank.

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26.16       Agent’s Management Time

Any amount payable to the Agent under Clause 15.3
(Indemnity to the Agent),
Clause 17 (Costs and expenses)
and Clause 26.10 (Lenders’ indemnity to
the Agent) shall include the cost of utilising the Agent’s
management time or other resources and will be calculated on the basis of such
reasonable daily or hourly rates as the Agent may notify to the Parent and the
Lenders, and is in addition to any fee paid or payable to the Agent under
Clause 12 (Fees).

26.17               Deduction from amounts
payable by the Agent

If any Party owes an amount to the Agent under the
Finance Documents the Agent may, after giving notice to that Party, deduct an
amount not exceeding that amount from any payment to that Party which the Agent
would otherwise be obliged to make under the Finance Documents and apply the
amount deducted in or towards satisfaction of the amount owed.  For the purposes of the Finance Documents
that Party shall be regarded as having received any amount so deducted.

27.                           CONDUCT OF BUSINESS BY THE FINANCE PARTIES

No provision of this Agreement will:

(a)                                      interfere with the right of any Finance Party
to arrange its affairs (tax or otherwise) in whatever manner it thinks fit;

(b)                                     oblige any Finance Party to investigate or
claim any credit, relief, remission or repayment available to it or the extent,
order and manner of any claim; or

(c)                                      oblige any Finance Party to disclose any information
relating to its affairs (tax or otherwise) or any computations in respect of
Tax.

28.                           SHARING AMONG THE FINANCE PARTIES

28.1                     Payments to Finance Parties

If a Finance Party (a “Recovering Finance Party”) receives or recovers any amount
from an Obligor other than in accordance with Clause 29 (Payment Mechanics) and applies that amount
to a payment due under the Finance Documents then:

(a)                                      the Recovering Finance Party shall, within
three Business Days, notify details of the receipt or recovery, to the Agent;

(b)                                     the Agent shall determine whether the receipt
or recovery is in excess of the amount the Recovering Finance Party would have
been paid had the receipt or recovery been received or made by the Agent and
distributed in accordance with Clause 29 (Payment
Mechanics), without taking account of any Tax which would be imposed
on the Agent in relation to the receipt, recovery or distribution; and

(c)                                      the Recovering Finance Party shall, within
three Business Days of demand by the Agent, pay to the Agent an amount (the “Sharing Payment”) equal to such receipt or recovery less any
amount which the Agent determines may be retained by the Recovering Finance
Party as its share of any payment to be made, in accordance with
Clause 29.5 (Partial Payments).

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28.2                     Redistribution
of payments

The Agent shall treat the Sharing Payment as if it had
been paid by the relevant Obligor and distribute it between the Finance Parties
(other than the Recovering Finance Party) in accordance with Clause 29.5 (Partial Payments).

28.3                     Recovering Finance Party’s
rights

(a)                                      On a distribution by the Agent under
Clause 28.2 (Redistribution of payments),
the Recovering Finance Party will be subrogated to the rights of the Finance
Parties which have shared in the redistribution.

(b)                                     If and to the extent that the Recovering
Finance Party is not able to rely on its rights under paragraph (a) above,
the relevant Obligor shall be liable to the Recovering Finance Party for a debt
equal to the Sharing Payment which is immediately due and payable.

28.4                     Reversal of redistribution

If any part of the Sharing Payment received or
recovered by a Recovering Finance Party becomes repayable and is repaid by that
Recovering Finance Party, then:

(a)                                      each Finance Party which has received a share
of the relevant Sharing Payment pursuant to Clause 28.2 (Redistribution of payments) shall, upon
request of the Agent, pay to the Agent for account of that Recovering Finance
Party an amount equal to the appropriate part of its share of the Sharing
Payment (together with an amount as is necessary to reimburse that Recovering
Finance Party for its proportion of any interest on the Sharing Payment which
that Recovering Finance Party is required to pay); and

(b)                                     that Recovering Finance Party’s rights of
subrogation in respect of any reimbursement shall be cancelled and the relevant
Obligor will be liable to the reimbursing Finance Party for the amount so
reimbursed.

28.5                     Exceptions

(a)                                      This Clause 28 shall not apply to the
extent that the Recovering Finance Party would not, after making any payment
pursuant to this Clause 28, have a valid and enforceable claim against the
relevant Obligor.

(b)                                     A Recovering Finance Party is not obliged to
share with any other Finance Party any amount which the Recovering Finance
Party has received or recovered as a result of taking legal or arbitration
proceedings, if:

(i)                        it notified that other Finance Party of the legal or arbitration
proceedings; and

(ii)                     that other Finance Party had an opportunity to participate in those
legal or arbitration proceedings but did not do so as soon as reasonably
practicable having received notice and did not take separate legal or
arbitration proceedings.

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SECTION 11

ADMINISTRATION

29.                           PAYMENT MECHANICS

29.1                     Payments to the Agent

(a)                                      On each date on which an Obligor or a Lender
is required to make a payment under a Finance Document, that Obligor or Lender
shall make the same available to the Agent (unless a contrary indication
appears in a Finance Document) for value on the due date at the time and in
such funds specified by the Agent as being customary at the time for settlement
of transactions in the relevant currency in the place of payment.

(b)                                     Payment shall be made to such account in the
principal financial centre of the country of that currency with such bank as
the Agent specifies.

29.2                     Distributions by the Agent

Each payment received by the Agent under the Finance
Documents for another Party shall, subject to Clause 29.3 (Distributions to an Obligor),
Clause 29.4 (Clawback) and
Clause 26.17 (Deduction from amounts
payable by the Agent) be made available by the Agent as soon as
practicable after receipt to the Party entitled to receive payment in
accordance with this Agreement (in the case of a Lender, for the account of its
Facility Office), to such account as that Party may notify to the Agent by not
less than five Business Days’ notice with a bank in the principal financial
centre of the country of that currency.

29.3                     Distributions to an Obligor

The Agent may (with the consent of the Obligor or in
accordance with Clause 30 (Set-off))
apply any amount received by it for that Obligor in or towards payment (on the
date and in the currency and funds of receipt) of any amount due from that
Obligor under the Finance Documents or in or towards purchase of any amount of
any currency to be so applied.

29.4                     Clawback

(a)                                      Where a sum is to be paid to the Agent under
the Finance Documents for another Party, the Agent is not obliged to pay that
sum to that other Party (or to enter into or perform any related exchange contract)
until it has been able to establish to its satisfaction that it has actually
received that sum.

(b)                                     If the Agent pays an amount to another Party
and it proves to be the case that the Agent had not actually received that
amount, then the Party to whom that amount (or the proceeds of any related
exchange contract) was paid by the Agent shall on demand refund the same to the
Agent together with interest on that amount from the date of payment to the
date of receipt by the Agent, calculated by the Agent to reflect its cost of
funds.

29.5                     Partial payments

(a)                                      If the Agent receives a payment that is
insufficient to discharge all the amounts then due and payable by an Obligor
under the Finance Documents, the Agent shall apply

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that payment towards the obligations of that Obligor under the Finance
Documents in the following order:

(i)                        first, in or towards
payment pro rata of any unpaid fees, costs and expenses of the Agent and the
Arranger under the Finance Documents;

(ii)                     secondly, in or
towards payment pro rata of any accrued interest, fee or commission due but
unpaid under this Agreement;

(iii)                  thirdly, in or towards payment pro rata of any
principal due but unpaid under this Agreement; and

(iv)                 fourthly, in or towards payment pro rata of any other
sum due but unpaid under the Finance Documents.

(b)                                     The Agent shall, if so directed by the
Majority Lenders, vary the order set out in paragraphs (a)(ii) to (iv)
above.

(c)                                      Paragraphs (a) and (b) above will override
any appropriation made by an Obligor.

29.6                     No set-off by Obligors

All payments to be made by an Obligor under the
Finance Documents shall be calculated and be made without (and free and clear
of any deduction for) set-off or counterclaim.

29.7                     Business Days

(a)                                      Any payment which is due to be made on a day
that is not a Business Day shall be made on the next Business Day in the same
calendar month (if there is one) or the preceding Business Day (if there is
not).

(b)                                     During any extension of the due date for
payment of any principal or Unpaid Sum under this Agreement interest is payable
on the principal or Unpaid Sum at the rate payable on the original due date.

29.8                     Currency of account

(a)                                      Subject to paragraphs (b) to (e) below,
the Base Currency is the currency of account and payment for any sum due from
an Obligor under any Finance Document.

(b)                                     A repayment of a Loan or Unpaid Sum or a part
of a Loan or Unpaid Sum shall be made in the currency in which that Loan or
Unpaid Sum is denominated on its due date.

(c)                                      Each payment of interest shall be made in the
currency in which the sum in respect of which the interest is payable was
denominated when that interest accrued.

(d)                                     Each payment in respect of costs, expenses or
Taxes shall be made in the currency in which the costs, expenses or Taxes are
incurred.

(e)                                      Any
amount expressed to be payable in a currency other than the Base Currency shall
be paid in that other currency.

 71

 

29.9                     Change of
currency

(a)                                      Unless
otherwise prohibited by law, if more than one currency or currency unit are at
the same time recognised by the central bank of any country as the lawful
currency of that country, then:

(i)                        any
reference in the Finance Documents to, and any obligations arising under the
Finance Documents in, the currency of that country shall be translated into, or
paid in, the currency or currency unit of that country designated by the Agent
(after consultation with the Parent);
and

(ii)                     any
translation from one currency or currency unit to another shall be at the
official rate of exchange recognised by the central bank for the conversion of
that currency or currency unit into the other, rounded up or down by the Agent
(acting reasonably).

(b)                                     If
a change in any currency of a country occurs, this Agreement will, to the
extent the Agent (acting reasonably and after consultation with the Parent) specifies to be necessary,
be amended to comply with any generally accepted conventions and market practice
in the Relevant Interbank Market and otherwise to reflect the change in
currency.

30.                           SET-OFF

A Finance Party may set
off any matured obligation due from an Obligor under the Finance Documents (to
the extent beneficially owned by that Finance Party) against any matured
obligation owed by that Finance Party to that Obligor, regardless of the place
of payment, booking branch or currency of either obligation.  If the obligations are in different
currencies, the Finance Party may convert either obligation at a market rate of
exchange in its usual course of business for the purpose of the set-off.

31.                           NOTICES

31.1                     Communications
in writing

Any communication to be
made under or in connection with the Finance Documents shall be made in writing
and, unless otherwise stated, may be made by fax or letter.

31.2                     Addresses

The address and
fax number (and the department or officer, if any, for whose attention the
communication is to be made) of each Party for any communication or document to
be made or delivered under or in connection with the Finance Documents is:

(a)                                      in
the case of the Parent, that
identified with its name below;

(b)                                     in
the case of each Lender or any other Obligor, that notified in writing to the
Agent on or prior to the date on which it becomes a Party; and

(c)                                      in
the case of the Agent, that identified with its name below,

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or any substitute address
or fax number or department or officer as the Party may notify to the Agent (or
the Agent may notify to the other Parties, if a change is made by the Agent) by
not less than five Business Days’ notice.

31.3                     Delivery

(a)                                      Any
communication or document made or delivered by one person to another under or
in connection with the Finance Documents will only be effective:

(i)                        if
by way of fax, when received in legible form; or

(ii)                     if
by way of letter, when it has been left at the relevant address or five
Business Days after being deposited in the post postage prepaid in an envelope
addressed to it at that address,

and, if a particular
department or officer is specified as part of its address details provided
under Clause 31.2 (Addresses), if
addressed to that department or officer.

(b)                                     Any
communication or document to be made or delivered to the Agent will be
effective only when actually received by the Agent and then only if it is
expressly marked for the attention of the department or officer identified with
the Agent’s signature below (or any substitute department or officer as the
Agent shall specify for this purpose).

(c)                                      All
notices from or to an Obligor shall be sent through the Agent.

(d)                                     Any
communication or document made or delivered to the Parent in accordance with this Clause will be deemed to
have been made or delivered to each of the Obligors.

31.4                     Notification
of address and fax number

Promptly upon receipt of
notification of an address and fax number or change of address or fax number
pursuant to Clause 31.2 (Addresses) or
changing its own address or fax number, the Agent shall notify the other
Parties.

31.5                     Electronic
communication

(a)                                      Any
communication to be made between the Agent and a Lender under or in connection
with the Finance Documents may be made by electronic mail or other electronic
means, if the Agent and the relevant Lender:

(i)                        agree
that, unless and until notified to the contrary, this is to be an accepted form
of communication;

(ii)                     notify
each other in writing of their electronic mail address and/or any other
information required to enable the sending and receipt of information by that
means; and

(iii)                  notify
each other of any change to their address or any other such information
supplied by them.

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(b)                                     Any
electronic communication made between the Agent and a Lender will be effective
only when actually received in readable form and in the case of any electronic
communication made by a Lender to the Agent only if it is addressed in such a
manner as the Agent shall specify for this purpose.

31.6                     English
language

(a)                                      Any
notice given under or in connection with any Finance Document must be in
English.

(b)                                     All
other documents provided under or in connection with any Finance Document must
be:

(i)                        in
English; or

(ii)                     if
not in English, and if so required by the Agent, accompanied by a certified
English translation and, in this case, the English translation will prevail
unless the document is a constitutional, statutory or other official document.

32.                           CALCULATIONS
AND CERTIFICATES

32.1                     Accounts

In any litigation or
arbitration proceedings arising out of or in connection with a Finance
Document, the entries made in the accounts maintained by a Finance Party are prima facie evidence of the matters to which they relate.

32.2                     Certificates
and Determinations

Any certification or
determination by a Finance Party of a rate or amount under any Finance Document
is, in the absence of manifest error, conclusive evidence of the matters to
which it relates.

32.3                     Day count
convention

Any interest, commission
or fee accruing under a Finance Document will accrue from day to day and is
calculated on the basis of the actual number of days elapsed and a year of 360
days or, in any case where the practice in the Relevant Interbank Market
differs, in accordance with that market practice.

33.                           PARTIAL INVALIDITY

If, at any time, any
provision of the Finance Documents is or becomes illegal, invalid or
unenforceable in any respect under any law of any jurisdiction, neither the
legality, validity or enforceability of the remaining provisions nor the
legality, validity or enforceability of such provision under the law of any
other jurisdiction will in any way be affected or impaired.

34.                           REMEDIES
AND WAIVERS

No failure to exercise,
nor any delay in exercising, on the part of any Finance Party, any right or
remedy under the Finance Documents shall operate as a waiver, nor shall any
single or partial exercise of any right or remedy prevent any further or other
exercise or the exercise of

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any other right or
remedy.  The rights and remedies provided
in this Agreement are cumulative and not exclusive of any rights or remedies
provided by law.

35.                           AMENDMENTS AND WAIVERS

35.1                     Required
consents

(a)                                      Subject
to Clause 35.2 (Exceptions) any
term of the Finance Documents may be amended or waived only with the consent of
the Majority Lenders and the Parent and any such amendment or waiver will be
binding on all Parties.

(b)                                     The
Agent may effect, on behalf of any Finance Party, any amendment or waiver
permitted by this Clause 35.

35.2                     Exceptions

(a)                                      An
amendment or waiver that has the effect of changing or which relates to:

(i)                        the
definition of “Majority Lenders” in Clause 1.1 (Definitions);

(ii)                     an
extension to the date of payment of any amount under the Finance Documents;

(iii)                  a
reduction in the Margin or a reduction in the amount of any payment of
principal, interest, fees or commission payable;

(iv)                 an
increase in or an extension of any Commitment;

(v)                    a
change to the Borrowers or Guarantors (other than in accordance with Clause 25
(Changes to the Obligors));

(vi)                 any
provision which expressly requires the consent of all the Lenders;

(vii)              Clause 2.2
(Finance Parties’ rights and obligations),
Clause 24 (Changes to the Lenders) or this
Clause 35.

shall not be made without
the prior consent of all the Lenders.

(b)                                     An
amendment or waiver which relates to the rights or obligations of the Agent or
the Arranger may not be effected without the consent of the Agent or the
Arranger.

36.                           COUNTERPARTS

Each Finance Document may
be executed in any number of counterparts, and this has the same effect as if
the signatures on the counterparts were on a single copy of the Finance
Document.

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SECTION
12

GOVERNING LAW AND ENFORCEMENT

37.                           GOVERNING LAW

This Agreement is
governed by English law.

38.                           ENFORCEMENT

38.1                     Jurisdiction

(a)                                      The
courts of England have exclusive jurisdiction to settle any dispute arising out
of or in connection with this Agreement (including a dispute regarding the
existence, validity or termination of this Agreement) (a “Dispute”).

(b)                                     The
Parties agree that the courts of England are the most appropriate and
convenient courts to settle Disputes and accordingly no Party will argue to the
contrary.

(c)                                      This
Clause 38.1 is for the benefit of the Finance Parties only.  As a result, no Finance Party shall be
prevented from taking proceedings relating to a Dispute in any other courts
with jurisdiction.  To the extent allowed
by law, the Finance Parties may take concurrent proceedings in any number of
jurisdictions.

38.2                     Service of
process

Without prejudice
to any other mode of service allowed under any relevant law, each Obligor
(other than an Obligor incorporated in England and Wales):

(a)                                      irrevocably
appoints Law Debenture Corporate Services Limited as its agent for service of
process (in the case of an Obligor incorporated in South Africa, domicilium citandi et executandi) in
relation to any proceedings before the English courts in connection with any
Finance Document; and

(b)                                     agrees
that failure by an agent for service of process to notify the relevant Obligor
of the process will not invalidate the proceedings concerned.

This
Agreement has been entered into on the date stated at the beginning of this
Agreement.

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SCHEDULE
1

THE ORIGINAL PARTIES

Part I

The Obligors

	
  Name of Original Borrower

  	
   

  	
  Registration number (or equivalent, if any)

  
	
   

  	
   

  	
   

  
	
  Orogen Holding (BVI) Limited, incorporated in the
  British Virgin Islands

  	
   

  	
  184982

  
	
   

  	
   

  	
   

  

 

	
  Name of Original Guarantors

  	
   

  	
  Registration number (or equivalent, if any)

  
	
   

  	
   

  	
   

  
	
  Gold Fields
  Limited, incorporated in South Africa

  	
   

  	
  1968/004880/06

  
	
   

  	
   

  	
   

  
	
  GFI Mining South
  Africa (Proprietary) Limited, incorporated in South Africa

  	
   

  	
  2002/031431/07

  
	
   

  	
   

  	
   

  
	
  Gold Fields
  Holdings Company (BVI) Limited, incorporated in the British Virgin Islands

  	
   

  	
  651406

  

 

 77

 

Part II

The Original Lenders 

	
  Name of Original Lender

  	
   

  	
  Commitment

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Barclays Bank
  PLC

  	
   

  	
  $

  	
  21,875,000

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  JPMorgan Chase
  Bank, N.A.

  	
   

  	
  $

  	
  21,875,000

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  ABN Amro Bank
  N.V., Johannesburg Branch

  	
   

  	
  $

  	
  18,750,000

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Calyon

  	
   

  	
  $

  	
  18,750,000

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Citibank
  International plc

  	
   

  	
  $

  	
  18,750,000

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Commerzbank
  International S.A.

  	
   

  	
  $

  	
  18,750,000

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Commonwealth
  Bank of Australia

  	
   

  	
  $

  	
  18,750,000

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Fortis Bank
  S.A./N.V.

  	
   

  	
  $

  	
  18,750,000

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Goldman Sachs
  Credit Partners L.P.

  	
   

  	
  $

  	
  18,750,000

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Mizuho Corporate
  Bank

  	
   

  	
  $

  	
  18,750,000

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Standard
  Chartered Bank

  	
   

  	
  $

  	
  18,750,000

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  The Bank of
  Tokyo-Mitsubishi UFJ, Ltd.

  	
   

  	
  $

  	
  18,750,000

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  The Royal Bank
  of Scotland plc

  	
   

  	
  $

  	
  18,750,000

  	
   

  
	
   

  	
   

  	
  $

  	
  250,000,000

  	
   

  

 

 78
 

 

 

SCHEDULE 2

CONDITIONS PRECEDENT

Part I

Conditions precedent to initial Utilisation

1.                                 Obligors

(a)                                      A
copy of the constitutional documents of each Obligor.

(b)                                     A
copy of a good standing certificate with respect to the Original Borrower and
Gold Fields Holdings Company (BVI) Limited, issued as of a recent date by the
appropriate official in the British Virgin Islands.

(c)                                      A
copy of a resolution of the board of directors of each Obligor:

(i)                        approving
the terms of, and the transactions contemplated by, the Finance Documents to
which it is a party and resolving that it execute the Finance Documents to
which it is a party;

(ii)                     authorising a
specified person or persons to execute the Finance Documents to which it is a
party on its behalf; and

(iii)                  authorising a
specified person or persons, on its behalf, to sign and/or despatch all
documents and notices (including, if relevant, any Utilisation Request and
Selection Notice) to be signed and/or despatched by it under or in connection
with the Finance Documents to which it is a party.

(d)                                     A
specimen of the signature of each person authorised by the resolution referred
to in paragraph (c) above.

(e)                                      A
certificate of incumbency from the registered agent for the Original Borrower
and Gold Fields Holdings Company (BVI) Limited.

(f)                                        A
copy of the resolution of the shareholders of the Original Borrower and Gold
Fields Holdings Company (BVI) Limited approving the relevant resolutions of the
board of directors and the transactions contemplated thereby.

(g)                                     A
certificate of the Obligors (signed by a director) confirming that borrowing or
guaranteeing, as appropriate, the Total Commitments would not cause any
borrowing, guaranteeing or similar limit binding on any Obligor to be exceeded.

(h)                                     A
certificate of an authorised signatory of the relevant Obligor certifying that
each copy document relating to it specified in this Part 1 of Schedule 2
is correct, complete and in full force and effect as at a date no earlier than
the date of this Agreement.

2.                                 Legal opinions

(a)                                      A
legal opinion of Clifford Chance LLP legal advisers to the Arranger and the
Agent in England, substantially in the form distributed to the Original Lenders
prior to signing this Agreement.

 79
 

 

(b)                                     A
legal opinion of Conyers Dill & Pearman, legal advisers to the Arranger and
Agent in the British Virgin Islands, substantially in the form distributed to
the Original Lenders prior to signing this Agreement.

(c)                                      A
legal opinion of Edward Nathan (Proprietary) Limited, legal advisers to the
Arranger and Agent in South Africa, substantially in the form distributed to
the Original Lenders prior to signing this Agreement.

3.                                 Other documents and evidence

(a)                                      A
certificate from the Parent confirming that the conditions to the completion of
the Acquisition as set out in the arrangement agreement dated 1 December 2005
have been satisfied or waived (other than the payment of the purchase price).

(b)                                     Evidence
that any agent for service of process referred to in Clause 38.2 (Service of process) has accepted its appointment.

(c)                                      The
Original Financial Statements together with the latest audited financial
statements of each other Obligor (other than the Original Borrower).

(d)                                     Evidence
that the fees, costs and expenses then due from the Parent pursuant to Clause 12 (Fees)
and Clause 17 (Costs and expenses)
have been paid or will be paid by the first Utilisation Date.

(e)                                      A
copy of any authorisation or consent (to include any relevant corporate,
regulatory and shareholder consent) which the Agent considers to be necessary
or desirable in connection with the entry into and performance of the transactions
contemplated by this Agreement or for the validity and enforceability of any
Finance Document.

(f)                                        A
copy of the approval of the Exchange Control Department of the South African
Reserve Bank confirming that Gold Fields Limited and GFI Mining South Africa
(Proprietary) Limited may enter into and provide the guarantee as contemplated
by this Agreement.

 80
 

 

Part II

Conditions Precedent required to be

delivered by an Additional Borrower

1.                                 An
Accession Letter, duly executed by the Additional Borrower and the Parent.

2.                                 A
copy of a good standing certificate with respect to any Additional Borrower
incorporated in the British Virgin Islands, issued as of a recent date by the
appropriate official in the British Virgin Islands.

3.                                 A
copy of the constitutional documents of the Additional Borrower.

4.                                 A
copy of a resolution of the board of directors of the Additional Borrower:

(a)                                      approving
the terms of, and the transactions contemplated by, the Accession Letter and
the Finance Documents and resolving that it execute the Accession Letter;

(b)                                     authorising
a specified person or persons to execute the Accession Letter on its behalf;
and

(c)                                      authorising
a specified person or persons, on its behalf, to sign and/or despatch all other
documents and notices (including, in relation to an Additional Borrower, any
Utilisation Request or Selection Notice) to be signed and/or despatched by it
under or in connection with the Finance Documents.

5.                                 A
specimen of the signature of each person authorised by the resolution referred
to in paragraph 4 above.

6.                                 A
certificate of incumbency from the registered agent of each Additional Borrower
incorporated in the British Virgin Islands.

7.                                 A
certificate of the Additional Borrower (signed by a director) confirming that
borrowing or guaranteeing, as appropriate, the Total Commitments would not
cause any borrowing, guaranteeing or similar limit binding on it to be
exceeded.

8.                                 A
certificate of an authorised signatory of the Additional Borrower certifying
that each copy document listed in this Part II of Schedule 2 is correct,
complete and in full force and effect as at a date no earlier than the date of
the Accession Letter.

9.                                 A
copy of any other authorisation or other document, opinion or assurance which
the Agent considers to be necessary or desirable in connection with the entry
into and performance of the transactions contemplated by the Accession Letter
or for the validity and enforceability of any Finance Document.

10.                           If
available, the latest audited financial statements of the Additional Borrower.

11.                           A legal
opinion from legal advisers to the Agent in England.

12.                           If the
Additional Borrower is incorporated in a jurisdiction other than England and
Wales, a legal opinion of the legal advisers to the Arranger and the Agent in
the jurisdiction in which the Additional Borrower is incorporated.

 81
 

 

13.                           If the
proposed Additional Borrower is incorporated in a jurisdiction other than
England and Wales, evidence that the agent for service of process specified in
Clause 38.2 (Service of process) has accepted
its appointment in relation to the proposed Additional Borrower.

 82
 

 

Part III

Conditions Precedent required to be

delivered by an Additional Guarantor

1.                                 An
Accession Letter, duly executed by the Additional Guarantor and the Company.

2.                                 A
copy of the constitutional documents of the Additional Guarantor.

3.                                 A
copy of a good standing certificate with respect to any Additional Guarantor
incorporated in the British Virgin Islands, issued as of a recent date by the
appropriate official in the British Virgin Islands.

4.                                 A
copy of a resolution of the board of directors of the Additional Guarantor:

(a)                                      approving
the terms of, and the transactions contemplated by, the Accession Letter and
the Finance Documents and resolving that it execute the Accession Letter;

(b)                                     authorising
a specified person or persons to execute the Accession Letter on its behalf;
and

(c)                                      authorising
a specified person or persons, on its behalf, to sign and/or dispatch all other
documents and notices to be signed and/or despatched by it under or in
connection with the Finance Documents.

5.                                 A
specimen of the signature of each person authorised by the resolution referred
to in paragraph 4 above.

6.                                 A
certificate of incumbency from the registered agent of each Additional
guarantor incorporated in the British Virgin Islands.

7.                                 A
copy of a resolution signed by all the holders of the issued shares of the
Additional Guarantor, approving the terms of, and the transactions contemplated
by, the Finance Documents to which the Additional Guarantor is a party.

8.                                 A
certificate of the Additional Guarantor (signed by a director) confirming that
guaranteeing the Total Commitments would not cause any borrowing, guaranteeing
or similar limit binding on it to be exceeded.

9.                                 A
certificate of an authorised signatory of the Additional Guarantor certifying
that each copy document listed in this Part III of Schedule 2 is correct,
complete and in full force and effect as at a date no earlier than the date of
the Accession Letter.

10.                           A copy
of any other Authorisation or other document, opinion or assurance which the
Agent considers to be necessary or desirable in connection with the entry into
and performance of the transactions contemplated by the Accession Letter or for
the validity and enforceability of any Finance Document.

11.                           If
available, the latest audited financial statements of the Additional Guarantor.

12.                           A legal
opinion from legal advisers to the Agent in England.

 83
 

 

13.                           If the
Additional Guarantor is incorporated in a jurisdiction other than England and
Wales, a legal opinion of the legal advisers to the Agent in the jurisdiction
in which the Additional Guarantor is incorporated.

14.                           If the
Additional Guarantor is incorporated in a jurisdiction other than England and
Wales, evidence that the agent for service of process specified in Clause 38.2
(Service of process) has accepted
its appointment in relation to the proposed Additional Guarantor.

15.                           A copy
of the approval of the Exchange Control Department of the South African Reserve
Bank confirming that any Additional Guarantor incorporated in South Africa may
enter into and provide the guarantees as contemplated by this Agreement.

 84
 

 

SCHEDULE 3

REQUESTS

Part I

Utilisation Request

From:      [Borrower]

To:          J.P. Morgan Europe Limited

Dated:

Dear Sirs

Gold
Fields Limited – Dual Currency Term Facility Agreement

dated [•] February 2006 (the “Agreement”)

1.                                 We
refer to the Agreement.  This is a
Utilisation Request.  Terms defined in
the Agreement have the same meaning in this Utilisation Request unless given a
different meaning in this Utilisation Request.

2.                                 We
wish to borrow a Loan on the following terms:

	
  

  	
  Proposed
  Utilisation Date:

  	
  [      ] (or, if that
  is not a Business Day, the next Business Day)

  
	
   

  	
  Currency of
  Loan:

  	
  [            ]

  
	
   

  	
  Amount:

  	
  [            ]

  
	
   

  	
  Interest Period:

  	
  [            ]

  

 

3.                                 We
confirm that each condition specified in Clause 4.2 (Further
conditions precedent) is satisfied on the date of this Utilisation
Request.

4.                                 The
proceeds of this Loan should be credited to [account].

5.                                 This
Utilisation Request is irrevocable.

	
  Yours faithfully

  
	
   

  
	
   

  
	
   

  	
   

  	
   

  
	
  authorised signatory for

  
	
  [name of relevant
  Borrower]

  

 

 85

 

Part II

Selection Notice

From:      [Borrower]

To:          J.P. Morgan Europe Limited

Dated:

Dear Sirs

Gold
Fields Limited - Dual Currency Facility Agreement 

dated [•] February 2006 (the “Agreement”)

1.                                 We
refer to the Agreement.  This is a
Selection Notice.  Terms defined in the
Agreement have the same meaning in this Selection Notice unless given a
different meaning in this Selection Notice.

2.                                 We
refer to the following Loan[s] in [identify currency]
with an Interest Period ending on
[         ]*.

3.                                 [We
request that the above Loan[s] be divided into
[             ]
Loans  with the following Base Currency
Amounts and Interest Periods:] **

or

[We request that the next
Interest Period for the above Loan[s] is [     
]].***

4.                                 We
request that the above Loan[s] [is]/[are] [denominated in the same currency for
the next Interest Period]/[denominated in [•] currency.  As this results in a change of currency we
confirm that each condition specified in Clause 4.2 (Further
conditions precedent) is satisfied on the date of this Selection
Notice.  The proceeds of any change in
currency should be credited to [account].].

5.                                 This
Selection Notice is irrevocable.

	
  Yours faithfully

  
	
   

  
	
   

  	
   

  	
   

  
	
  authorised signatory for

  
	
  Gold Fields Limited on behalf of

  
	
  [name of relevant Borrower]

  

 

 

 

	
  *

  	
  Insert details of all Loans in the same currency
  which have an Interest Period ending on the same date.

  
	
  **

  	
  Use this option if division of Loans is requested.

  
	
  ***

  	
  Use this option if sub-division is not required.

  

 86
 

 

SCHEDULE
4

Mandatory Cost Formulae

1.                                 The
Mandatory Cost is an addition to the interest rate to compensate Lenders for
the cost of compliance with (a) the requirements of the Bank of England and/or
the Financial Services Authority (or, in either case, any other authority which
replaces all or any of its functions) or (b) the requirements of the European
Central Bank.

2.                                 On
the first day of each Interest Period (or as soon as possible thereafter) the
Agent shall calculate, as a percentage rate, a rate (the “Additional
Cost Rate”) for each Lender, in accordance with the paragraphs set
out below.  The Mandatory Cost will be
calculated by the Agent as a weighted average of the Lenders’ Additional Cost
Rates (weighted in proportion to the percentage participation of each Lender in
the relevant Loan) and will be expressed as a percentage rate per annum.

3.                                 The
Additional Cost Rate for any Lender lending from a Facility Office in a
Participating Member State will be the percentage notified by that Lender to the
Agent.  This percentage will be certified
by that Lender in its notice to the Agent to be its reasonable determination of
the cost (expressed as a percentage of that Lender’s participation in all Loans
made from that Facility Office) of complying with the minimum reserve
requirements of the European Central Bank in respect of loans made from that
Facility Office.

4.                                 The
Additional Cost Rate for any Lender lending from a Facility Office in the
United Kingdom will be calculated by the Agent as follows:

	
  

  	
  E ́0.01

  	
  per cent. per annum.

  
	
   

  	
  300

  	
   

  

 

Where:

E                         is
designed to compensate Lenders for amounts payable under the Fees Rules and is
calculated by the Agent as being the average of the most recent rates of charge
supplied by the Reference Banks to the Agent pursuant to paragraph 7 below and
expressed in pounds per £1,000,000.

5.                                 For
the purposes of this Schedule:

(a)                                      “Fees Rules” means the rules on periodic fees contained in
the FSA Supervision Manual or such other law or regulation as may be in force
from time to time in respect of the payment of fees for the acceptance of
deposits;

(b)                                     “Fee Tariffs” means the fee tariffs specified in the Fees
Rules under the activity group A.1 Deposit acceptors (ignoring any minimum fee
or zero rated fee required pursuant to the Fees Rules but taking into account
any applicable discount rate); and

(c)                                      “Tariff Base” has the meaning given to it in, and will be
calculated in accordance with, the Fees Rules.

6.                                 If
requested by the Agent, each Reference Bank shall, as soon as practicable after
publication by the Financial Services Authority, supply to the Agent, the rate
of charge payable by that

 87
 

 

Reference Bank to the Financial Services Authority
pursuant to the Fees Rules in respect of the relevant financial year of the
Financial Services Authority (calculated for this purpose by that Reference
Bank as being the average of the Fee Tariffs applicable to that Reference Bank
for that financial year) and expressed in pounds per £1,000,000 of the Tariff
Base of that Reference Bank.

7.                                 Each
Lender shall supply any information required by the Agent for the purpose of
calculating its Additional Cost Rate.  In
particular, but without limitation, each Lender shall supply the following
information on or prior to the date on which it becomes a Lender:

(a)                                      the
jurisdiction of its Facility Office; and

(b)                                     any
other information that the Agent may reasonably require for such purpose.

Each Lender shall promptly
notify the Agent of any change to the information provided by it pursuant to
this paragraph. 

8.                                 The
percentages of each Lender for the purpose of E above shall be determined by
the Agent based upon the information supplied to it pursuant to paragraphs 6
and 7 above and on the assumption that, unless a Lender notifies the Agent to
the contrary, each Lender’s obligations in relation to cash ratio deposits are
the same as those of a typical bank from its jurisdiction of incorporation with
a Facility Office in the same jurisdiction as its Facility Office.

9.                                 The
Agent shall have no liability to any person if such determination results in an
Additional Cost Rate which over or under compensates any Lender and shall be
entitled to assume that the information provided by any Lender or Reference
Bank pursuant to paragraphs 3, 6 and 7 above is true and correct in all
respects.  

10.                           The Agent shall distribute the
additional amounts received as a result of the Mandatory Cost to the Lenders on
the basis of the Additional Cost Rate for each Lender based on the information
provided by each Lender and each Reference Bank pursuant to paragraphs 3, 6 and
7 above.

11.                           Any determination by the Agent
pursuant to this Schedule in relation to a formula, the Mandatory Cost, an
Additional Cost Rate or any amount payable to a Lender shall, in the absence of
manifest error, be conclusive and binding on all Parties.

12.                           The Agent may from time to
time, after consultation with the Parent and the Lenders, determine and notify
to all Parties any amendments which are required to be made to this Schedule in
order to comply with any change in law, regulation or any requirements from
time to time imposed by the Financial Services Authority or the European
Central Bank (or, in any case, any other authority which replaces all or any of
its functions) and any such determination shall, in the absence of manifest
error, be conclusive and binding on all Parties.

 88
 

 

SCHEDULE 5

Form of Transfer Certificate

To:          J.P. Morgan Europe Limited as Agent

 

From:      [The Existing
Lender] (the “Existing Lender”)
and [The New Lender] (the “New Lender”)

 

Dated:

Gold
Fields Limited – Dual Currency Facility Agreement

dated [•]
February 2006 (the “Agreement”)

 

1.                                 We
refer to the Agreement.  This is a
Transfer Certificate.  Terms defined in
the Agreement have the same meaning in this Transfer Certificate unless given a
different meaning in this Transfer Certificate.

2.                                 We
refer to Clause 24.5 (Procedure for transfer):

(a)                                      The
Existing Lender and the New Lender agree to the Existing Lender transferring to
the New Lender by novation all or part of the Existing Lender’s Commitment,
rights and obligations referred to in the Schedule in accordance with
Clause 24.5 (Procedure for transfer).

(b)                                     The
proposed Transfer Date is [      ].

(c)                                      The
Facility Office and address, fax number and attention details for notices of
the New Lender for the purposes of Clause 31.2 (Addresses)
are set out in the Schedule.

3.                                 The
New Lender expressly acknowledges the limitations on the Existing Lender’s
obligations set out in paragraph (c) of Clause 24.4 (Limitation of responsibility of Existing Lenders).

4.                                 This
Transfer Certificate may be executed in any number of counterparts and this has
the same effect as if the signatures on the counterparts were on a single copy
of this Transfer Certificate.

5.                                 This
Transfer Certificate is governed by English law.

THE SCHEDULE

Commitment/rights and obligations to be transferred

[insert relevant details]

[Facility Office address, fax number and attention
details for notices and account details for

payments,]

	
  

  	
  [Existing
  Lender]

  	
  [New Lender]

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  By:

  

 

 89
 

 

This Transfer Certificate
is accepted by the Agent and the Transfer Date is confirmed as
[           ].

J.P.
Morgan Europe Limited

By:

 90
 

 

 

SCHEDULE 6

Form of Accession Letter

 

To:          J.P.
Morgan Europe Limited as Agent

 

From:      [Subsidiary] and Gold Fields Limited

 

Dated:

 

Dear Sirs

Gold
Fields Limited – Dual Currency Facility Agreement

dated [•]
February 2006 (the “Agreement”)

 

1.                                 We
refer to the Agreement.  This is an
Accession Letter.  Terms defined in the
Agreement have the same meaning in this Accession Letter unless given a
different meaning in this Accession Letter.

2.                                 [Subsidiary] agrees to become an Additional
[Borrower]/[Guarantor] and to be bound by the terms of the Agreement as an
Additional [Borrower]/[Guarantor] pursuant to Clause [25.2 (Additional Borrowers)]/[25.4 (Additional Guarantors)] of the Agreement.  [Subsidiary] is
a Parent duly incorporated under
the laws of [name of relevant jurisdiction].

3.                                 [Subsidiary’s] administrative details are as follows:

	
  Address:

  	
   

  
	
   

  	
   

  
	
  Fax No:

  	
   

  
	
   

  	
   

  
	
  Attention:

  	
   

  

 

4.                                 This
Accession Letter is governed by English law.

	
  Gold
  Fields Limited

  	
   

  	
  [Subsidiary]

  
	
   

  	
   

  	
   

  

 

 91
 

 

 

SCHEDULE 7

Form of Resignation Letter

 

To:          J.P. Morgan Europe Limited as Agent

 

From:      [resigning Obligor] and Gold Fields Limited

 

Dated:

 

Dear Sirs

Gold
Fields Limited – Dual Currency Facility Agreement

dated [•]
February 2006 (the “Agreement”)

 

1.                                 We
refer to the Agreement.  This is a
Resignation Letter.  Terms defined in the
Agreement have the same meaning in this Resignation Letter unless given a
different meaning in this Accession Letter.

2.                                 Pursuant
to [Clause 25.3 (Resignation of an
Additional Borrower)]/[Clause 25.6 (Resignation
of an Additional Guarantor)], we request that [resigning Obligor] be released from its
obligations as a [Borrower]/[Guarantor] under the Agreement.

3.                                 We
confirm that no default is continuing or would result from the acceptance of
this request.

4.                                 This
Resignation Letter is governed by English law.

	
  Gold
  Fields Limited

  	
  [Subsidiary]

  
	
   

  	
   

  
	
  By:

  	
  By:

  

 

 92
 

 

 

SCHEDULE 8

Form of Compliance Certificate

 

To:          J.P. Morgan Europe
Limited 

 

From:      Gold Fields Limited

 

Dated:

 

Dear Sirs

 

Gold Fields Limited – Dual
Currency Facility Agreement

dated [•] February 2006 (the “Agreement”)

 

1.                                 We
refer to the Agreement.  This is a
Compliance Certificate.  Terms defined in
the Agreement have the same meaning when used in this Compliance Certificate
unless given a different meaning in this Compliance Certificate.

2.                                 We
confirm that as at [  ]:

(a)                                      Consolidated EBITDA to Consolidated Net Finance Charges

the ratio of Consolidated
EBITDA to Consolidated Net Finance Charges in respect of the Measurement Period
ending on [ ] was: [      ] : 1; and

(b)                                     Consolidated Net Borrowings to Consolidated EBITDA

the ratio of Consolidated
Net Borrowings to Consolidated EBITDA in respect of the Measurement Period
ending on [ ] was: [      ] : 1,

and attach calculations
showing how these figures were calculated.

3.                                 We
confirm that no Default is continuing. 

	
  Signed:

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Director

  	
  Director

  
	
   

  	
  of

  	
  Of

  
	
   

  	
  Gold Fields
  Limited

  	
  Gold Fields Limited

  

 

[insert applicable certification language]

 

 

	
  

  	
   

  
	
  [or and on
  behalf of

  
	
  [name
  of auditors of the Parent]

  

 

 93

 

SCHEDULE 9

TIMETABLE

“U” = date of utilisation

“U - X” = X Business Days prior to date of Utilisation

 

	
  Delivery of a duly completed Utilisation
  Request (Clause 5.1 (Delivery of a
  Utilisation Request) or a Selection Notice (Clause 10.1 (Selection of Interest Periods))

  	
   

  	
   

  	
   

  	
  U-3

  

  10.00 a.m.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Agent determines (in relation to a Utilisation) the
  Base Currency Amount of the Loan, if required under Clause 5.4 (Lenders’ participation)

  	
   

  	
   

  	
   

  	
  U-3

  

  noon

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Agent notifies the Lenders of the Loan in accordance
  with Clause 5.4 (Lenders’ participation)

  	
   

  	
   

  	
   

  	
  U-3

  

  3.00 p.m.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Agent determines amount of the Loan in Optional
  Currency in accordance with Clause 6.3 (Change of
  currency)

  	
   

  	
   

  	
   

  	
  U-3

  

  3.00 p.m.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Agent determines amount of the Loan in Optional
  Currency in accordance with Clause 6.4 (Same
  Optional Currency during successive Interest Periods)

  	
   

  	
   

  	
   

  	
  U-3

  

  3.00 p.m.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Agent determines amount of the Loan in Optional
  Currency converted into Base Currency in accordance with paragraph (b)
  of Clause 6.4 (Same Optional Currency
  during successive Interest Periods)

  	
   

  	
   

  	
   

  	
  U-3

  

  3.00 p.m.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Agent receives a notification from a Lender under
  Clause 6.2 (Unavailability of a
  currency)

  	
   

  	
   

  	
   

  	
  U-2

  

  9.30 a.m.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Agent gives notice in accordance with
  Clause 6.2 (Unavailability of a
  currency)

  	
   

  	
   

  	
   

  	
  U-2

  

  10.30 a.m.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  LIBOR is fixed

  	
   

  	
   

  	
   

  	
  U-2

  

  11:00 a.m.

  

 

 94
 

 

 

SCHEDULE 10

DISCLOSURE SCHEDULE

M
ROUSSOUW/ GOLD FIELDS LIMITED CASE NO 2005/27142 (WITWATERSRAND LOCAL DIVISION)

As referred to in the
letter dated 6 December 2005 from Brink Cohen Le Roux, attorneys to GFL Mining
Services Limited, in relation to an action instituted against Gold Fields
Limited by Mr. Marius Rossouw arising from alleged breach of contract,
alternatively the alleged misappropriation, and/or unlawful exploitation of
certain mineral rights, which claim the aforementioned plaintiff alleges to
have taken cession of from the ostensible holders of such “old order” mineral
rights.

 95
 

 

 

SIGNATURES

The Parent

	
  GOLD FIELDS LIMITED

  
	
   

  	
   

  	
   

  
	
  By:

  	
  NICK HOLLAND

  	
   

  
	
   

  	
   

  	
   

  
	
  Address:

  	
  24 St. Andrews Road

  	
   

  
	
   

  	
  Parktown

  	
   

  
	
   

  	
  Johannesburg

  	
   

  
	
   

  	
  South Africa
  2193

  	
   

  
	
   

  	
   

  	
   

  
	
  Fax:

  	
  +27 11 484-4882

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  The Original Borrower

  
	
   

  	
   

  	
   

  
	
  OROGEN HOLDING (BVI) LIMITED

  
	
   

  	
   

  	
   

  
	
  By:

  	
  COLIN BIRD

  	
   

  
	
   

  	
  Director

  	
   

  
	
   

  	
   

  	
   

  
	
  Address:

  	
  Fallon Cliff

  	
   

  
	
   

  	
  Palace Road

  	
   

  
	
   

  	
  Douglas

  	
   

  
	
   

  	
  Isle of Man

  	
   

  
	
   

  	
   

  	
   

  
	
  Fax:

  	
  +44 1624 630001

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  The Guarantors

  
	
   

  	
   

  	
   

  
	
  GOLD FIELDS LIMITED

  
	
   

  	
   

  	
   

  
	
  By:

  	
  NICK HOLLAND

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  GFI MINING SOUTH AFRICA (PROPRIETARY) LIMITED

  
	
   

  	
   

  	
   

  
	
  By:

  	
  NICK HOLLAND

  	
   

  

 

 96
 

 

 

	
  GOLD FIELDS HOLDINGS COMPANY (BVI) LIMITED

  
	
   

  	
   

  	
   

  
	
  By:

  	
  COLIN BIRD

  	
   

  
	
   

  	
  Director

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  The Arrangers

  
	
   

  	
   

  	
   

  
	
  BARCLAYS CAPITAL

  
	
   

  	
   

  	
   

  
	
  By:

  	
  RICHARD SATCHWELL

  	
   

  
	
   

  	
   

  	
   

  
	
  Address:

  	
  5 The North Colonnade

  	
   

  
	
   

  	
  Canary Wharf

  	
   

  
	
   

  	
  London E14 4BB

  	
   

  
	
   

  	
   

  	
   

  
	
  Fax:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  J.P. MORGAN PLC

  
	
   

  	
   

  	
   

  
	
  By:

  	
  BERNARD MEW

  	
   

  
	
   

  	
   

  	
   

  
	
  Address:

  	
  125 London Wall

  	
   

  
	
   

  	
  London EC2Y 5AJ

  	
   

  
	
   

  	
   

  	
   

  
	
  Fax:

  	
  020 7777 4613

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  The Agent

  
	
   

  	
   

  	
   

  
	
  J.P. MORGAN EUROPE LIMITED

  
	
   

  	
   

  	
   

  
	
  By:

  	
  BERNARD MEW

  	
   

  
	
   

  	
   

  	
   

  
	
  Address:

  	
  125 London Wall

  	
   

  
	
   

  	
  London EC2Y 5AJ

  	
   

  
	
   

  	
   

  	
   

  
	
  Attention:

  	
  Ching Loh

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  The Original Lenders

  
	
   

  	
   

  	
   

  
	
  BARCLAYS BANK PLC

  
	
   

  	
   

  	
   

  
	
  By:

  	
  RICHARD SATCHWELL

  	
   

  

 

 97
 

 

 

	
  JPMORGAN CHASE BANK, N.A.

  
	
   

  	
   

  	
   

  
	
  By:

  	
  BERNARD MEW

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  ABN AMRO BANK N.V., JOHANNESBURG BRANCH

  
	
   

  	
   

  	
   

  
	
  By:

  	
  MILCO JUAN HERTZ

  	
  JANNIE VAN DER WALT

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  CALYON

  
	
   

  	
   

  	
   

  
	
  By:

  	
  MICHEL PONS

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  CITIBANK INTERNATIONAL PLC

  
	
   

  	
   

  	
   

  
	
  By:

  	
  RUE DE BASTOS

  	
   

  
	
   

  	
  Vice President

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  COMMERZBANK INTERNATIONAL S.A.

  
	
   

  	
   

  	
   

  
	
  By:

  	
  ST. WURM

  	
  E. LINTNEV

  
	
   

  	
  SVP

  	
  AVP

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  COMMONWEALTH BANK OF AUSTRALIA

  
	
   

  	
   

  	
   

  
	
  By:

  	
  SCOTT SPEEDIE

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  FORTIS BANK S.A./N.V.

  
	
   

  	
   

  	
   

  
	
  By:

  	
  GEOFF MURISON

  	
  MARTIN DORE

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  GOLDMAN SACHS CREDIT PARTNERS L.P.

  
	
   

  	
   

  	
   

  
	
  By:

  	
  WILLIAM W. ARCHER

  	
   

  
	
   

  	
  Managing
  Director

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  MIZUHO CORPORATE BANK, LTD

  
	
   

  	
   

  	
   

  
	
  By:

  	
  CHRISTOPHER GRAY

  	
   

  

 

 98
 

 

 

	
  STANDARD CHARTERED BANK

  
	
   

  	
   

  	
   

  
	
  By:

  	
  PAUL BURKETT

  	
  CAROL WOOD

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.

  
	
   

  	
   

  	
   

  
	
  By:

  	
  KIYOSHI WAKI

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  THE ROYAL BANK OF SCOTLAND PLC

  
	
   

  	
   

  	
   

  
	
  By:

  	
  DALE WILLIAMS

  	
   

  

 

 99Exhibit
4.30

EXECUTION
VERSION

SHARE PURCHASE AGREEMENT

Between

PDG AUREATE LIMITED

as Vendor

- and -

BARRICK GOLD
CORPORATION

as Guarantor

- and -

GOLD FIELDS LIMITED

as Purchaser

 

September 11, 2006

TABLE OF CONTENTS

	
  

  	
   

  	
  ARTICLE 1

  INTERPRETATION

  	
   

  	
   

  
	
  1.1

  	
   

  	
  Defined Terms

  	
   

  	
  1

  
	
  1.2

  	
   

  	
  Interpretation

  	
   

  	
  6

  
	
  1.3

  	
   

  	
  Entire Agreement

  	
   

  	
  7

  
	
  1.4

  	
   

  	
  Amendment and Waivers

  	
   

  	
  8

  
	
  1.5

  	
   

  	
  Applicable Law

  	
   

  	
  8

  
	
  1.6

  	
   

  	
  Severability

  	
   

  	
  8

  
	
  1.7

  	
   

  	
  Calculation of Days

  	
   

  	
  8

  
	
  1.8

  	
   

  	
  Business Days

  	
   

  	
  8

  
	
  1.9

  	
   

  	
  Time of Essence

  	
   

  	
  9

  
	
  1.10

  	
   

  	
  Schedules

  	
   

  	
  9

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  ARTICLE 2

  	
   

  	
   

  
	
   

  	
   

  	
  PURCHASE
  OF SHARES

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  2.1

  	
   

  	
  Purchase and Sale of Shares

  	
   

  	
  9

  
	
  2.2

  	
   

  	
  Purchase Price

  	
   

  	
  9

  
	
  2.3

  	
   

  	
  Hold Period

  	
   

  	
  10

  
	
  2.4

  	
   

  	
  Purchase Price Adjustment

  	
   

  	
  11

  
	
  2.5

  	
   

  	
  Security for Obligations

  	
   

  	
  11

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  ARTICLE 3

  	
   

  	
   

  
	
   

  	
   

  	
  REPRESENTATIONS
  AND WARRANTIES

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  3.1

  	
   

  	
  Representations and Warranties of Vendor

  	
   

  	
  12

  
	
  3.2

  	
   

  	
  Representations and Warranties of Barrick

  	
   

  	
  16

  
	
  3.3

  	
   

  	
  Representations and Warranties of Purchaser

  	
   

  	
  17

  
	
  3.4

  	
   

  	
  Survival of Representations, Warranties, Covenants
  and Indemnities

  	
   

  	
  21

  
	
  3.5

  	
   

  	
  Acknowledgement Regarding Access

  	
   

  	
  21

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  ARTICLE 4

  	
   

  	
   

  
	
   

  	
   

  	
  COVENANTS

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  4.1

  	
   

  	
  Access to Information and Property

  	
   

  	
  21

  
	
  4.2

  	
   

  	
  Access and Preservation of Records

  	
   

  	
  22

  
	
  4.3

  	
   

  	
  Purchaser Observer

  	
   

  	
  22

  
	
  4.4

  	
   

  	
  Post-Closing Indemnity

  	
   

  	
  23

  
	
  4.5

  	
   

  	
  Operations During Interim Period

  	
   

  	
  23

  
	
  4.6

  	
   

  	
  Option Right Under Joint Venture Agreement

  	
   

  	
  23

  
	
  4.7

  	
   

  	
  Certain South African Securities Law Matters

  	
   

  	
  24

  
	
  4.8

  	
   

  	
  U.S. Securities Laws

  	
   

  	
  24

  
	
  4.9

  	
   

  	
  Inter-Company Loan

  	
   

  	
  25

  
	
  4.10

  	
   

  	
  Distributions to Shareholders

  	
   

  	
  26

  
	
  4.11

  	
   

  	
  Resignation of Employees, Directors and Officers

  	
   

  	
  26

  
	
  4.12

  	
   

  	
  Change of Name

  	
   

  	
  26

  

 

 i
 

 

	
  4.13

  	
   

  	
  Insurance Proceeds in Respect of Mine Shaft and Fire
  Incident

  	
   

  	
  26

  
	
  4.14

  	
   

  	
  Transfer Taxes

  	
   

  	
  26

  
	
  4.15

  	
   

  	
  Transfer of Certain Assets of BGSA

  	
   

  	
  27

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  ARTICLE 5

  	
   

  	
   

  
	
   

  	
   

  	
  CONDITIONS
  OF CLOSING

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  5.1

  	
   

  	
  Conditions of Closing in Favour of Vendor

  	
   

  	
  27

  
	
  5.2

  	
   

  	
  Conditions of Closing in Favour of Purchaser

  	
   

  	
  29

  
	
  5.3

  	
   

  	
  Actions to Satisfy Closing Conditions

  	
   

  	
  30

  
	
  5.4

  	
   

  	
  Opportunity to Cure

  	
   

  	
  31

  
	
  5.5

  	
   

  	
  WAL Letter

  	
   

  	
  32

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  ARTICLE 6

  	
   

  	
   

  
	
   

  	
   

  	
  CLOSING
  ARRANGEMENTS

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  6.1

  	
   

  	
  Closing Date

  	
   

  	
  32

  
	
  6.2

  	
   

  	
  Place of Closing

  	
   

  	
  32

  
	
  6.3

  	
   

  	
  Delivery of Closing Documentation to Purchaser

  	
   

  	
  33

  
	
  6.4

  	
   

  	
  Delivery of Purchaser’s Closing Documentation

  	
   

  	
  33

  
	
  6.5

  	
   

  	
  Further Assurances

  	
   

  	
  33

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  ARTICLE 7

  	
   

  	
   

  
	
   

  	
   

  	
  INDEMNIFICATION

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  7.1

  	
   

  	
  General Indemnification by Purchaser

  	
   

  	
  34

  
	
  7.2

  	
   

  	
  General Indemnification by Vendor

  	
   

  	
  34

  
	
  7.3

  	
   

  	
  Taxes

  	
   

  	
  35

  
	
  7.4

  	
   

  	
  Notice of Claim

  	
   

  	
  35

  
	
  7.5

  	
   

  	
  Direct Claims

  	
   

  	
  36

  
	
  7.6

  	
   

  	
  Interest on Loss

  	
   

  	
  36

  
	
  7.7

  	
   

  	
  Third Party Claims

  	
   

  	
  36

  
	
  7.8

  	
   

  	
  Settlement of Third Party Claims

  	
   

  	
  37

  
	
  7.9

  	
   

  	
  Co-operation

  	
   

  	
  37

  
	
  7.10

  	
   

  	
  Subrogation

  	
   

  	
  37

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  ARTICLE 8

  	
   

  	
   

  
	
   

  	
   

  	
  PERFORMANCE
  GUARANTEE

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  8.1

  	
   

  	
  Guarantee

  	
   

  	
  37

  
	
  8.2

  	
   

  	
  Performance on Demand

  	
   

  	
  38

  
	
  8.3

  	
   

  	
  Primary Obligation

  	
   

  	
  38

  
	
  8.4

  	
   

  	
  Waiver of Defences

  	
   

  	
  38

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  ARTICLE 9

  	
   

  	
   

  
	
   

  	
   

  	
  GENERAL

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  9.1

  	
   

  	
  Notices

  	
   

  	
  39

  
	
  9.2

  	
   

  	
  Consultations

  	
   

  	
  40

  

 

 ii
 

 

	
  9.3

  	
   

  	
  Confidentiality Agreements

  	
   

  	
  40

  
	
  9.4

  	
   

  	
  Choice of Jurisdiction

  	
   

  	
  40

  
	
  9.5

  	
   

  	
  Successors and Assigns

  	
   

  	
  41

  
	
  9.6

  	
   

  	
  Effect of Certificates

  	
   

  	
  41

  
	
  9.7

  	
   

  	
  Counterparts

  	
   

  	
  42

  

 

 iii

SHARE
PURCHASE AGREEMENT

THIS
AGREEMENT made as of the 11th day of September, 2006.

BETWEEN:

PDG AUREATE LIMITED,

a company existing under
the laws of Mauritius,

(referred to in this
Agreement as “Vendor”),

OF THE FIRST PART,

- and -

BARRICK GOLD CORPORATION,

a company existing under the laws of the Province

of Ontario, Canada,

(referred to in this
Agreement as “Barrick”),

OF THE SECOND
PART,

GOLD FIELDS LIMITED,

a company existing under
the laws of South
Africa,

(referred to in this
Agreement as “Purchaser”),

OF THE THIRD PART.

THIS AGREEMENT
WITNESSES THAT, in consideration of the respective covenants, agreements,
payments, representations, warranties and indemnities herein contained and for
other good and valuable consideration (the receipt and sufficiency of which are
acknowledged by each party), the parties hereto covenant and agree as follows:

ARTICLE 1

INTERPRETATION

1.1                                                                               Defined
Terms.

For purposes of this
Agreement and, if applicable, the annexed Schedules, unless the context
otherwise requires, the following terms shall have the respective meanings set
out below and grammatical variations of such terms shall have corresponding
meanings:

(a)                                  “ADRs” means American Depositary Receipts evidencing American
Depositary Shares, each representing one ordinary share of Gold Fields Limited,
listed on the New York Stock Exchange;

(b)                                 “Affiliate” has the meaning set forth in Schedule 1.1(b)
annexed hereto;

(c)                                  “Agreement” means this agreement, including all schedules and
exhibits hereto;

(d)                                 “body corporate” has the meaning set forth in Schedule 1.1(b)
annexed hereto;

(e)                                  “BGSA” means Barrick Gold South Africa (Proprietary) Limited
(Registration No. 1998/023354/07), a company existing under the laws of the
Republic of South Africa (formerly known as Placer Dome South Africa (Pty)
Ltd);

(f)                                    “Business” means the business carried on at any time by BGSA,
including with respect to the Joint Venture and the Joint Venture’s ownership
and operation of the Property and all activities ancillary thereto;

(g)                                 “Business Day” means any day, other than a Saturday or a
Sunday, on which banks in Toronto, Ontario and
Johannesburg, Republic of South Africa are open for business;

(h)                                 “Cash Consideration” has the meaning set forth in Section
2.2;

(i)                                     “Claim” means a claim for any Loss incurred or suffered by a
person, body corporate or other entity asserting such claim;

(j)                                     “Closing” means the completion of the transaction
contemplated by this Agreement;

(k)                                  “Closing Date” has the meaning set forth in Section 6.1;

(l)                                     “Closing Time” means 10:00 a.m. (Johannesburg time) on the
Closing Date or such other time on the Closing Date as the Parties may agree as
the time at which the Closing shall take place;

(m)                               “Competition Act” means the South African Competition Act,
No. 89 of 1998;

(n)                                 “Confidentiality Agreements” means the confidentiality
agreements dated as of July 3, 2006 between Barrick and Purchaser and the
confidentiality agreement between Barrick, Purchaser and WAL dated as of July
19, 2006;

(o)                                 “Consideration Shares” means that number of shares of
Purchaser issued in payment of the Share Consideration;

(p)                                 “Contract” means any agreement, indenture, contract,
equipment or premises lease or royalty or any similar instrument or other
commitment;

(q)                                 “Deposit Agreement” means the deposit agreement, dated as of
February 2, 1998, as amended and restated as of May 21, 2002, between
Purchaser, The Bank of New York and all owners and beneficial owners from time
to time of the ADRs issued thereunder;

 2
 

(r)                                    “Encumbrance” means any encumbrance, lien, charge, hypothec,
pledge, mortgage, security interest of any nature, adverse claim, exception,
reservation, easement, option, right of pre-emption, privilege or any Contract
to create any of the foregoing;

(s)                                  “Environmental Liabilities” means, with respect to the
Business, the Property or BGSA, any and all actions, causes of action, demands,
claims, debts, obligations, Losses, liabilities (contingent or otherwise),
duties, requirements, orders, injunctions, decisions, judgments, directives,
penalties, fines or rights of action of any nature instituted, required, made,
imposed, rendered, issued or arising under or pursuant to common law or any
federal, national, provincial, state, municipal or local statute, regulation,
by-law, order, ordinance or other law, or any permit, licence, registration,
submission, filing, consent, certificate, approval or other authorization
pertaining to the protection or conservation of the natural environment, the
protection or preservation of wildlife or fishery resources, the protection of
land rights, the undertaking of mineral resource exploration, development,
extraction or processing operations and the decommissioning, abandonment or
closure of such operations or matters reasonably ancillary to any of the
foregoing, including the reclamation, remediation, rehabilitation and
restoration of mining properties and of the natural environment, whether
instituted, initiated or made by Barrick, Vendor, BGSA or Purchaser or any of
their respective Affiliates or any other Person or instituted, required, made,
imposed, rendered or issued by a department, ministry, official, regulatory or
administrative agency or other authority or by a third party. For greater
certainty, a law pertaining to the protection or conservation of the natural
environment shall include all such laws relating to the manufacture,
processing, generation, distribution, use, treatment, storage, disposal,
transport, labelling, handling, discharge, release, clean-up, containment
and/or removal of any pollutants, contaminants, chemicals, toxic or hazardous
substances, industrial, domestic or hazardous wastes including flammable,
corrosive, reactive, explosive, leachate toxic, pathological, infectious or
radioactive materials or wastes or otherwise relating to a condition or
occurrence which may affect adversely the quality or use of soil, water, air,
vegetation, wildlife or property or result in damage or risk to the life,
health, safety, welfare or comfort of human beings;

(t)                                    “Gold Fields Loan” has the meaning given to it in Section
4.9;

(u)                                 “Governmental Authority”
means any governmental authority, any local authority and any political
subdivision of any of the foregoing, any multi-national organization or body,
any agency, department, commission, board, bureau, court or other authority
thereof, or any quasi-governmental or private body exercising, or purporting to
exercise, any executive, legislative, judicial, administrative, police,
regulatory or taxing authority or power of any nature;

 3
 

(v)                                 “Inter-Company Loan” means the loan owing by BGSA to PDG
Bank Limited, the principal amount of which is $400,000,000 plus, as of any
date, all accrued and unpaid interest thereon as of such date not exceeding
$50,000,000;

(w)                               “Joint Venture Agreement” means the joint venture agreement
entered into on March 31, 1999 between BGSA and WAL and the Sale of Business
Agreement referred to therein together with the WAL Letter;

(x)                                   “Joint Venture” means the Placer Dome — Western Areas Joint
Venture established pursuant to the Joint Venture Agreement;

(y)                                 “Joint Venture Assets” means the Property, the Permits and
all other assets, rights and interests whatsoever of the Joint Venture;

(z)                                   “Legal Requirement”
means any law, statute, ordinance, decree, policy, requirement, order, treaty,
proclamation, convention, rule or regulation (or interpretation of any of the
foregoing) of any Governmental Authority;

(aa)                            “Loss”, in respect of any matter, means any and all costs,
expenses, penalties, fines, losses, damages, liabilities and deficiencies (including
all amounts paid in settlement, all interest and penalties and all legal and
other professional fees and disbursements, including those incurred in
investigating and defending any claim) arising directly or indirectly as a
consequence of such matter;

(bb)                          “Participation Interest” shall have the meaning as set out in
the Joint Venture Agreement;

(cc)                            “Parties” means Barrick, Vendor and Purchaser;

(dd)                          “Person” means any individual, Governmental Authority, corporation, company, partnership, joint venture,
joint stock association, estate, trust, society, firm, or other enterprise,
association, organization or entity of any nature recognized under the laws of
any jurisdiction;

(ee)                            “Permits” means all licenses, mineral rights, permits and
other documents necessary for BGSA and the Joint Venture to carry out the full
scope of their business activities with respect to the Property and the other
Joint Venture Assets, including all licenses, mineral rights and permits from
Government Authorities authorizing BGSA, WAL or the Joint Venture to prospect
for, appraise discovered deposits of, and mine and beneficiate ores and to
produce mineral products therefrom;

(ff)                                “Property” means the South Deep underground gold mine located
near the Town of Westonaria, Republic of South Africa and all buildings and
structures located thereon or forming part thereof together with all
administrative, transportation, power generation, communications, road access,
housing, mining, processing,

 4
 

refining and other facilities used by the Joint
Venture in connection therewith and all lands and premises forming part of such
operations;

(gg)                          “Purchased Shares” means all of the issued and outstanding
shares in the capital of BGSA on the Closing Date;

(hh)                          “Purchaser Disclosure Documents” means:

(i)                                     the
annual audited financial statements and annual report of Purchaser for the
financial year ended June 30, 2005;

(ii)                                  the
unaudited quarterly financial statements and quarterly reports of Purchaser for
the three month periods ended September 30, 2005, December 31, 2005, March 31,
2006 and June 30, 2006;

(iii)                               the
unaudited financial statements of Purchaser for the financial year ended June
30, 2006;

(iv)                              Purchaser’s
annual report on Form 20-F for the financial year ended June 30, 2005; and

(v)                                 all
press releases filed by Purchaser after June 30, 2005;

(ii)                                  “Regulation D” means Regulation D adopted by the SEC under
the Securities Act;

(jj)                                  “Regulation S” means Regulation S adopted by the SEC under
the Securities Act;

(kk)                            “Rule 144” means Rule 144 under the Securities Act;

(ll)                                  “SEC” means the United States Securities and Exchange
Commission;

(mm)                      “Securities Act” means the United States Securities
Act of 1933, as amended, and the rules and regulations promulgated
thereunder;

(nn)                          “Share Consideration” means such number of ordinary shares of
Purchaser as is obtained by dividing $325,000,000 by the volume weighted
average ADR trading price on the New York Stock Exchange for the five trading
days immediately preceding the Closing Date;

(oo)                          “Signing Date” means September 11, 2006;

(pp)                          “South African Competition Authorities” means the South
African Competition Commission and the South African Competition Tribunal and
any other entity with competent jurisdiction;

 5
 

(qq)                          “Termination Date” means March 31, 2007, provided that if
approval from the South African Competition Authorities for the consummation of
the transactions contemplated by this Agreement has not been obtained by March
31, 2007 (and such approval is the last condition precedent to be fulfilled for
the completion of the transaction contemplated herein), the Termination Date
shall be the earlier of: (i) June 30, 2007; and (ii) the date, if any, upon
which the South African Competition Authorities finally determine not to give
their approval of the transactions contemplated by this Agreement;

(rr)                                “United States” means the United States of America, its
territories and possessions, any State of the United States and the District of
Columbia;

(ss)                            “WAL” means Western Areas Limited (registration number
1959/003209/06), a corporation existing under the laws of the Republic of South
Africa;

(tt)                                “WAL Letter” means the letter agreement dated September 11,
2006 between WAL and BGSA; and

(uu)                          “Working Capital” means, as of any date, the current assets
of BGSA less the amount of current liabilities of BGSA, excluding the current
portion of any interest or principal payable on the Inter-Company Loan, provided, however, that Working Capital as of any date
subsequent to December 31, 2005 shall be determined in accordance with the
accounting policies and principles applied by BGSA in preparing the December
31, 2005 audited financial statements of BGSA.

1.2                                                                               Interpretation.

In this Agreement, except
to the extent that the context otherwise requires or unless otherwise
specified:

(a)                                  headings
are for convenience only and shall not affect the interpretation of this
Agreement;

(b)                                 references
to Articles and Sections are references to Articles and Sections of this
Agreement;

(c)                                  any
definition of or reference to any agreement, instrument, permit, licence or
other document, including this Agreement, shall be deemed to refer to such
agreement, instrument or other document as amended, restated, supplemented,
replaced or otherwise modified from time to time in accordance with its terms
and (where applicable) subject to any restrictions or requirements set forth
herein or therein;

 6
 

(d)                                 references
in this Agreement to any person shall be construed to include such person’s
successors or permitted assigns and, in the case of any juridical person or
entity, any person succeeding to its functions and capacities;

(e)                                  the
definitions of terms herein shall apply equally to the singular and plural
forms of the terms defined.  Whenever the
context may require, any pronoun shall include the corresponding masculine,
feminine and neuter forms;

(f)                                    the
word “will” shall be construed to have the same meaning and effect as the word “shall”;

(g)                                 all
references to “Dollar” or “$” in this Agreement are references to lawful
currency of the United States of America;

(h)                                 the
words “herein”, “hereby”, “hereof” and “hereunder”, and words of similar
import, shall be construed to refer to this Agreement in its entirety and not
to any particular provision hereof;

(i)                                     wherever
the term “including” is used, it shall be deemed to mean “including, without
limitation”, and wherever the phrase “which shall include” is used, it shall
mean “which shall include, without limitation”;

(j)                                     any
reference to assignment of a person’s rights or obligations shall be construed
to refer to transfer or novation of those rights or obligations;

(k)                                  references
in this Agreement to any law or statute shall be construed as a reference to
such law or statute as re-enacted, re-designated, amended or extended from time
to time; and

(l)                                     the
singular shall include the plural and vice versa.

1.3                                                                               Entire
Agreement.

This Agreement and the
Confidentiality Agreements constitute the
entire agreement between the Parties with respect to the subject matter hereof
and supersede all prior agreements, understandings, negotiations and
discussions, whether written or oral, relating to the subject matter
hereof.  Without limiting the generality
of the foregoing:

(a)                                  Purchaser
acknowledges and agrees that, except as specifically provided in this
Agreement, Vendor makes no representations or warranties, express or implied,
of any nature or kind whatsoever with respect to BGSA, the Joint Venture, the
Joint Venture Assets or the Business or any documents or written or oral
information, including information in electronic form, provided to Purchaser in
connection with its due diligence investigation, including as to title,
ownership, use, possession, merchantability, fitness for a particular purpose,
quantity or value of assets, environmental matters, liabilities, mineability,
conditions, operations or

 7
 

otherwise.  To
the fullest extent permitted by applicable law, Vendor hereby disclaims any
such other or implied representations or warranties and Purchaser acknowledges
and agrees that it is not receiving, nor has it relied upon, any such other or
implied representations or warranties, notwithstanding the delivery or
disclosure to Purchaser or its officers, directors, employees, agents or
representatives of any documents or other written or oral information by Vendor,
Barrick or any other person in connection with this Agreement or the
transaction contemplated hereby; and

(b)                                 there
are no conditions, covenants, agreements or other provisions, express or
implied, collateral, statutory or otherwise, relating to the subject matter
hereof except as herein provided.

1.4                                                                               Amendment
and Waivers.

No amendment or waiver of
any provision of this Agreement shall be binding on any Party unless consented
to in writing by such Party. No waiver of any provision of this Agreement shall
constitute a waiver of any other provision, nor shall any waiver constitute a
continuing waiver unless otherwise expressly provided.

1.5                                                                               Applicable
Law.

This Agreement shall be
construed, interpreted and enforced in accordance with, and the respective rights
and obligations of the Parties shall be governed by, the laws of the Province
of Ontario and the federal laws of Canada applicable in such province.

1.6                                                                               Severability.

If any provision of this
Agreement is determined by a court of competent jurisdiction to be invalid,
illegal or unenforceable in any respect, such determination shall not impair or
affect the validity, legality or enforceability of the remaining provisions
hereof, and each provision is hereby declared to be separate, severable and
distinct.

1.7                                                                               Calculation
of Days.

Unless otherwise
specified, time periods within or following which a payment is to be made or
other action is to be taken under this Agreement shall be calculated by
excluding the day on which the period commences and including the day which
ends the period.

1.8                                                                               Business
Days.

Whenever any payment to
be made or other action to be taken under this Agreement is required to be made or taken on a day other than a
Business Day, such payment shall be made or action taken on the next following
Business Day.

 8
 

1.9                                                                               Time
of Essence.

Time shall be of the
essence of this Agreement.

1.10                                                                        Schedules.

The following
Schedules are attached to and form an integral part of this Agreement:

Schedule 1.1(b)                     -               Certain Defined
Terms

Schedule 2.5(a)                     -               Purchaser’s Letter
of Credit

Schedule 2.5(b)                     -               Vendor’s Letter of
Credit

Schedule 3.1(j)                      -               Vendor’s Regulatory
Consents

Schedule 3.1(k)                     -               Consents Under
Contracts

Schedule 3.1(n)                     -               BGSA Contracts

Schedule 3.1(p)                     -               Absence of Material
Change

Schedule 3.1(r)                      -               Taxes 

Schedule 0                             -               Litigation

Schedule 3.1(t)                      -               Environmental
Matters

Schedule 3.1(u)                     -               Joint Venture
Agreement

Schedule 3.3(m)                    -               Purchaser’s
Regulatory Consents

Schedule 4.4                          -               Form of Indemnity

Schedule 5.1(e)                     -               Opinion of
Purchaser’s Counsel

Schedule 5.1(f)                      -               Form of Release

Schedule 5.2(e)                     -               Opinion of Vendor’s
Counsel

ARTICLE 2

PURCHASE OF SHARES

2.1                                                                               Purchase
and Sale of Shares.

Subject to the terms and
conditions hereof, Vendor covenants and agrees to sell, assign and transfer to
Purchaser, and Purchaser covenants and agrees to purchase from Vendor, the
Purchased Shares.

2.2                                                                               Purchase
Price.

(a)                                  Subject
to Section 2.4,  the aggregate purchase
price payable by Purchaser to Vendor for the Purchased Shares (the “Purchase Price”) shall be $1,525,000,000 and shall be paid
by Purchaser at the Closing Time in one of the following two ways, which shall
be elected at Purchaser’s option by notice in writing to Vendor at least five
Business Days prior to Closing:

 9
 

(i)                                        (A)         as to $1,200,000,000 (the
“Cash Consideration”), by (i) funding the repayment of the Inter-Company
Loan as contemplated in Section 4.9 and (ii) by paying the balance of such
amount by certified cheque, wire transfer or bank draft to or to the order of
Vendor at Closing; and

(B)                                by
delivery to Vendor at Closing of certificates representing the Share
Consideration; or

(ii)                                  As
to the entire Purchase Price, by (i) funding the repayment of the Inter-Company
Loan as contemplated in Section 4.9 and (ii) by paying the balance of the
Purchase Price by certified cheque, wire transfer or bank draft to or to the
order of Vendor at Closing;

(b)                                 In
the event Purchaser elects to pay the Purchase Price in accordance with Section
2.2(a)(ii), all references in this agreement to the Consideration Shares, the
representations and warranties of Purchaser in Sections 3.3(f) to (l),
inclusive, and (n) to (r), inclusive, Section 4.8, Section 6.4(b) and
paragraphs 10 to 16, inclusive, and paragraphs 19 and 21, inclusive, of
Schedule 5.1(e) shall cease to have any force or effect and all references in
this Agreement to the Cash Consideration shall be deemed to be references to
the entire Purchase Price;

(c)                                  Purchaser
shall be entitled to raise all or a portion of the Cash Consideration by means
of a vendor consideration placing as contemplated under the South African JSE
Listings Requirements. The Vendor, provided that it is at no additional cost to
it, will upon receipt of a reasonable request from the Purchaser, provide the
Purchaser with reasonable assistance for this purpose. Notwithstanding any
provision to the contrary, no provision of this Section 2.2(c) shall detract
from the conditional obligation of the Purchaser to pay the entire Cash
Consideration in cash at Closing.

2.3                                                                               Hold
Period.

Other than in respect of
a transfer from Vendor to one of its Affiliates, Vendor and Barrick shall not
(and they will procure that none of their Affiliates shall), without the prior
written consent of Purchaser, sell, sell any option, transfer, assign or
otherwise dispose of or cease to exercise control over, directly or indirectly,
any of the Consideration Shares by one or more transactions or series of
transactions (whether related or not) for (a) a period of 120 days from the
Closing Date if the Closing occurs on or prior to January 31, 2007 or (b) a
period of 90 days from the Closing Date if the Closing occurs after January 31,
2007.

 10
 

2.4                                                                               Purchase
Price Adjustment.

(a)                                  During
the period from the Signing Date to and including the Closing Date, Vendor
shall capitalize BGSA as required to ensure that BGSA has adequate funds to
fund each Cash Call (as defined in the Joint Venture Agreement) required to be
funded by BGSA pursuant to the terms of the Joint Venture Agreement.  All such Cash Calls shall be made consistent
with the June 2006 plan pursuant to which the Joint Venture is currently
operating and, after January, 2007, the 2007 Budget (as such term is defined in
the Joint Venture Agreement) or as may otherwise be required to be funded in
accordance with the Joint Venture Agreement. 
The Purchase Price shall be adjusted by adding to the Purchase Price and
the Cash Consideration the sum of the amount (the “Net Cash
Calls”) of each such Cash Call funded in such period by BGSA after
first applying the amount of the proceeds from sales of gold production
received by BGSA during such period plus interest on the amount of each such
Net Cash Call calculated daily on the amount of each such Net Cash Call from
and including the date of advance to but excluding the Closing Date at an
annual rate of interest equal to Barrick’s cost of funds.For the purposes of
calculating the adjustment to the Purchase Price, the amount of each Net Cash
Call and any related gold sales proceeds shall be determined in U.S. Dollars by
converting any Rand denominated advance on receipt to U.S. Dollars at the
prevailing rate of exchange on the date of advance or receipt, as the case may
be.

(b)                                 Vendor
agrees to cause BGSA to provide not less than five days notice to Purchaser of
any proposed Cash Call.

2.5                                                                               Security
for Obligations.

(a)                                  Within
seven Business Days of the Signing Date, Purchaser shall deliver to Vendor, as
beneficiary, a standby letter of credit in the amount of $100 million issued by
JP Morgan Chase Bank N.A. or a bank of similar standing, such letter of credit (the
“Purchaser LC”) to be in substantially
the form attached as Schedule 2.5(a).

(b)                                 Within
seven Business Days of the Signing Date, Vendor shall deliver to Purchaser, as
beneficiary, a standby letter of credit in the amount of $100 million issued by
The Bank of Nova Scotia, such letter of credit (the “Vendor LC”
and, together with the Purchaser LC, the “LCs”) to be in
substantially the form attached as Schedule 2.5(b).

(c)                                  In
the event Closing does not occur prior to the Termination Date as a result of
any of the conditions contained in Section 5.1 or 5.2 not being performed or
fulfilled at or prior to the Termination Date as a result of a breach of
covenant, representation or warranty (other than a representation and warranty
in Sections 3.1(j) or 3.1(p) or 3.3(m) or 3.3(p)) by a Party (a “Breaching Party”), the other

 11
 

Party (the “Non-Breaching Party”)
shall be entitled to draw on the full amount of the LC of which it is the
beneficiary.

(d)                                 In
the event any Party (an “Alleging Party”)
believes it is entitled to draw on the LC of which it is the beneficiary but
the other Party is not prepared to execute promptly upon request by the
Alleging Party the joint statement referred to in the LC of the Alleging Party
certifying that the amount drawn under the LC is due and payable to the
Alleging Party, the determination as to whether the Alleging Party is entitled
to draw on the LC of which it is the beneficiary shall be determined by an
arbitrator to be appointed in accordance with clause (g) below.

(e)                                  In
the event any arbitrator appointed pursuant to this Section 2.5 determines that
an Alleging Party is entitled to draw upon the LC of which it is the
beneficiary, the Parties hereby irrevocably authorise the arbitrator to execute
the certificate provided for in such LC certifying that the amount drawn under
the LC is due and payable to the Alleging Party.

(f)                                    Arbitration
pursuant to this Section 2.5 shall be conducted in accordance with the
Arbitration Rules of the International Chamber of Commerce (the “ICC”) in effect
on the date of this Agreement; provided, however,
that the arbitrator shall make a determination on the matter within 30 Business
Days of such arbitrator’s appointment. Such arbitrator’s decision shall be
final and binding on both the Vendor and the Purchaser. Furthermore, such
arbitrator shall be entitled to make any costs order which he or she deems
appropriate then making his or her decision. The place of arbitration shall be
Geneva, Switzerland. The language for the arbitration shall be English. The
arbitration shall be the sole and exclusive forum for resolution of the
aforementioned claim by the Alleging Party.

(g)                                 If
an arbitrator is required pursuant to this Section 2.5, an arbitrator shall be
appointed in accordance with the Arbitration Rules of the ICC. The appointment
of an arbitrator pursuant to this Section 2.5shall be made as soon as possible
after it is determined that an arbitrator is required under this Section 2.5
and, in any event, within five Business Days of such determination.

ARTICLE 3

REPRESENTATIONS AND WARRANTIES

3.1                                                                               Representations
and Warranties of Vendor.

Vendor represents and
warrants to Purchaser as follows and acknowledges Purchaser is relying on such
representations and warranties in entering into this Agreement and performing
its obligations hereunder:

 12
 

(a)                                  Existence.

(i)                                     Vendor
is a company existing under the laws of Mauritius and has the corporate
power and capacity necessary to own and sell the Purchased Shares, to enter
into this Agreement and to perform its obligations hereunder.

(ii)                                  BGSA
is a company existing under the laws of the Republic of South Africa.

(b)                                 Authorization.  The execution and delivery of this Agreement
and the performance by Vendor of its obligations hereunder have been duly
authorized by all necessary corporate and shareholder action.

(c)                                  Enforceability.  This Agreement has been duly executed and
delivered by Vendor and is a legal, valid and binding obligation of Vendor,
enforceable by Purchaser against Vendor in accordance with its terms, except as
enforcement may be limited by bankruptcy, insolvency and other laws affecting
the rights of creditors generally and except that equitable remedies may be
granted only in the discretion of a court of competent jurisdiction.

(d)                                 No
Conflict.  The execution and delivery
of this Agreement by Vendor and the performance of its obligations hereunder:

(i)                                     will
not violate any provision of its constating documents or any resolution of its
board of directors (or any committee thereof) or shareholders;

(ii)                                  will
not violate any Legal Requirement to which it is subject the violation of which
would prevent it from consummating the transaction contemplated hereby;

(iii)                               will
not violate any judgment, decree, order or award of any court or governmental
body having jurisdiction over it the violation of which would prevent it from
consummating the transaction contemplated hereby; and

(iv)                              will
not violate in any material respect any provision of any Contract to which it
is a party or by which it is bound.

(e)                                  No
Proceedings.  There are no actions,
suits or proceedings pending or, to the knowledge of Vendor, threatened against
Vendor or any of its undertakings, property and assets, at law or in equity or
before any arbitrator or by any governmental authority, body, agency, commission
or instrumentality having jurisdiction which could materially and adversely
affect the ability of Vendor to perform any of its obligations hereunder.

 13
 

(f)                                    Options.  No person has any agreement or option or any
right or privilege (whether by law, pre-emptive or contractual) capable of
becoming an agreement or option for the purchase from Vendor of any of the
Purchased Shares.

(g)                                 Ownership
of Shares.  Vendor is the beneficial
owner of record of the Purchased Shares, with good and marketable title thereto,
free and clear of all Encumbrances and, without limiting the generality of the
foregoing, none of the Purchased Shares are subject to any voting trust,
shareholder agreement or voting agreement. 
Upon completion of the transaction contemplated by this Agreement, all
of the Purchased Shares will be owned by Purchaser as the beneficial owner of
record, with a good and marketable title thereto (except for such Encumbrances
as may have been granted by Purchaser).

(h)                                 Rights
to Acquire Securities.  No person
(other than Purchaser) has any agreement, option, right or privilege (whether
pre-emptive, contractual or otherwise) capable of becoming an agreement for the
purchase, acquisition, subscription for or issue of any of the unissued shares
or any other securities of BGSA.

(i)                                     Authorized
and Issued Capital.  As at the
Signing Date, the authorized capital of BGSA consists of 339,370,000 ordinary
shares of no par value of which 302,568,565 ordinary shares, and no other
shares are issued and outstanding as fully paid and non-assessable ordinary
shares of BGSA.

(j)                                     Regulatory
Consents.  There is no requirement
for Vendor or BGSA to make any filing with, give any notice to or to obtain any
licence, permit, certificate, registration, authorization, consent or approval
of, any governmental or regulatory authority as a condition to the lawful
consummation of the transactions contemplated by this Agreement except for the
filings, notifications, licences, permits, certificates, registrations,
consents and approvals described in Schedule 3.1(j).

(k)                                  Consents
Under Contracts.  There is no
requirement under any:

(i)                                     Contract
entered into by BGSA in its capacity as a participant in the Joint Venture
which has a contract value in excess of $25 million;  or

(ii)                                  Contract
other than the one described in the preceding clause (i);

to which BGSA is a party or by which it is bound to give any notice to,
or to obtain the consent or approval of, any party to such Contract relating to
the consummation of the transaction contemplated by this Agreement except for
the notifications, consents and approvals described in Schedule 3.1(k).

(l)                                     Subsidiaries.  BGSA does not own nor does it have any
agreements of any nature to acquire, directly or indirectly, any shares in the
capital of, or other equity or

 14
 

proprietary interests in, any person, firm or
corporation, and BGSA does not have any agreements to acquire or lease any
other business operations.

(m)                               Business
of BGSA.  As at the Signing Date, the
business of BGSA consists solely of (i) providing technical, administrative,
legal and other support services to Affiliates of BGSA and joint venture
partners of such Affiliates and (ii) holding and managing its Participation
Interest in the Joint Venture. At the Closing Time, the business of BGSA will
consist solely of holding and managing its Participation Interest in the Joint
Venture and related activities. 

(n)                                 Contracts
of BGSA. As of the Closing Date, the only material Contracts to which BGSA
is a party or by which it is bound consist of (i) the Joint Venture Agreement,
(ii) Contracts entered into by BGSA in its capacity as a Participant under the
Joint Venture Agreement pursuant to which BGSA has payment obligations of less
than $25,000,000 and (iii) the Contracts listed on Schedule 3.1(n).

(o)                                 Audited
Financial Statements.  The balance
sheet as at December 31, 2005 and the income statement, statement of changes in
equity and cash flow statement for the year ended December 31, 2005 of BGSA,
together with the report of the auditors of BGSA have been prepared in
accordance with generally accepted accounting principles applied on a basis
consistent with prior periods and present fairly the assets, liabilities
(absolute, accrued, contingent or otherwise) and the financial condition of
BGSA as at the date thereof and the results of operations of BGSA during the
periods covered thereby.

(p)                                 Absence
of Material Change or Events.  From
December 31, 2005 to the Closing Date, other than as disclosed in Schedule
3.1(p) and other than with respect to adverse changes in Working Capital (i)
there has not occurred any material adverse change (other than a matter of a
general economic nature), financial or otherwise, in the assets, liabilities
(contingent or otherwise), business or financial condition of BGSA and (ii)
BGSA has not effected any material change in its accounting methods, principles
or practices.  For purposes of this
Section 3.1(p), any material adverse change means any adverse change (or any
effect or consequence thereof) in excess of $50 million.

(q)                                 From
December 31, 2005 to the Closing Date, there has not occurred any material
adverse change in the Working Capital of BGSA. 
For purposes of this Section 3.1(r), any material adverse change means
any adverse change in excess of $25 million.

(r)                                    Taxes.
Without detracting from any other provision contained in this Agreement, to the
knowledge of Vendor after due inquiry and except as disclosed in Schedule 3.10,
(a) BGSA has duly filed on a timely basis all tax returns, submissions and
statutory requirements (together with the supporting documentation submitted

 15
 

with each of these) required to be filed by it, in
compliance with South African Law and such materials, to Vendor’s knowledge,
are true and correct and has paid all taxes which are payable, and all
assessments, reassessments, governmental charges, penalties, interest and fines
payable by it (for purposes hereof taxes means all taxes imposed, charges,
levies, interest, penalties, fines or additional tax in the Republic of South
Africa) (b) there are no actions, suits, proceedings, investigations or claims
pending or, to the knowledge of Vendor, threatened against BGSA in respect of
taxes, governmental charges or assessments, nor are any material matters under
discussion with any governmental authority relating to taxes, governmental
charges or assessments asserted by any such authority and (c) BGSA has withheld
from each payment made to any of its past or present employees, officers,
directors or contractors the amount of all taxes and other deductions required
to be withheld therefrom and has paid the same to the proper tax or other
receiving officers within the time required under any applicable legislation.
Vendor has provided to Purchaser a true copy of all tax returns filed by BGSA
in respect of the two last completed financial years of BGSA.

Purchaser acknowledges and agrees that Vendor’s liability for any
misrepresentation contained in this Section 3.1(r) shall be limited to such
Losses incurred by Purchaser as a result of such misrepresentation as are in
excess of $25,000,000.

(s)                                  Litigation.  Except as set forth on Schedule 3.1(s), there
are no actions, suits or proceedings (whether or not purportedly on behalf of
Vendor) pending or, to the knowledge of Vendor, after due inquiry, threatened
against or affecting BGSA at law or in equity or before or by any Governmental
Authority or by or before an arbitrator or arbitration board.

(t)                                    Environmental
Warranties.  None of Rich Haddock,
the Vice President, Global Environmental of Barrick, Peter Kinver, the Chief
Operating Officer of Barrick and Warwick Morley-Jepson, the Managing Director
of BGSA, has actual knowledge of any material Environmental Liability of BGSA
not disclosed in the documents described in Schedule 3.1(t). For the purposes
of this Section 3.1(t), “Material Environmental liability” means any
Environmental Liability in excess of $50,000,000. .

(u)                                 The
Joint Venture. (i)  BGSA owns a 50%
Participation Interest in the Joint Venture, and (ii)  the Joint Venture Agreement is the sole agreement
governing the Joint Venture and such agreement has not been amended.

3.2                                                                               Representations
and Warranties of Barrick.

Barrick represents and
warrants to Purchaser as follows and acknowledges Purchaser is relying on such
representations and warranties in entering into this Agreement and performing
its obligations hereunder:

 16
 

(a)                                  Existence.  Barrick is a company existing under the laws
of the Province of Ontario and has the corporate power to enter into this
Agreement and to perform its obligations hereunder.

(b)                                 Authorization.  The execution and delivery of this Agreement
and the performance by Barrick of its obligations hereunder have been duly
authorized by all necessary corporate and shareholder action.

(c)                                  Enforceability.  This Agreement has been duly executed and
delivered by Barrick and is a legal, valid and binding obligation of Barrick,
enforceable by Purchaser against Barrick in accordance with its terms, except
as enforcement may be limited by bankruptcy, insolvency and other laws
affecting the rights of creditors generally and except that equitable remedies
may be granted only in the discretion of a court of competent jurisdiction.

(d)                                 No
Conflict.  The execution and delivery
of this Agreement by Barrick and the performance by Barrick of its obligations
hereunder:

(i)                                     will
not violate any provision of its constating documents or any resolution of its
board of directors (or any committee thereof) or shareholders;

(ii)                                  will
not violate any Legal Requirement to which it is subject, the violation of which
would prevent it from consummating the transaction contemplated hereby;

(iii)                               will
not violate any judgment, decree, order or award of any court or governmental
body having jurisdiction over it the violation of which would prevent it from
consummating the transaction contemplated hereby; and

(iv)                              will
not violate in any material respect any provision of any Contract to which it
is a party or by which it is bound.

(e)                                  No
Proceedings.  There are no actions,
suits or proceedings pending or, to the knowledge of Barrick, threatened
against Barrick or any of its undertakings, property and assets, at law or in
equity or before any arbitrator or by any Governmental Authority having
jurisdiction which could materially and adversely affect the ability of Barrick
to perform any of its obligations hereunder.

3.3                                                                               Representations
and Warranties of Purchaser.

Purchaser represents and
warrants to Vendor and Barrick as follows and acknowledges each of Vendor and
Barrick is relying on such representations and warranties in entering into this
Agreement and performing its obligations hereunder:

 17
 

(a)                                  Corporate
Existence.  Purchaser is a public
company existing under the laws of the Republic of South Africa and has the
power and capacity necessary to enter into this Agreement and perform its
obligations hereunder.

(b)                                 Authorization.  The execution and delivery of this Agreement
and the performance by Purchaser of its obligations hereunder have been duly
authorized by all necessary corporate and shareholder action.

(c)                                  Enforceability.  This Agreement has been duly executed and
delivered by Purchaser and is a legal, valid and binding obligation of
Purchaser, enforceable by Vendor against Purchaser in accordance with its
terms, except as enforcement may be limited by bankruptcy, insolvency and other
laws affecting the rights of creditors generally and except that equitable
remedies may be granted only in the discretion of a court of competent
jurisdiction.

(d)                                 No
Conflict.  The execution and delivery
of this Agreement by Purchaser and the consummation by Purchaser of the
transaction contemplated hereby:

(i)                                     will
not violate any provision of the Memorandum and Articles of Association of
Purchaser or any resolution of the board of directors (or any committee
thereof) or shareholders of Purchaser;

(ii)                                  will
not violate any Legal Requirement to which Purchaser is subject, the violation
of which would prevent it from consummating the transaction contemplated
hereby;

(iii)                               will
not violate any judgment, decree, order or award of any court or governmental
body having jurisdiction over Purchaser the violation of which would prevent it
from consummating the transaction contemplated hereby; and

(iv)                              will
not violate in any material respect any provision of any Contract to which it
is a party or by which it is bound.

(e)                                  No
Proceedings.  There are no actions,
suits or proceedings pending or, to the knowledge of Purchaser, threatened
against Purchaser or any of its undertakings, property and assets, at law or in
equity or before any arbitrator or by any Governmental Authority having
jurisdiction which could materially and adversely affect the ability of
Purchaser to perform any of its obligations hereunder.

(f)                                    Authorized
and Issued Capital of Purchaser.  As
at the Signing Date the authorized capital of Purchaser consists of
1,000,000,000 ordinary shares, of which 495,682,965 shares and no other shares
are issued and outstanding.

(g)                                 Rights
to Acquire Securities.  On the
Signing Date, no person has any agreement, option, right or privilege (whether
pre-emptive, contractual or otherwise) capable

 18
 

of becoming an agreement for the purchase,
acquisition, subscription for or issue of any of the unissued shares or other
securities of Purchaser, except for (a) any shares as may be required to be
allotted and issued by Purchaser in terms of any share plan or scheme for the
benefit of employees and/or directors (whether executive or non-executive) and (b)
shares offered to shareholders of WAL in exchange for shares of Purchaser, and no
other shares are issued and outstanding as fully paid and non-assessable shares
of Purchaser.

(h)                                 Listing.  The ordinary shares of Purchaser are,
and at the Closing Time will be, listed on the JSE Limited, London Stock
Exchange, Euronext Paris and Brussels and SWX Swiss Exchange and the
Consideration Shares will, at the time of issue of the Consideration Shares,
have been accepted for listing on the JSE Limited. The ADRs are, and at the
Closing Time will be, listed on the New York Stock Exchange, and
Purchaser has no basis to believe that there are present circumstances which
would cause such status to change.

(i)                                     Transferability
of Consideration Shares.  (i) The
Consideration Shares to be issued and sold by Purchaser hereunder have been
duly authorized by Purchaser and, when issued and delivered and paid for as
provided herein, will be duly and validly issued and will be fully paid, will
be freely transferable (subject to Section2.3) under the laws of the Republic
of South Africa and free of liens and encumbrances; (ii) all dividends and
other distribution declared and paid on the Consideration Shares may, under the
Memorandum and Articles of Association of Purchaser and the current laws and
regulations of the Republic of South Africa, be freely transferred out of the
Republic of South Africa to Vendor who is not resident in the Republic of South
Africa; and all such dividends and/or other distributions will not be subject
to withholding and/or other taxes under the laws of the Republic of South
Africa (other than Secondary Tax on Companies) and are otherwise free and clear
of any other tax, withholding or deduction in the Republic of South Africa and
without the necessity of obtaining any consent in the Republic of South Africa.

(j)                                     No
Pre-emptive Right.  The issue of the
Consideration Shares will not be subject to any pre-emptive right or other
contractual right to purchase securities granted by Purchaser or to which
Purchaser is subject.

(k)                                  Issue
of Consideration Shares.  All
necessary corporate action has been taken to authorize the issue and sale of,
and the delivery of certificates representing, the Consideration Shares.

(l)                                     Taxes.     No issue or transfer taxes or
duties are payable by Vendor to any political subdivision or taxing authority
of or in the Republic of South Africa in connection with the allotment and
issue by Purchaser to Vendor of the Consideration Shares.

 19
 

(m)                               Regulatory
Consents.  There is no requirement
for Purchaser to make any filing with, give any notice to or to obtain any
licence, permit, certificate, registration, authorization, consent or approval
of, any governmental or regulatory authority as a condition to the lawful
consummation of the transactions contemplated by this Agreement except for the
filings, notifications, licences, permits, certificates, registrations,
consents and approvals described in Schedule 3.3(m).

(n)                                 Audited
Financial Statements.  The
consolidated balance sheet of Purchaser as at June 30, 2005
and the consolidated statement of income, retained earnings and changes in
financial position for the year then ended, together with the report of
the auditors of Purchaser thereon, have been prepared in accordance with
generally accepted accounting principles on a basis consistent with previous
years and present fairly the assets, liabilities and financial condition of
Purchaser as at such date and the sales, income and results of operations of
Purchaser and its subsidiaries on a consolidated basis during the periods
covered thereby.

(o)                                 Quarterly
Financial Statements.  The unaudited
quarterly financial statements of Purchaser for the three month periods ended
September 30, 2005, December 31, 2005, March 31, 2006 and June 30, 2006 have
been prepared in accordance with the same generally accepted accounting
principles used in preparing the financial statements referred to in Section
3.3(n) applied on a basis consistent with previous years (except as noted
therein) and present fairly the sales, income and results of operations of
Purchaser and its subsidiaries on a consolidated basis during the periods covered
thereby.

(p)                                 No
Material Adverse Change.  There has
not occurred any change (other than a matter of a general economic nature),
financial or otherwise, in the assets, liabilities (contingent or otherwise),
business, financial condition, results of operations or capital of Purchaser
and its subsidiaries, taken as a whole, since June 30, 2005
which has not been publicly disclosed and which, if disclosed, would have a
material adverse effect on the trading price of Purchaser’s ordinary shares.

(q)                                 Purchaser Disclosure Documents.  All of the information and statements
contained in Purchaser Disclosure Documents at the respective dates of such
information and statements (i) are true and correct, in all material respects,
(ii) contain no untrue statement of a material fact, or an omission to state a
material fact that is required to be stated, or necessary to prevent a
statement that is being made from being false or misleading in the
circumstances in which it was made, and (iii) comply, in all material respects,
as to both form and content, with all applicable Legal Requirements.

 20

3.4                                                                               Survival
of Representations, Warranties, Covenants and Indemnities.

(a)           Survival - General.  All representations, warranties, covenants
and indemnities made or given by any Party in this Agreement, in the indemnity
referred to in Section 4.4 or in the certificates delivered pursuant to
Sections 5.1 and 5.2 shall survive the Closing and shall continue in full force
and effect for the benefit of Barrick, Purchaser or Vendor, as the case may be,
unless this Agreement provides that they shall expire at a specific time.

(b)           Representations and Warranties.  All representations and warranties set out in
this Agreement and in the certificates to be delivered pursuant to Sections 5.1
and 5.2 shall survive the Closing Time for a period of 24 months following the
Closing Time, after which time the Parties shall not have any further liability
hereunder with respect to such representations or warranties, except in respect
of any Claim made in writing with respect to any incorrectness in or breach of
any such representation and warranty made prior to the expiration of the said
24 month period.  Notwithstanding the foregoing, (a) the
representations and warranties of Vendor set forth in Sections 3.1(a), 3.1(b),
3.1(c) and 3.1(g), (b) the representations of Barrick set forth in Sections
3.2(a), 3.2(b) and 3.2(c) and (c) the representations and warranties of
Purchaser set forth in Sections 3.3(a), 3.3(b), 3.3(c), , 3.3(i), 3.3(j), and
3.3(k), together with the corresponding representations and warranties set
forth in the certificates to be delivered pursuant to Sections 5.1 and 5.2,
shall survive indefinitely.

3.5                                                                               Acknowledgement
Regarding Access.

Purchaser acknowledges
that it has completed such due diligence review of BGSA, the Joint Venture, the
Property, the Business and all other matters relevant to its decision to enter
into this Agreement as it considers appropriate.  Vendor has afforded Purchaser and its
representatives with such access as Purchaser has requested to review the Property
and documents in the possession of Vendor relating to BGSA, the Joint Venture,
the Business and the Property, including documents relating to title of BGSA to
its properties and assets, Contracts, financial and accounting records, books
of account, minute books, plans, reports, constating documents and other
documents, information or data relating to BGSA, the Joint Venture, the
Business and the Property.

ARTICLE 4

COVENANTS

4.1                                                                               Access
to Information and Property.

From the Signing Date to
and including the Closing Date:

(a)           Access to Information.  Vendor shall cause BGSA to continue to afford
Purchaser and its authorized representatives a reasonable opportunity to review
or inspect documents relating to title of BGSA to its property and assets,
Contracts, Permits, financial and accounting records, books of account, minute
books, plans, reports, constating documents and other documents, information or
data relating to BGSA, the Joint Venture, the Joint Venture Assets, the
Business and the Property, provided that Purchaser provides reasonable notice
to Vendor of 

 21
 

the information described above to which it wishes to
have access and of the times at which it wishes to have such access.

(b)           Access to Property.  Subject to any required consent or approval
of WAL, Vendor shall cause BGSA to afford authorized representatives of
Purchaser with reasonable access to the Property during normal business hours,
provided that:

(i)                                     Purchaser
provides reasonable notice to Vendor of the identity of the individuals to be
provided such access, their time of arrival and the anticipated length of their
visit;

(ii)                                  the
timing and frequency of such access shall not cause unreasonable disruption to
the activities being carried on at the Property or to the operations or
business of BGSA or the Joint Venture; and

(iii)                               Vendor
shall be entitled, at its option, to have a representative of Vendor accompany
any representative of Purchaser who is given access to the Property; and

(iv)                              such
access shall be at the sole risk and expense of Purchaser.

4.2                                                                               Access
and Preservation of Records.

(a)           Retention of Records.  Following the Closing Date, Purchaser agrees
that it shall cause BGSA to preserve and keep all books and records relating to
it, the Joint Venture, the Joint Venture Assets, the Business and the Property
(including, all accounting and tax records) as is required by applicable law in
respect of any period prior to the Closing Date.

(b)           Access to Records.  Throughout the period during which Purchaser
is required to preserve and keep the books and records referred to in Section
4.2(a), Purchaser shall provide Vendor reasonable access to all of such books
and records, and Purchaser shall cause its employees to provide full
cooperation to Vendor in the review of such records by Vendor. Vendor shall
have the right, at its own cost and expense, to make and retain copies of such
books and records or extracts therefrom to the extent reasonably requested by
Vendor.

4.3                                                                               Purchaser
Observer.

From the Signing Date to
and including the Closing Date, Purchaser shall be entitled to nominate one
person (“the Observer”) to be present at all
Joint Venture Board meetings (as envisaged in the Joint Venture Agreement) and
Vendor shall arrange for such Observer to attend all such Board meetings.  The Observer shall not be a voting member at
such board meetings.  Subject to the
rights of WAL under the Joint Venture Agreement, Vendor shall ensure that
reasonable prior written notice of any proposed Joint Venture Board meetings
shall be given to the Observer together with a reasonably detailed agenda of
the matters to be discussed at such meetings accompanied by any relevant papers
and information.

 22
 

 

4.4                                                                               Post-Closing
Indemnity.

Effective as at the
Closing Time, Purchaser shall provide an indemnity to Vendor and its Affiliates
in the form annexed hereto as Schedule 4.4 providing for the obligations of
Purchaser to indemnify and save those companies and their respective directors,
officers, employees and agents harmless from and against all Environmental
Liabilities on the basis contemplated therein.

4.5                                                                               Operations
During Interim Period.

During the period between
the Signing Date and the Closing Time, except as specifically contemplated in
this Agreement, Vendor shall:

(a)                                  permit
BGSA to carry on its business in the ordinary and usual course and on a basis
consistent with the practices of BGSA in prior years; and

(b)                                 cause
BGSA to exercise its rights under the Joint Venture Agreement to cause the
Joint Venture to carry on the Business in the ordinary and usual course and on
a basis consistent with the revised plan under which the Joint Venture has
operated since June 2006, as such revised plan may be further revised to
reflect changing circumstances, and, as of January 1, 2007, on a basis
consistent with the Budget (as such term is defined in the Joint Venture
Agreement) for 2007, provided that Purchaser shall not unreasonably withhold
its consent to any action taken by BGSA in response to events or circumstances
relating to the Joint Venture arising prior to the Closing Time.

4.6                                                                               Option
Right Under Joint Venture Agreement.

(a)                                  Subject
to paragraph (b) below, Vendor covenants and agrees that BGSA shall not
exercise any of its rights under Sections 14.2 and 14.3 of the Joint Venture
Agreement (“JV Rights”) prior to the later of (i) the Closing Time and (ii)
termination of the offer by Purchaser for all of the shares of WAL.

(b)                                 At
any time prior to the Closing Time, Purchaser shall be entitled to require
Vendor to cause BGSA to exercise any JV Right arising prior to the Closing Time
by written direction to Vendor specifying the manner in which Purchaser
requires BGSA to exercise the JV Right, it being understood that BGSA shall not
be required to take any action in connection with the exercise of any JV Right
without prior written directions from Purchaser. In the event Purchaser directs
Vendor to cause BGSA to exercise any JV Right:

(i)                                     Purchaser
shall pay all expenses incurred by BGSA associated with any exercise of the JV
Right promptly upon demand by Vendor,

 23
 

 

(ii)                                  Purchaser
shall provide funds to BGSA sufficient to fund the amount of any Remaining
Value (as such term is defined in the Joint Venture Agreement) payable by BGSA;
and

(iii)                               Purchaser
and BGSA shall enter into such agreements as Purchaser may require, acting
reasonably, providing for the transfer by BGSA to Purchaser of any
Participating Interest acquired pursuant to the exercise of the JV Right.

(c)                                  Vendor
covenants and agrees to cause BGSA promptly to provide to Purchaser copies of
all notices and other communications received from WAL pursuant to the Joint
Venture Agreement.

4.7                                                                               Certain
South African Securities Law Matters.

Purchaser
covenants that the execution and delivery by Purchaser of, and the performance
by Purchaser of its obligations under, this Agreement will on the Closing Date
comply in all respects with the South African Companies
Act, 1973 (as amended), the JSE Listing Requirements and any
approval conditions required by the South African Reserve Bank. The Purchaser
shall do all that is reasonably necessary to ensure that as at the Closing
Date, the share certificate or certificates evidencing ownership of the
Consideration Shares by Vendor is endorsed “non-resident” for South African
Exchange Control purposes.

4.8                                                                               U.S.
Securities Laws.

(a)                                  Vendor
represents, warrants and agrees as follows:

(i)                                     It
acknowledges that the Consideration Shares have not been and will not be
registered under the Securities Act;

(ii)                                  It
is not a U.S. person within the meaning of Regulation S, it is located outside
the United States and, prior to 40 days after the Closing Date it will not
offer, sell, pledge or otherwise transfer the Consideration Shares except in
accordance with Rule 903 or Rule 904 of Regulation S.

(b)                                 Purchaser
represents, warrants and agrees as follows:

(i)                                     None
of Purchaser, nor any of its affiliates (as defined in Rule 501(b) of
Regulation D), nor any person acting on its or their behalf has made or will
make offers to sell any Shares, or has solicited or will solicit offers to buy,
or otherwise has negotiated or will negotiate in respect of, any Shares, under
circumstances that would require the registration of the Consideration Shares
under the Securities Act.

(ii)                                  None
of Purchaser, nor any of its affiliates (as such term is defined in Rule 144),
nor any person acting on its or their behalf has engaged or will 

 24
 

engage in any directed
selling efforts (within the meaning of Regulation S) with respect to the
Consideration Shares;

(iii)                               Purchaser
is a “reporting foreign issuer” within the meaning of Rule 903 of Regulation S;

(iv)                              Purchaser
is not an open-end investment company or unit investment trust registered or
required to be registered or closed-end investment company required to be
registered, but not registered, under the United States Investment
Company Act of 1940, as amended;

(v)                                 Purchaser
is not aware of any fact or circumstance that would render the Consideration
Shares, at the time of their issuance pursuant to and on the terms of this
Agreement, “Restricted Securities” as such term is defined in Section 1.17 of
the Deposit Agreement, except for the requirements set forth in clause (a)(ii)
above that for 40 days after the Closing Date Vendor may offer, sell, pledge or
otherwise transfer the Consideration Shares only in accordance with Rule 903 or
Rule 904 of Regulation S and the requirement in Clause 2.3 of this Agreement.

(vi)                              For
a period of two years from the Closing Date, Purchaser agrees not to
unreasonably invoke the provisions of Section 2.6 of the Deposit Agreement that
allows it to suspend or refuse deposits of particular shares of Purchaser, or
the delivery of Receipts against such a deposit, for any reason other than
those reasons explicitly specified in such Section so as to prevent Vendor from
depositing the Consideration Shares pursuant to the Deposit Agreement. The Purchaser
further agrees that it will be responsible for, and will pay to the Depositary,
any fees, taxes and charges payable in connection with such deposit and, in the
event that the Vendor or any of its Affiliates pay such fees, taxes or charges,
Purchaser agrees to indemnify Vendor (or its Affiliates, as applicable) for any
such fees, taxes or charges paid on account of Purchaser’s liability hereunder
for such fees, taxes or charges. All terms of this clause (vi), unless
otherwise defined in this Agreement, are as defined in the Deposit Agreement.

4.9                                                                               Inter-Company
Loan.

The
Parties acknowledge that PDG Bank Limited (“PDG Bank”),
a corporation organised under the laws of Barbados, has lent and advanced the Inter-Company Loan to BGSA.  Purchaser
undertakes, on the Closing Date,
to lend and advance an amount equal to the Inter-Company Loan to BGSA (“the “Gold Fields Loan”). 
The Parties shall procure that
BGSA shall use the proceeds of the Gold Fields Loan to repay the Inter-Company Loan in full on the Closing Date.

 25
 

 

4.10                                                                        Distributions
to Shareholders.

Vendor covenants and
agrees to take or cause to be taken all necessary actions as may be required in
order to ensure that during the period between the Signing Date to and
including the Closing Time BGSA shall not distribute any amounts to its
shareholders or Affiliates, whether on account of interest or principal on
inter-company loans, dividends, returns of capital or otherwise, except as
otherwise contemplated herein.

4.11                                                                        Resignation
of Employees, Directors and Officers.

Vendor covenants and
agrees to take or cause to be taken all necessary steps and proceedings as may
be required in order to ensure that at or prior to the Closing Time,
resignations are delivered to BGSA and Purchaser from (a) all of the current
employees, directors and officers of BGSA, (b) all persons nominated or
appointed by Barrick or any of its Affiliates as members of the Joint Venture
Board appointed pursuant to the Joint Venture Agreement and (c) all officers or
directors of Barrick or its Affiliates who have been appointed by the Joint
Venture Board as officers of the Joint Venture.

4.12                                                                        Change
of Name.

Purchaser covenants and
agrees to cause the name of BGSA to be changed to a name that does not include
the words “Barrick” or “Placer Dome” as promptly as possible after the Closing
Date and, in any event, not later than 60 days after the Closing Date.

4.13                                                                        Insurance
Proceeds in Respect of Mine Shaft and Fire Incident.

Purchaser acknowledges
and agrees that Vendor shall be entitled to BGSA’s proportionate share, as
determined pursuant to the terms of the Joint Venture Agreement, of any and all
amounts received (the “Proportionate Share of
Insurance Proceeds”), directly or indirectly, by the Joint Venture
including any amounts received pursuant to insurance policy numbers MP05-0042,
MP05-043, MP05-044 and DA978005, in respect of, directly or indirectly, the
skip and winder accident that took place at the Property on or about May 4,
2006 or the fire occurring at the Property commencing on or about August 31,
2006 to the extent the Proportionate Share of Insurance Proceeds relates to
losses suffered prior to the Signing Date. 
Upon receipt of any such amounts, Purchaser shall forthwith notify
Vendor in writing and shall promptly pay or cause to be paid, by certified
cheque, wire transfer or bank draft, as directed in writing by Vendor, the
Proportionate Share of Insurance Proceeds to Vendor.

4.14                                                                        Transfer
Taxes.

Purchaser shall be liable
for and shall pay all applicable stamp duties, transfer taxes and all other
taxes, duties, fees or other like charges (“Transfer
Taxes”) of any jurisdiction properly payable in connection with the
purchase and sale of the Purchased Shares and the repayment of the
Inter-Company Loan.  In the event that
any applicable tax authority seeks to collect any such Transfer Taxes from
Vendor or any of its Affiliates, Purchaser agrees to indemnify Vendor (or its
Affiliates, as applicable) for any such Transfer Taxes (including any 

 26
 

interest, fines and penalties in respect thereof) paid
on account of Purchaser’s liability hereunder for such Transfer Taxes.

4.15                                                                        Transfer
of Certain Assets of BGSA

Prior to the Closing
Time, Vendor shall cause BGSA to transfer to an Affiliate of Vendor all assets
and liabilities (contingent or otherwise) of BGSA not related to Vendor’s
business of holding and managing its Participating Interest, including:

(a)                                  the
office lease for BGSA’s office premises in Johannesburg together with all
furniture and fittings;

(b)                                 three
residential properties;

(c)                                  five
motor vehicles;

(d)                                 computer
equipment and software;

(e)                                  Contracts;

(f)                                    data,
files, books and records whether in electronic or any other form;

(g)                                 accounts
receivable and payable; and

(h)                                 equipment.

ARTICLE 5

CONDITIONS OF CLOSING

5.1                                                                               Conditions
of Closing in Favour of Vendor.

The completion of the
transaction contemplated herein is subject to the following conditions for the
exclusive benefit of Vendor, to be fulfilled or performed at or prior to the
Closing Time:

(a)                                  Representations
and Warranties.  The representations
and warranties of Purchaser set out in Section 3.3 shall be true and correct in
all material respects at the Closing Time, with the same force and effect as if
such representations and warranties were made at and as of such time, and a
certificate of a senior officer of Purchaser dated the Closing Date to that
effect shall have been delivered to Vendor, such certificate to be in form and
substance satisfactory to Vendor, acting reasonably.

 27
 

 

(b)                                 Covenants.  All of the terms, covenants, agreements and
conditions of this Agreement to be complied with or performed by Purchaser at
or before the Closing Time shall have been complied with or performed in all
material respects and a certificate of a senior officer of Purchaser dated the
Closing Date to that effect shall have been delivered to Vendor, such
certificate to be in form and substance satisfactory to Vendor, acting
reasonably.

(c)                                  Order
or Ruling.  No legal or regulatory
action or proceeding shall have been commenced by any person to enjoin,
restrict or prohibit the purchase and sale of the Purchased Shares or any other
transaction contemplated hereby, which action or proceeding shall not have been
resolved and no order or ruling enjoining or prohibiting the sale of the
Purchased Shares or the change of beneficial ownership of BGSA contemplated
hereby shall have been issued by any court or regulatory authority having
jurisdiction.

(d)                                 Regulatory
Consents.  There shall have been
obtained, from all appropriate federal, provincial, state, municipal or other
governmental or administrative bodies, such licences, permits, consents,
approvals, certificates, registrations and authorizations as are required by
law to be obtained to permit the change of ownership of the Purchased Shares
contemplated hereby including those described in Schedule 3.3(m) or the change
of control of the material permits and authorisation of BGSA, in form and
substance satisfactory to Vendor, acting reasonably.

(e)                                  Legal
Opinion.  Purchaser shall have
delivered to Vendor a favourable opinion of South African and United States
counsel to Purchaser, in form and substance satisfactory to Vendor, acting
reasonably, addressing the matters identified in Schedule 5.1(e) hereto.

(f)                                    Releases.  BGSA and the Joint Venture shall have
provided releases in the form attached as Schedule 5.1(f) to each of the
persons resigning in accordance with Section 4.11.

(g)                                 Insurance.  Effective as of the Closing Time, all
agreements and arrangements  between any
of Barrick, the Joint Venture, WAL and BGSA relating to insurance coverage
under Barrick’s insurance policies shall have been terminated, and Barrick
shall have received a full and final release from BGSA and WAL, in form and
substance satisfactory to Barrick, acting reasonably, in respect of all present
or future claims of BGSA or WAL under all such policies of insurance or under
any such agreements or arrangements with Barrick.

Any condition contained
in this Section 5.1 may be waived in whole or in part by Vendor without
prejudice to any Claim it may have for breach of covenant, representation or
warranty.

 28
 

Subject to Section 5.4,
(a) any of the conditions contained in this Section 5.1 shall not be performed
or fulfilled at or prior to the Termination Date to the satisfaction of Vendor,
acting reasonably, and such condition shall not have been waived by Vendor or
(b) Closing shall not have occurred for any other reason on or prior to the
Termination Date.Vendor may, by notice in writing to Purchaser, terminate this
Agreement and the obligations of Vendor and Purchaser under this Agreement
shall thereupon be terminated. Notwithstanding such termination, Vendor may
bring an action pursuant to Article 7 against Purchaser for any Loss
suffered or incurred by Vendor where the non-performance or non-fulfilment of
the relevant condition or the non-occurrence of the Closing by the Termination
Date is as a result of a breach of covenant, representation or warranty by
Purchaser.

5.2                                                                               Conditions
of Closing in Favour of Purchaser.

The completion of the
transaction contemplated herein is subject to the following conditions for the
exclusive benefit of Purchaser, to be fulfilled or performed at or prior to the
Closing Time:

(a)                                  Representations
and Warranties.  The representations
and warranties of Vendor set forth in Section 3.1 and the representations and
warranties of Barrick set forth in Section 3.2 shall be true and correct in all
material respects at the Closing Time with the same force and effect as if such
representations and warranties were made at and as of such time and a
certificate of an officer or director of Vendor and Barrick dated the Closing
Date to that effect shall have been delivered to Purchaser, such certificate to
be in form and substance satisfactory to Purchaser, acting reasonably.

(b)                                 Covenants.  All of the terms, covenants and conditions of
this Agreement to be complied with or performed by Vendor at or before the
Closing Time shall have been complied with or performed in all material
respects and a certificate of an officer or director of Vendor dated the
Closing Date to that effect shall have been delivered to Purchaser, such
certificate to be in form and substance satisfactory to Purchaser, acting
reasonably.

(c)                                  Order
or Ruling.  No legal or regulatory
action or proceeding shall have been commenced by any person to enjoin,
restrict or prohibit the purchase and sale of the Purchased Shares or any other
transaction contemplated hereby, which action or proceeding shall not have been
resolved and no order or ruling enjoining or prohibiting the sale of the
Purchased Shares contemplated hereby shall have been issued by any court or
regulatory authority having jurisdiction.

(d)                                 Regulatory
Consents.  There shall have been
obtained, from all appropriate federal, provincial, state, municipal or other
governmental or administrative bodies, such licences, permits, consents,
approvals, certificates, registrations and authorizations as are required by
law to be obtained to permit the change of ownership of the Purchased Shares
contemplated hereby including those 

 29
 

described in Schedules
3.1(j) and 3.3(m) or the change of control of the material permits and
authorisation of BGSA, in form and substance and with conditions satisfactory
to Purchaser, acting reasonably.

(e)                                  Legal
Opinion.  Vendor shall have delivered
to Purchaser a favourable opinion of Canadian, Mauritius and South African
counsel to Vendor, in form and substance satisfactory to Purchaser, acting
reasonably, addressing the matters identified in Schedule 5.2(e) hereto.

Any condition contained
in this Section 5.2 may be waived in whole or in part by Purchaser without
prejudice to any Claim it may have for any breach of covenant, representation
or warranty by Vendor or Barrick.

Subject to Section 5.4
(a) any of the conditions contained in this Section 5.2 shall not be performed
or fulfilled at or prior to the Termination Date to the satisfaction of
Purchaser, acting reasonably, and such condition shall not have been waived by
Purchaser or (b) Closing shall not have occurred for any other reason on or
prior to the Termination Date, Purchaser may, by notice in writing to Vendor,
terminate this Agreement and the obligations of Vendor and Purchaser under this
Agreement shall thereupon be terminated. Notwithstanding such termination,
Purchaser may bring an action pursuant to Article 7 against Vendor or
Barrick for any Loss suffered or incurred by Purchaser where the
non-performance or non-fulfilment of the relevant condition or the
non-occurrence of Closing by the Termination Date is as a result of a breach of
covenant, representation or warranty by Vendor or Barrick.

5.3                                                                               Actions
to Satisfy Closing Conditions.

(a)           General.  Each Party shall take all such actions as are
within its power and otherwise use its commercially reasonable efforts so as to
ensure compliance with the conditions set forth in this Article 5.

(b)           Requirement to Make Filings.  Vendor and Purchaser shall, as promptly as
practicable, make all filings required by them or by BGSA in order to obtain
the regulatory consents referred to in Schedules 3.1(j) and 3.3(m),
respectively, and shall respond as promptly as practicable to all requests for
additional information made by any governmental or other regulatory authority
of competent jurisdiction with respect to such regulatory consents.

(c)           In respect of the South African
Competition Authority:

(i)                                     With
effect from the Signing Date Purchaser’s legal advisors, in consultation with
Vendor’s legal advisors, shall commence the preparation and completion of all
documentation necessary to ensure the transaction contemplated in this
Agreement complies with the reporting requirements set out in the Competition
Act (the “Competition Filing”).

 30
 

(ii)                                  The
filing fee payable to the South African Competition Authorities for the
Competition Filing shall be borne by Vendor and Purchaser in equal shares.

(iii)                               Subject
to Section 5.3(c)(ii) above each party shall be responsible for their own
costs (including the costs of legal and other advisors) of and incidental to
the Competition Filing.

(iv)                              Vendor
and Purchaser shall provide Purchaser’s legal advisors all such reasonable
assistance and information as is required by such legal advisors in the
preparation and submission of the Competition Filing as and when such
assistance may be required.

(d)           Mutual Co-operation.  Vendor and Purchaser shall co-operate with
and provide all reasonable assistance to each other in order to obtain such
regulatory consents as promptly as practicable (and, in any event, prior to the
Closing Date).

(e)           Requirement to Apprise Other
Party.  Without limiting the
generality of the foregoing, each of Vendor and Purchaser shall keep the other
apprised of the steps taken or to be taken by such Party to obtain any such
regulatory consent and shall provide the other with the right to approve
documents required to be filed with Governmental Authorities in connection with
such matters and to attend all meetings and participate in all telephone and
other conversations with all relevant Governmental Authorities.  At the request of either Vendor or Purchaser,
the other shall provide to the requesting Party access to all correspondence
relating to obtaining any of such regulatory consents or satisfying any of the
conditions of closing in favour of the requesting Party.

5.4                                                                               Opportunity
to Cure.

(a)                                  Notwithstanding
any other provision of this Agreement, in the event any Party (a “Determining Party”) determines prior to the Closing Time
that any condition contained in Sections 5.1 or 5.2 will not be performed or
fulfilled at or prior to the Closing Time (a “Failure of
Condition”) by any other Party (a “Non-Performing
Party”), the Determining Party shall promptly inform the
Non-Performing Party of its determination, in which case the Non-Performing
party shall be entitled, at its option, to either cure the Failure of Condition
prior to the Closing Time or, in the event the Failure of Condition can be
rectified by the payment of money, to rectify the Failure of Condition by
paying to the Determining Party at the Closing Time the amount of money required
to place the Determining Party in the same position as it would have been had
the Failure of Condition not occurred.

(b)                                 In
the event that, within five Business Days of the date a Determining Party
notifies a Non-Performing Party in accordance with the preceding clause (a),
the Parties are unable to agree on the amount of money required to place a
Determining Party in the same position as it would have been had a Failure of 

 31
 

Condition not occurred, the matter shall be determined by arbitration,
which shall be conducted in accordance with Section 2.5(f) and 2.5(g), mutatis mutandis.

5.5                                                                               WAL
Letter.

(a)                                  In
the event that prior to the Closing Time paragraph 2 of the WAL Letter is
repudiated by WAL (in the reasonable opinion of Vendor) or is otherwise terminated,
invalidated or otherwise ceases to be an enforceable obligation of WAL, Vendor
shall be immediately entitled to terminate this Agreement and all obligations
of Barrick and Vendor hereunder unless, within 24 hours of any such
termination, Purchaser provides Vendor with evidence satisfactory to Vendor
that Purchaser will fully indemnify Vendor and BGSA for all Losses suffered by
Vendor or BGSA if this Agreement is not so terminated.

(b)                                 In
the event that prior to the Closing Time paragraph 2 of the WAL Letter is
revoked or repudiated by WAL (in the reasonable opinion of Purchaser) or is
otherwise terminated, invalidated or otherwise ceases to be an enforceable
obligation of WAL, Purchaser shall be immediately entitled to terminate this
Agreement and all obligations of Purchaser hereunder, provided that at such
time Purchaser and parties acting jointly or in concert with Purchaser do not
hold more than 50% of the outstanding shares of WAL and are able to vote such
shares or nominees of Purchaser and of parties acting jointly or in concert
with Purchaser do not represent voting control of the board of directors of
WAL.

(c)                                  Purchaser
covenants and agrees that it shall take no action, directly or indirectly, in
furtherance of any exercise by WAL of its rights under Section 14.2 of the
Joint Venture Agreement in respect of the transactions contemplated in this
Agreement.

(d)                                 Vendor
covenants and agrees to take all such actions as are necessary to ensure BGSA
does not agree with WAL to amend or withdraw the WAL Letter

ARTICLE 6

CLOSING ARRANGEMENTS

6.1                                                                               Closing
Date.

The transaction
contemplated hereby shall be completed at the Closing Time on the date (the “Closing Date”) that is five Business Days after the date
upon which the last of the conditions to Closing set forth in Sections 5.1(d)
and 5.2(d) is either satisfied or waived by Vendor or Purchaser, as applicable.

6.2                                                                               Place
of Closing.

The Closing shall take
place at the offices of Edward Nathan, Johannesburg.

 32
 

 

6.3                                                                               Delivery
of Closing Documentation to Purchaser.

At the Closing Time, the
following shall be delivered to Purchaser:

(a)                                  the
officer’s certificates to be delivered by Vendor to Purchaser pursuant to
Section 5.2;

(b)                                 certificates
representing the Purchased Shares duly endorsed for transfer to Purchaser or as
Purchaser may otherwise direct in writing prior to the Closing Time;

(c)                                  the
Purchaser LC referred to in Section 2.5(a);

(d)                                 all
other documents required to be delivered by Vendor pursuant to the provisions
of this Agreement; and

(e)                                  evidence
of repayment of the Inter-Company Loan using the proceeds of the Gold Fields
Loan.

6.4                                                                               Delivery
of Purchaser’s Closing Documentation.

At the Closing Time, Purchaser shall deliver to
Vendor:

(a)                                  the
officer’s certificates to be delivered by Purchaser to Vendor pursuant to
Section 5.1;

(b)                                 certificates
representing the Consideration Shares duly issued in the name of Vendor or as
Vendor may otherwise direct in writing prior to the Closing Time;

(c)                                  the
Vendor LC referred to in Section 2.5(b);

(d)                                 payment
of an amount equal to the Cash Consideration (less the amount of the Gold
Fields Loan) by certified cheque, bank draft or wire transfer as Vendor may in
writing direct; and

(e)                                  all
other documents and instruments required to be delivered by Purchaser pursuant
to the provisions of this Agreement;

(f)                                    evidence
of the advance by Purchaser to BGSA of the Gold Fields Loan and discharge of
the Inter-Company Loan.

6.5                                                                               Further
Assurances.

Vendor and Purchaser
covenant and agree that, from time to time before, on or after the Closing
Date, they will, at the request and expense of the requesting Party, execute
and deliver all such documents and instruments, including, all such additional
conveyances, transfers, consents and other assurances and do all such other
acts and things as the other Party, acting 

 33
 

reasonably, may from time to time request be executed
or done in order to give effect fully to any provision of this Agreement or of
any agreement or other document executed pursuant to this Agreement or any of
the respective obligations intended to be created hereby or thereby.

ARTICLE 7

INDEMNIFICATION

7.1                                                                               General
Indemnification by Purchaser.

Purchaser hereby
covenants and agrees to indemnify and save harmless Vendor or Barrick, together
with each officer, director, employee and agent of Vendor and Barrick, from and
against the following:

(a)                                  Representations,
Warranties and Covenants.  Any Loss
suffered or incurred by any of them in connection with any incorrectness in or
breach of any representation or warranty of Purchaser contained herein or in
the certificates to be delivered by Purchaser pursuant to Section 5.1 (except,
in each case, with respect to Sections 3.3(m) or 3.3(p), or any breach or
non-performance by Purchaser of any covenant to be performed by it pursuant to this
Agreement or any agreement or other instrument delivered by Purchaser as
contemplated herein.

(b)                                 Commissions.  Any commission or other remuneration payable
to any broker, agent or other intermediary who acted or purported to act on
behalf of Purchaser in connection with the transaction contemplated by this
Agreement.

(c)                                  Any
Loss, including the amount of any Remaining Value (as defined in the Joint
Venture Agreement) payable by BGSA pursuant to Section 14.2.4 of the Joint
Venture Agreement suffered or incurred by BGSA or Vendor in connection with any
direction provided by Purchaser pursuant to Section 4.5(c).

7.2                                                                               General
Indemnification by Vendor.

Vendor hereby covenants and agrees to indemnify
and save harmless Purchaser, together with each officer, director, employee and
agent of Purchaser, from and against the following:

(a)                                  Representations,
Warranties and Covenants.  Any Loss
suffered or incurred by any of them in connection with any incorrectness in or
breach of any representation or warranty of Vendor contained herein or in the
certificate to be delivered to Purchaser by Vendor pursuant to Section 5.2
(except, in each case, with respect to Section 3.1(j) or 3.1(p) or any breach
or non-performance by Vendor of any covenant to be performed by them pursuant
to this Agreement or any other agreement or instrument delivered by it as
contemplated hereunder.

 34
 

 

(b)                                 Commission.  Any commission or other remuneration payable
to any broker, agent or other intermediary who acted or purported to act on
behalf of Vendor in connection with the transaction contemplated by this
Agreement.

(c)                                  Non-Joint
Venture Business. Any Loss suffered or incurred by Purchaser in
connection with any part of the business carried on by BGSA prior to the
Closing Time that does not relate to the Joint Venture or to BGSA’s management
of its investment in the Joint Venture. 

(d)                                 Transfer
of Assets and Liabilities.  Any Loss
suffered or incurred by Purchaser in connection with any transfers of assets or
liabilities of BGSA pursuant to Section 4.15. 

(e)                                  Mine
Fire.  Any Loss suffered or incurred
by Purchaser in connection with the fire described in paragraph 2 of Schedule
3.1(p) in excess of the coverage limits for business interruption and physical
loss contained in the insurance policies for the Joint Venture.

7.3                                                                               Taxes.

Notwithstanding any other provision of this Agreement,
each Party acknowledges and agrees that it shall be solely responsible for all
of its own taxes, duties and governmental charges payable or leviable in
connection with the entering into, execution and delivery by it of this
Agreement and the performance of its obligations hereunder.

7.4                                                                               Notice
of Claim.

If a Party entitled to be
indemnified under the foregoing provisions of this Article 7 (an “Indemnified Party”) wishes to make a Claim for
indemnification hereunder against Purchaser, on the one hand, or Vendor, on the
other hand (herein called the “Indemnifying Party”),
the Indemnified Party shall promptly give written notice thereof to the
Indemnifying Party of the Claim. Such notice shall specify whether the Claim
originates with the Indemnified Party (a “Direct Claim”)
or with a third party (a “Third Party Claim”)
and shall specify with reasonable particularity (to the extent that information
is available):

(i)                                     the
factual basis for the Claim; and

(ii)                                  the
amount of the Claim or, if an amount is not then determinable, an approximate
estimate of the potential amount of the Claim, to the extent such an estimate
can reasonably be given at that time.

If through the fault of
the Indemnified Party, the Indemnifying Party does not receive notice of any
Claim in time to contest effectively the determination of any liability
susceptible of being contested, the Indemnifying Party shall be entitled to set
off against the amount claimed by the Indemnified Party the amount of any Loss
incurred by the Indemnifying Party resulting from the Indemnified Party’s
failure to give such notice on a timely basis.

 35
 

 

7.5                                                                               Direct
Claims.

With respect to any
Direct Claim, the Indemnifying Party shall have 60
days following receipt of notice from the Indemnified Party of the Claim to
make such investigation of the Claim as it considers necessary or
desirable.  For the purpose of such
investigation, the Indemnified Party shall make available to the Indemnifying
Party the information relied upon by the Indemnified Party to substantiate the
Claim, together with all such other information in the possession or control of
the Indemnified Party as the Indemnifying Party may reasonably request.  If the Parties agree at or prior to the
expiration of such 60-day period
(or any mutually agreed upon extension thereof) on the validity and amount of
such Claim, the Indemnifying Party shall immediately pay to the Indemnified
Party the full agreed upon amount of the Claim, failing which the matter shall
be determined by a court of competent jurisdiction.

7.6                                                                               Interest
on Loss.

For the purposes of
Section 7.1 and 7.2 the Losses suffered or incurred by an Indemnified Party
relating to a Direct Claim will include interest on the amount of the Loss
calculated at the prime lending rate of Citibank, New York from time to time,
compounded monthly in arrears, from the time the Loss is suffered or incurred
by the Indemnified Party to the time that the Indemnifying Party pays in full any
required indemnity payment in respect of such Direct Claim pursuant to this
Article 7 (including payment of compound interest pursuant to this Section
7.6).

7.7                                                                               Third
Party Claims.

With respect to any Third
Party Claim, the Indemnifying Party shall have the right, at its expense, to
participate in or assume control of the negotiation, settlement or defence of
the Third Party Claim and, in such event, the Indemnifying Party shall
reimburse the Indemnified Party for all the Indemnified Party’s out-of-pocket
expenses as a result of such participation or assumption.  If the Indemnifying Party elects to assume
such control, the Indemnified Party shall have the right to participate in the
negotiation, settlement or defence of such Third Party Claim and to retain
counsel to act on its behalf, provided that the fees and disbursements of such
counsel shall be paid by the Indemnified Party unless the Indemnifying Party
consents to the retention of such counsel or unless the named parties to any
action or proceeding include both the Indemnifying Party and the Indemnified
Party and representation of both the Indemnifying Party and the Indemnified
Party by the same counsel would be inappropriate due to the actual or potential
differing interests between them (such as the availability of different
defences).  If the Indemnifying Party,
having elected to assume such control, thereafter fails to defend the Third
Party Claim within a reasonable time, the Indemnified Party shall be entitled
to assume such control, and the Indemnifying Party shall be bound by the
results obtained by the Indemnified Party with respect to such Third Party
Claim.  If any Third Party Claim is of a
nature such that the Indemnified Party is required by applicable law to make a
payment to any person (a “Third Party”) with respect to the
Third Party Claim before the completion of settlement negotiations or related
legal proceedings, the Indemnified Party may make such payment and the
Indemnifying Party shall, forthwith after demand by the 

 36
 

Indemnified Party, reimburse the Indemnified Party for
such payment.  If the amount of any
liability of the Indemnified Party under the Third Party Claim in respect of
which such payment was made, as finally determined, is less than the amount
which was paid by the Indemnifying Party to the Indemnified Party, the
Indemnified Party shall, forthwith after receipt of the difference from the
Third Party, pay the amount of such difference to the Indemnifying Party.

7.8                                                                               Settlement
of Third Party Claims.

If the Indemnifying Party
fails to assume control of the defence of any Third Party Claim, the
Indemnified Party shall have the exclusive right to contest, settle or pay the
amount claimed.  Whether or not the
Indemnifying Party assumes control of the negotiation, settlement or defence of
any Third Party Claim, the Indemnifying Party shall not settle any Third Party
Claim without the written consent of the Indemnified Party, which consent shall
not be unreasonably withheld or delayed; provided, however, that the liability
of the Indemnifying Party shall be limited to the proposed settlement amount if
the consent of the Indemnified Party to the proposed settlement is unreasonably
withheld or delayed.

7.9                                                                               Co-operation.

The Indemnified Party and
the Indemnifying Party shall co-operate fully with each other with respect to
Third Party Claims, and shall keep each other fully advised with respect
thereto (including supplying copies of all relevant documentation promptly as
it becomes available).

7.10                                                                        Subrogation.

In the event that an Indemnified
Party has a right of recovery against any third party with respect to any Claim
in connection with which a payment is made to such Indemnified Party by an
Indemnifying Party, then:

(a)                                  such
Indemnifying Party shall, to the extent of such payment, be subrogated to all
of the rights of recovery of such Indemnified Party against such third party
with respect to such Claim; and

(b)                                 such
Indemnified Party shall execute all documents reasonably required and take all
action necessary to secure such rights, including, but not limited to, the
execution of such documents as are reasonably necessary to enable such
Indemnifying Party to bring suit to enforce such rights.

ARTICLE 8

PERFORMANCE GUARANTEE

8.1                                                                               Guarantee.

(a)           For valuable consideration, the receipt
and sufficiency of which are acknowledged, Barrick hereby irrevocably and
unconditionally guarantees (the “Performance 

 37
 

Guarantee”) in favour of Purchaser the due and
punctual performance and observance by Vendor of the terms,
covenants, conditions, agreements, undertakings, indemnities and obligations on
the part of Vendor to be performed or observed pursuant to this Agreement in
accordance with the terms thereof (all such terms, covenants, conditions,
agreements, undertakings, indemnities and obligations on the part of Vendor to
be performed and observed being collectively referred to below as the “Guaranteed
Obligations”).

(b)           In the event that Vendor fails in any
manner whatsoever to perform or observe any Guaranteed Obligations on its part
to be performed or observed when the same shall be required to be performed or
observed, Barrick’s sole obligation under the Performance Guarantee shall be to
cause the Guaranteed Obligations to be duly and punctually performed and
observed, including, if necessary, by providing to Vendor funds required to
perform or observe any Guaranteed Obligations to be performed or observed by
it.

(c)           Purchaser may proceed to enforce the
obligations of Barrick under the Performance Guarantee without first pursuing
or exhausting any right or remedy which Purchaser may have against Vendor or
any other Person or property.

8.2                                                                               Performance
on Demand.

The obligation of Barrick
to perform its obligations under this Article 8 shall arise, and Barrick
shall perform such obligations, immediately after written demand for same is
provided by Purchaser to Barrick.

8.3                                                                               Primary
Obligation.

If any or all of the
Guaranteed Obligations are not duly performed by Vendor and are not recoverable
under the Performance Guarantee, such Guaranteed Obligations will, as a
separate and distinct obligation, be recoverable from Barrick as primary
obligor.

8.4                                                                               Waiver
of Defences. 

Barrick’s obligations
under the Performance Guarantee are continuing, unconditional and
absolute.  The validity and
enforceability of the Performance Guarantee shall not be impaired or affected
by:

(a)                                  any
extension, modification or renewal of, or indulgence with respect to, or
substitutions for, any Guaranteed Obligations;

(b)                                 any
failure or omission to enforce any right, power or remedy with respect to any
Guaranteed Obligations;

(c)                                  any
waiver of any right, power or remedy or of any default with respect to any
Guaranteed Obligations;

 38
 

(d)                                 the
insolvency, winding-up liquidation, restructuring, dissolution or bankruptcy or
creditor proceedings or reorganisation or change in existence of Vendor;

(e)                                  any
defence, counterclaim or right of set-off;

(f)                                    any
amendment, restatement, replacement, supplement, modification or renewal of
this Agreement;

(g)                                 any
limitation of power, incapacity, or disability on the part of Vendor;

(h)                                 the
enforceability or validity as against Vendor of any Guaranteed Obligations; or

(i)                                     to
the extent permitted by law, any other circumstance that might otherwise
constitute a legal or equitable claim, discharge of rights or defence of a
guarantor or surety, other than performance of the underlying obligation.

ARTICLE 9

GENERAL

9.1                                                                               Notices.

(a)           Any notice or other communication
required or permitted to be given hereunder shall be in writing and shall be
delivered in person, transmitted by telecopy or similar means of recorded
electronic communication or sent by registered mail, charges prepaid, addressed
as follows:

(i)                                     if
to Vendor:

Barrick Gold Corporation

BCE Place

TD Canada Trust Tower

Suite 3700

161 Bay Street

Toronto, Ontario M5J 2S1

Canada

Attention:  General Counsel

Telecopier No.: + 1 416-861-9717

(ii)                                  if
to Purchaser:

Gold Fields Limited

24 St Andrews Road

Parktown, 2193

Johannesburg

Rep. of South Africa

 39
 

 

Postnet Suite 252

Private Bag X30500

Houghton, 2041

Attention:              General Counsel

Telecopier No.: +27 11 484 0590

(b)           Any such notice or other
communication shall be deemed to have been given and received on the day on
which it was delivered or transmitted (or, if such day is not a Business Day,
on the next following Business Day) or, if mailed, on the fifth Business Day
following the date of mailing; provided, however, that if at the time of
mailing or within five Business Days thereafter there is or occurs a labour
dispute or other event which might reasonably be expected to disrupt the
delivery of documents by mail, any notice or other communications hereunder
shall be delivered or transmitted by means of recorded electronic communication
as aforesaid.

(c)           Any Party may at any time change its
address for service from time to time by giving notice to the other Party in
accordance with this Section 9.1.

9.2                                                                               Consultations.

Each of the Parties shall
consult with the other Parties before issuing any press release or making any
other public announcement with respect to this Agreement or the transaction
contemplated hereby and, except as required by any applicable law or regulatory
requirement, no Party shall issue any such press release or make any such
public announcement without the prior written consent of the other Parties,
which consent shall not be unreasonably withheld or delayed.

9.3                                                                               Confidentiality
Agreements.

Effective upon Closing,
Purchaser shall be released from all obligations arising under the
Confidentiality Agreements to the extent such obligations relate to: (i)
Evaluation Material (as defined in the Confidentiality Agreement dated as of
July 19, 2006) which relates solely to the Property; or (ii) Recipient
Evaluation Material (as defined in the Confidentiality Agreement dated as of
July 19, 2006) which contains or reflects Evaluation Material (as defined in
the Confidentiality Agreement dated as of July 19, 2006) which relates solely
to the Property.

9.4                                                                               Choice
of Jurisdiction.

The Parties irrevocably
agree that the courts of the Province of Ontario are to have non-exclusive
jurisdiction to settle any disputes which may arise out of or in connection
with this Agreement and that, accordingly, any suit, action or proceedings
arising out of or in connection with this Agreement (referred to in this
Section as the “Proceedings”) may be brought in
such courts.  The Parties irrevocably
waive and covenant not to raise any objection which they may have now or
hereafter to the venue of any Proceedings in any such court, including that the
Proceedings have been brought in an inconvenient forum.

 40
 

 

9.5                                                                               Successors
and Assigns.

(a)           This Agreement shall enure to the
benefit of and shall be binding on and enforceable by the Parties and, where
the context so permits, their respective successors and permitted assigns.

(b)           No Party shall directly or indirectly
assign, transfer or otherwise convey this Agreement or its interests herein in
any manner whatsoever without the prior written consent of the other Party.

9.6                                                                               Effect
of Certificates.

All certificates provided
hereunder by a director or officer of any of the Parties shall be provided in
that person’s capacity as an officer of Vendor or Purchaser, as the case may
be, and not in that person’s personal capacity, and no such director or officer
shall incur any personal liability to the Parties under or as a result of such
certificate.

 

[REMAINDER OF PAGE INTENTIONALLY
LEFT BLANK]

 41
 

 

9.7                                                                               Counterparts.

This Agreement may be
executed in counterparts, each of which shall constitute an original and each
of which taken together shall constitute one and the same instrument.

IN WITNESS WHEREOF
this Agreement has been executed by the Parties.

	
  

  	
  PDG AUREATE LIMITED

  
	
   

  	
   

  
	
   

  	
  by

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
  by

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  BARRICK GOLD
  CORPORATION

  
	
   

  	
   

  
	
   

  	
  by

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
  by

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  GOLD FIELDS LIMITED

  
	
   

  	
   

  
	
   

  	
  by

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
  by

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

 42

Schedule 1.1(b)

Certain
Defined Terms

1.                                       For
the purposes of this Agreement, a body corporate shall be deemed to be a Subsidiary of another body corporate if, but only if:

(a)                                  it
is controlled by,

(i)                                     that
other, or

(ii)                                  that
other and one or more bodies corporate each of which is controlled
by that other, or

(iii)                               two
or more bodies corporate each of which is controlled by that other; or

(b)                                 it
is a Subsidiary of a body corporate that is that other’s Subsidiary.

2.                                       For
the purposes of this Agreement, a body corporate shall be deemed to be
controlled by another body corporate or by two or more bodies corporate if, but
only if:

(a)                                  voting
securities of the first-mentioned body corporate carrying more than 50 per cent
of the votes for the election of directors are held, other than by way of
security only, by or for the benefit of such other body corporate or by or for
the benefit of such other bodies corporate; and

(b)                                 the
votes carried by such securities are sufficient, if exercised, to elect a
majority of the board of directors of the first-mentioned body corporate.

3.                                       For
the purpose of this agreement, one body corporate shall be deemed to be
Affiliated with another body corporate if, but only if, one of them is the
Subsidiary of the other or both are Subsidiaries of the same body corporate or
each of them is controlled by the same body corporate.

4.                                       For
the purposes of the foregoing, the term “body corporate” means any corporation,
incorporated association, incorporated syndicate or other incorporated organization,
regardless of the governing jurisdiction.

Schedule
2.5(a)

Purchaser’s
Letter of Credit

DRAFT –FOR DISCUSSION PURPOSES ONLY

	
  DATE OF ISSUE:

  	
  [  ], 2006

  
	
   

  	
   

  
	
  IRREVOCABLE STANDBY LETTER OF CREDIT NO.:

  
	
   

  
	
  APPLICANT:

  	
  GOLD FIELDS LIMITED

  
	
   

  	
   

  
	
  BENEFICIARY:

  	
  BARRICK GOLD CORPORATION

  
	
   

  	
   

  
	
   

  	
  [   ]

  
	
   

  	
   

  
	
   

  	
  [   ]

  
	
   

  	
   

  
	
   

  	
  [   ], [   ]

  
	
   

  	
   

  
	
   

  	
  [SOUTH AFRICA ]

  
	
   

  	
   

  
	
  AMOUNT:

  	
  NOT TO EXCEED $100 MILLION

  
	
   

  	
   

  
	
  DATE OF EXPIRY:

  	
  JUNE 30, 2007

  

 

DEAR
SIRS:

AT
THE REQUEST OF BARRICK GOLD CORPORATION (THE “APPLICANT”), WE THE BANK OF NOVA
SCOTIA HEREBY ISSUE IN YOUR FAVOUR OUR IRREVOCABLE STANDBY LETTER OF CREDIT FOR
AN AMOUNT UP TO BUT NOT EXCEEDING USD100,000,000.00 (ONE HUNDRED MILLION UNITED
STATES DOLLARS) AVAILABLE BY YOUR DRAFTS AT SIGHT, ACCOMPANYED BY THE FOLLOWING
DOCUMENTS:

1.               EITHER:

(A)         A STATEMENT EXECUTED BY GOLD FIELDS LIMITED AND BARRICK GOLD
CORPORATION CERTIFYING THAT THE AMOUNT DRAWN UNDER THIS STANDBY LETTER OF
CREDIT IS DUE AND PAYABLE; OR

(B)           A STATEMENT EXECUTED BY AN ARBITRATOR APPOINTED PURSUANT TO SECTION 2.5
OF THE SHARE PURCHASE AGREEMENT DATED SEPTEMBER n, 2006 ENTERED INTO BETWEEN BARRICK GOLD
CORPORATION, GOLD FIELDS LIMITED AND PDG AUREATE LIMITED CERTIFYING THAT THE
AMOUNT DRAWN UNDER THIS STANDBY LETTER OF CREDIT IS DUE AND PAYABLE; AND

2.               THE ORIGINAL OF THIS STANDBY LETTER OF CREDIT

DRAFTS
DRAWN HEREUNDER MUST BEAR THE CLAUSE “DRAWN UNDER IRREVOCABLE LETTER OF CREDIT
NO.                            
ISSUED BY THE BANK OF [•][PLACE], DATED                                       .

WE
HEREBY UNDERTAKE TO HONOUR YOUR SIGHT DRAFT(S), IF PRESENTED AT OUR OFFICES
[ADDRESS] ON OR BEFORE THE EXPIRY DATE OF THIS LETTER OF CREDIT.

EXCEPT
SO FAR AS OTHERWISE EXPRESSLY STATED THIS LETTER OF CREDIT IS SUBJECT TO [•].

 2
 

Schedule
2.5(b)

Vendor’s
Letter of Credit

DRAFT –FOR DISCUSSION PURPOSES ONLY

	
  DATE
  OF ISSUE:

  	
  [  ], 2006

  
	
   

  	
   

  
	
  IRREVOCABLE STANDBY LETTER OF CREDIT NO.:

  
	
   

  
	
  APPLICANT:

  	
  BARRICK GOLD CORPORATION

  
	
   

  	
   

  
	
  BENEFICIARY:

  	
  GOLD FIELDS LIMITED

  
	
   

  	
   

  
	
   

  	
  [  ]

  
	
   

  	
   

  
	
   

  	
  [  ]

  
	
   

  	
   

  
	
   

  	
  [  ], [  ]

  
	
   

  	
   

  
	
   

  	
  [SOUTH AFRICA ]

  
	
   

  	
   

  
	
  AMOUNT:

  	
  NOT TO EXCEED $100 MILLION

  
	
   

  	
   

  
	
  DATE OF EXPIRY:

  	
  JUNE 30, 2007

  

 

DEAR
SIRS:

AT
THE REQUEST OF BARRICK GOLD CORPORATION (THE “APPLICANT”), WE THE BANK OF NOVA
SCOTIA HEREBY ISSUE IN YOUR FAVOUR OUR IRREVOCABLE STANDBY LETTER OF CREDIT FOR
AN AMOUNT UP TO BUT NOT EXCEEDING USD100,000,000.00 (ONE HUNDRED MILLION UNITED
STATES DOLLARS) AVAILABLE BY YOUR DRAFTS AT SIGHT, ACCOMPANYED BY THE FOLLOWING
DOCUMENTS:

3.               EITHER:

(A)         A STATEMENT EXECUTED BY GOLD FIELDS LIMITED AND BARRICK GOLD
CORPORATION CERTIFYING THAT THE AMOUNT DRAWN UNDER THIS STANDBY LETTER OF
CREDIT IS DUE AND PAYABLE; OR

(B)           A STATEMENT EXECUTED BY AN ARBITRATOR APPOINTED PURSUANT TO SECTION 2.5
OF THE SHARE PURCHASE AGREEMENT DATED SEPTEMBER n, 2006 ENTERED INTO BETWEEN BARRICK GOLD
CORPORATION, GOLD FIELDS LIMITED AND PDG AUREATE LIMITED CERTIFYING THAT THE
AMOUNT DRAWN UNDER THIS STANDBY LETTER OF CREDIT IS DUE AND PAYABLE; AND

 3
 

4.               THE ORIGINAL OF THIS STANDBY LETTER OF CREDIT

DRAFTS
DRAWN HEREUNDER MUST BEAR THE CLAUSE “DRAWN UNDER IRREVOCABLE LETTER OF CREDIT
NO.                           
ISSUED BY THE BANK OF NOVA SCOTIA [PLACE], DATED                                 .

WE
HEREBY UNDERTAKE TO HONOUR YOUR SIGHT DRAFT(S), IF PRESENTED AT OUR OFFICES
[ADDRESS] ON OR BEFORE THE EXPIRY DATE OF THIS LETTER OF CREDIT.

EXCEPT
SO FAR AS OTHERWISE EXPRESSLY STATED THIS LETTER OF CREDIT IS SUBJECT TO THE
UNIFORM CUSTOMS AND PRACTICE FOR DOCUMENTARY CREDITS (1993 REVISION),
INTERNATIONAL CHAMBER OF COMMERCE (ICC), PUBLICATION 500.

 4
 

Schedule
3.1(j)

Vendor’s
Regulatory Consents

1                       South
African Competition Authorities

 5

Schedule
3.1(k)

Consents
Under Contracts

1. Western Areas Limited’s rights pursuant to Section
14.2 of the Joint Venture Agreement.

Schedule
3.1 (n)

BGSA
Contracts

JV agreement (BGSA as
co-signatory) relating to shaft deepening and installation of brattice wall
with Deilmann – Haniel JV (Pty) Ltd

Electricity/power
contract with Eskom

Collective Bargaining
Contract with Unions negotiated through the South African Chamber of Mines

Schedule
3.1(p)

Absence
of Material Change

1.                                       A
skip accident occurring on May 4, 2006, at the South Deep Twin Shafts Main
Shaft rock winder.

2.                                       A
fire occurring at 95/3 West Stope on 31 August 2006, which at the Signing Date
is still burning.

3.             Mineral Resource and Mining Reserve
– Material Change December 2005

The Placer Dome Western Areas Joint Venture (South Deep Gold Mine)
undertook the re-modelling and estimation of the mineral resource and mining
reserve during the period 2005. The process resulted in the writing down of the
Dec 2004 Reserve of 55,6 Moz’s to 29,4 Moz’s and declared as at December 2005.

Due to the materiality of the South Deep resource, the re-modelling and
re-estimation process was overseen by an independent panel of experts that ensured
due process and adherence to the codes governing the correct modelling,
estimation and declaration of mineral resources and mining reserves as
recognised in South Africa and Canada. The Independent Review Panel provided
the following statement in the final report of the IRP, South Deep Gold Mine:
Independent Review Panel, Project No. 5043, Resource Reserve Audit, February
2006.

“The IRP has reviewed the data integrity, geological interpretation,
resource and reserve estimation procedures, mine design, life of mine planning
and reporting of the 2005 South Deep Mineral Resource and Mineral Reserve.

A significant program of work was undertaken by South Deep during 2005
to address concerns raised previously by Waldeck and Owen (2004) and Minter (August
2004) regarding the application of geological controls to Future Mine

(Phase I and Phase II). This has led to South Deep, on the
recommendation of the IRP, undertaking a refinement of the geological model,
which has provided geological controls and constraints to the Bayesian method
of estimation of tonnes and grade in Future Mine.

The IRP is of the opinion that there is a sound geological foundation
for the Future Mine resource and that an appropriate method has been used to
assign tonnage and grade estimates to geozones based on sedimentological and
grade characteristics.

A regional pillar optimisation study undertaken by SRK (January 2006a
and b) provided a revised pillar layout for Future Mine which reduces seismic
risk, improves regional pillar stability and recognises the presence of a weak
blocky lava in the hanging wall. The aerial extraction has decreased from some
90% to between 80 to 85% (depending on depth) which has had a disproportionate
effect on the volumetric extraction. Regional pillars now comprise 46% of the
potentially recoverable reef volume. The new geological interpretation has also
introduced a spatial element to the grade distribution and a number of pillars
are sited in high grade ore zones. The gold currently locked in pillars is 20
Moz, an increase of 58% from 2004 although this is not a true comparison as it
is based on different block models.

The introduction of open stoping has led to an increase in reserve
tonnes at a lower grade in the project areas that this has been applied to. It
is uncertain whether this is

 2
 

optimal and it is the IRP’s opinion that an appropriate comparative
study of the different mining methods would need to be made to resolve this.
The SV1 Mineral Reserve has decreased by some 2 Moz. This is due to the consideration
of updated mining costs which have led to an increase in cut-off grade. South
Deep has focused on the SV2 shaft area due to the limited time available for a
full reassessment of the entire SV1 area. The exclusion of the overbank from
the VCR Mineral Resource in Current Mine in this year’s process has led to a
lower extraction factor (43%) for Future Mine VCR than used previously.

The IRP considers the 2005 South Deep Mineral Resource and Reserve
Statements to be compliant with the South African Code for the Reporting of
Mineral Resources and Mineral Reserves (the SAMREC Code, 2000), the National Instrument
43–101 and the CIM “ Estimation of Mineral Resources and Mineral Reserves –
Best Practice Guidelines” (2003).”

Commencing with the 2006 fiscal year, BGSA has changed its accounting
policy to fully consolidate the financial results of the Joint Venture.  For prior fiscal years, BGSA’s accounts
reflected only the financial results relating to its Participating Interest in
the Joint Venture.

The Inter-Company Loan owing by BGSA is denominated in U.S.
dollars.  Exchange rate fluctuations may
increase the Rand-denominated intercompany payable receivable reflected in BGSA’s
financial statements.

 3

Schedule
3.1(r)

Taxes

1.                                       BGSA
has not filed its tax return for the 2005 financial year as the return is not
yet due.

2.                                     BGSA
has received inquiries from the South African Revenue Service regarding BGSA’s
tax returns for the 1999 to 2003 taxation years,  Copies of current correspondence with SARs
have been provided to Purchaser.

3.                                       BGSA
has advised SARS it neglected to withhold approximately Rand 1.2 million in
respect of employee stock options exercised during 2002 and 2003.

4.

Schedule
3.1(s)

Litigation

1.             Claim against Harmony for dewatering costs of Shaft 4

2.             Insurance claims for skip accident
and fire

3.                                       Notice
served by BGSA on SA government under Institution of Legal Proceedings against
an Organ of State Act, Number 40 / 2002

4.                                       WAL
encumbering of Assets

 

Schedule
3.1 (t)

Environmental
Matters

Reports
provided to Goldfields Ltd during the period of the Due Diligence carried out
on South Deep include, but were not limited to, the reports listed below:

Reports
by Johan Fourie and Associates

·                  A
PDWAJV Environmental and Cost Assessment Main 13.12.2005

·                  Appendix
A and B DME Version SD South and South Deep Liability 12.12.2005

·                  Appendix
C DME Version South Deep FAS model 13.12.2005

·                  South
Deep FAS Model 13.12.2005

·                  Summary of
Environmental Liability based on 2004 DME submission 12.12.2005

Peer
Review

·                  Environmental
Liabilities and Closing Cost Assessment by Ezendalo – July 2006

Environmental
Management Program Reports (‘EMPR’)

·                  Environmental
Management Program Report – April 1999 inclusive of all appendices, diagrams
and sections

·                  2004
Environmental Management Programme Performance Assessment (Report 168-005) Jan
2005 by Metaogo Environmental Engineers (Pty) Ltd

·                  Addendum
to the South Deep Mine Environmental Management Report (Draft Version) Project
Report No. 2020-09-268 – June 2003 by Ground Consulting Services (‘GCS’)

·                  Environmental
Management Programme Report (Updated) for South Deep Mine (Report S020-01) by
Metaogo Environmental Engineers (Pty) Ltd – August 2006

General
Documents

·                  Environmental
Water balance Analysis for South Deep (Draft Report No S020-03) by Metaogo
Environmental Engineers (Pty) Ltd – August 2006

·                  South
Deep - Surface Environmental Report – June ‘06

·                  South
Deep - Surface Environmental Management Quarterly Report – April to June ‘06

·                  Water
Use License Application for South Deep Mine incorporating an integrated water
and waste Management Plan by Metaogo Environmental Engineers (Pty) Ltd Project
Number: S020-03 – August 2006

 

·                  South Deep
Environment Management Department – Memorandum by T van Graan to Goldfields
dated 30 August ‘06 Status of Environment Applications, considerations, reviews
and audits

 2

Schedule
3.3(m)

Purchaser’s
Regulatory Consents

1.             South African Competition Authorities under the
Competition Act for the acquisition by Purchaser of the entire shareholding of
Vendor in BGSA

2.             Consent to and admission to listing
by JSE Limited of Consideration Shares

3.             Consent by South African Reserve
Bank to the acquisition by Purchaser of the shareholding of Vendor in BGSA, the
repayment of the Inter-Company Loan (plus interest) and the compensation of
Vendor for any cash call contribution to BGSA

Schedule
4.4

INDEMNIFICATION AGREEMENT

MEMORANDUM OF AGREEMENT
made as of the • day of    , 2006.

BETWEEN:

PDG
AUREATE LIMITED,

a company existing under
the laws of Mauritius,

(hereinafter referred to
as “Vendor”),

- and -

GOLD
FIELDS LIMITED,

an entity existing under
the laws of South Africa,

(hereinafter referred to
as “Purchaser”).

WHEREAS:

A.                            Pursuant to a share
purchase agreement made as of September 11, 2006 (the “Purchase
Agreement”) between Vendor and Purchaser, Vendor agreed to sell and
Purchaser agreed to purchase the Purchased Shares (as defined in the Share
Purchase Agreement); and

B.                            Section 4.4 of the
Share Purchase Agreement requires Purchaser to provide an indemnity to Vendor
as described in that Section;

NOW THEREFORE THIS
AGREEMENT WITNESSES THAT, in consideration of the sum of one dollar ($1) of
lawful money of Canada now paid by Vendor to Purchaser and for other good and
valuable consideration (the receipt and sufficiency of which are hereby
acknowledged by Purchaser), the parties hereto covenant and agree as follows:

1.              Interpretation

(a)           All capitalized terms used herein
which are not defined herein and which are defined in the Share Purchase
Agreement shall, unless the context otherwise requires, have the respective
meanings given to them in the Share Purchase Agreement.

(b)           In this agreement, words importing
the singular number only shall include the plural and vice versa, words
importing gender shall include all genders and words importing persons shall
include individuals, corporations, partnerships, associations, trusts,
unincorporated organizations, governmental bodies and other legal or business
entities of any kind whatsoever.

 

2.              Indemnity

(a)           Effective as at the Closing Time and
at all times thereafter, Purchaser agrees to indemnify and save Vendor, its
Affiliates and each of their directors, officers, employees and agents
(collectively the “Indemnified Parties”)
harmless of and from all Environmental Liabilities arising directly or
indirectly in connection with the ownership, control, possession or use of the
Property and/or the conduct of the Joint Venture or the Business before or
after the Closing Time or any other matter ancillary thereto.

(b)           The terms and conditions of this
agreement and the rights of indemnification granted herein to the Indemnified
Parties are in addition to, and not in substitution for, the terms, conditions
and rights any of such parties may have pursuant to the provisions of the Share
Purchase Agreement, including Article 7 thereof.

(c)           The provisions of Sections 7.4 and
9.3 of the Share Purchase Agreement shall apply to any Claim pursuant to the
terms of this agreement mutatis mutandis.

3.              General

(a)   Any notice or other communication required or
permitted to be given hereunder shall be given in the manner provided in the
Share Purchase Agreement.

(b)   Any party hereto may at any time change its
address for service from time to time by giving notice to the other parties
hereto in accordance with the terms hereof.

(c)   Purchaser may not assign any of its obligations
hereunder without the prior written consent of the other parties hereto.

(d)           This agreement may be executed in
counterparts, each of which shall constitute an original and each of which
taken together shall constitute one and the same instrument.

(e)           This agreement shall be governed by
and interpreted in accordance with the laws of the Republic of South Africa,
and the parties hereby irrevocably agree to the non-exclusive jurisdiction of
the High Court of South Africa (Witwatersrand Local Division) to determine any
disputes arising under this agreement.

IN WITNESS WHEREOF
this agreement has been executed by the parties.

	
  

  	
  PDG AUREATE LIMITED

  
	
   

  	
   

  
	
   

  	
  by

  	
   

  	
   

  
	
   

  	
   

  	
   Name:

  
	
   

  	
   

  	
   Title:

  

 

 2
 

 

	
  

  	
  GOLD FIELDS LIMITED

  
	
   

  	
   

  
	
   

  	
  by

  	
   

  	
   

  
	
   

  	
   

  	
   Name:

  
	
   

  	
   

  	
   Title:

  

 

 3

Schedule 5.1(e)

Matters to be Addressed in
Opinions to be

Delivered by Counsel to Purchaser

A. SOUTH AFRICAN COUNSEL OPINION

1.                                       Purchaser is a corporation incorporated and validly
subsisting under the laws of the Republic of South Africa.

2.                                       Purchaser has all necessary corporate power and
authority to execute and deliver the Share Purchase Agreement and each of the
agreements ancillary thereto and to perform its obligations thereunder.

3.                                       The execution and delivery of the Share Purchase
Agreement and each of the agreements ancillary thereto by Purchaser and the
performance of its obligations thereunder, including the allotment and issue
and sale of the Consideration Shares, and completion of the transactions
contemplated thereby will not result in the breach or violation of any of the
provisions of, or conflict with (a) the memorandum and articles of association
or by-laws of Purchaser, (b) any laws of the Republic of South Africa.

4.                                       No consent, authorization, license, franchise,
permit, approval or order of any court or governmental agency or body in the
Republic of South Africa is required to be obtained and has not been obtained
by or on behalf of Purchaser in connection with Purchaser’s execution and
delivery of the Share Purchase Agreement and each of the agreements ancillary
thereto and the performance of its obligations thereunder.

5.                                       The Share Purchase Agreement and each of the
agreements ancillary thereto have been duly executed and delivered by Purchaser
and constitute legal, valid and binding obligations of Purchaser, enforceable
against Purchaser in accordance with their respective terms.

6.                                       The
authorised share capital of Purchaser as set forth in Section 3.3(f) and all of
the Consideration Shares to be allotted and issued by Purchaser in terms of and
on the basis described in the Share Purchase Agreement have been duly and
validly authorised and issued and are not subject to further calls by
Purchaser, and the Consideration Shares are registered in the name of Vendor.

7.                                       All necessary corporate action has been taken by and
on behalf of Purchaser to duly authorize the creation and issuance of the
Consideration Shares, and the Consideration Shares have been duly authorized
and are validly issued as fully paid voting ordinary shares of Purchaser.

8.                                       No
order or resolution for the winding-up of Purchaser has been made or passed and
no judgment has been delivered declaring Purchaser insolvent or otherwise
subject to protection from its creditors.

 

9.                                       Purchaser
has the corporate power and authority to own, lease and operate its properties
and conduct its business in the Republic of South Africa.

10.                                 All
of the shares in the issued share capital of Purchaser (including the
Consideration Shares) have been duly listed and admitted for trading on the JSE
Limited.

11.                                 The
Consideration Shares when issued will rank pari
passu in all respects with the other ordinary shares of Purchaser
currently in issue and the holders thereof will not be subject to personal
liability for the obligations of Purchaser by reason only of being
shareholders, and will not, by law, be subject to any pre-emptive rights in
favour of any other shareholders of Purchaser in respect of the shares.

12.                                 The
Consideration Shares are fully transferable as described in the Share Purchase
Agreement.

13.                                 All
consents, approvals, authorisations, orders, registrations, clearances and
qualifications of or with any court or Governmental Authority or any stock
exchange authorities is required in the Republic of South Africa for the
allotment and issue of the Consideration Shares have been duly obtained or made
and are in full force and effect.

14.                                 No
consent, approval, authorisation, orders, clearances or qualification of or
with any court or Governmental Authority or any stock exchange authorities is
required in the Republic of South Africa for the allotment and issue of the
Consideration Shares by Purchaser or for the consummation by Purchaser of the
transaction contemplated in the Share Purchase Agreement, save as envisaged in
such agreement.

15.                                 All
dividends and other distributions declared and paid on the issued shares of
Purchaser may, under the Memorandum and Articles of Association of Purchaser
and the current laws and regulations of the Republic of South Africa be paid in
any currency (including United States Dollars) and may be freely transferred
out of the Republic of South Africa to Vendor or its Affiliates; and all such
dividends and/or other distributions will not be subject to withholding and/or
other taxes under the laws of the Republic of South Africa, other than
Secondary Tax on Companies, and are otherwise free and clear of any other tax,
withholding or deduction in the Republic of South Africa and without the
necessity of obtaining any governmental authorisation in the Republic of South Africa.

16.                                 No
issue or transfer taxes or duties are payable by the Vendor to any political
subdivision or taxing authority of or in the Republic of South Africa in
connection with the allotment and issue of the Consideration Shares.

17.                                 It
is not necessary that the Share Purchase Agreement, the Shares or any document
relating to the issue of the Shares be stamped with any stamp, registration or
similar tax in the Republic of South Africa.

18.                                 Under
current South African laws and regulations the holders of the Consideration
Shares will not, by virtue merely of their ownership of the Consideration
Shares, become subject to normal (income) taxation in the Republic of South
Africa.

 2
 

 

19.                                 Each
of Purchaser’s agreement to the choice of law provisions set forth in Section
1.5 of the Share Purchase Agreement will be recognised by the courts of the
Republic of South Africa subject to all the applicable pleading
requirements;  the irrevocable submission
of Purchaser to the non-exclusive jurisdiction of the courts of the Province of
Ontario in terms of Section 9.4 of the Share Purchase Agreement, the waiver by
Purchaser of any objection to the venue of a proceeding of a court of the
Province of Ontario and the agreement of Purchaser to this agreement shall be
governed by and construed in accordance with the laws of the Province of
Ontario are legal, valid and binding, and judgment obtained in a court of the
Province of Ontario arising out of or in relation to the obligations of
Purchaser under the Share Purchase Agreement would be enforceable against
Purchaser in the courts of the Republic of South Africa, subject to the
confirmation by the courts in the Republic of South Africa to such judgments
and subject to the qualifications set out above.

B. UNITED STATES COUNSEL OPINION

20.                                 Based upon the
representations, warranties and agreements of Purchaser and Vendor contained in
the Share Purchase Agreement, it is not necessary to register under the
Securities Act the offer and sale of the Consideration Shares under the
circumstances contemplated by the Share Purchase Agreement (it being expressly
understood that no opinion is expressed as to any subsequent resale of the
Consideration Shares by Vendor).

C. ONTARIO COUNSEL
OPINION

21.                                 Standard opinion given by Ontario counsel in transactions
of this nature.

 3

Schedule 5.1(f)

Form of
Release

TO:                         Each of the persons (the “Releasees”) listed on Schedule A hereto

1.                             For good and
valuable consideration the sufficiency of which is hereby acknowledged, the
undersigned hereby grants each of the Releasees a full and final release and
remises, releases, acquits and forever discharges each of the Releasees of and
from all claims, demands, complaints, proceedings, suits, debts, duties,
accounts, bonds, covenants, contracts, actions or causes of action for damages,
costs, debts, expenses and compensation whatsoever and wheresoever, of any kind
or nature and howsoever arising, whether at law or in equity, whether known or
unknown, suspected or unsuspected, and whether based in negligence or
otherwise, which the undersigned now has or hereafter can, shall or may have
for or by reason of or in any way arising out of any cause, matter or thing
whatsoever existing up to the present time.

2.                             The undersigned
further covenants and agrees not to join, assist, aid or act in concert in any
manner whatsoever with any other person, firm or corporation in the making of
any claim or demand or in the bringing of any proceeding or action in any
manner whatsoever against any of the Releasees and not to make any claim or
demand nor bring any proceeding or action in any manner whatsoever against any
person, firm or corporation who might claim contribution or indemnity from any
of the Releasees arising out of or in relation to the matters hereinbefore
remised, released, acquitted or discharged.

3.                             The provisions
hereof shall enure to the benefit of the heirs, executors, administrators and
legal personal representatives of each of the Releasees and shall be binding
upon the successors and assigns of the undersigned.

5.                             Any provision of
this Release that is prohibited or unenforceable, or is held by a court of
competent jurisdiction to be void or unenforceable, in any jurisdiction shall,
as to such jurisdiction, be ineffective to the extent of such prohibition or
unenforceability without invalidating the remaining parts, provisions,
representations or warranties herein, and any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction.

7.                             This Release shall
be governed by and interpreted in accordance with the laws of the Republic of
South Africa, other than any conflict of laws rules which might result in the
application of the laws of any other jurisdiction, and the parties hereby
irrevocably agree to the non-exclusive jurisdiction of the High Court of South
Africa (Witwatersrand Local Division) to determine any disputes arising under
this Release.

 

DATED the day of      ,
2006.

	
  

  	
  [BARRICK GOLD SOUTH AFRICA

  (PROPRIETARY) LIMITED/PLACER

  DOME – WESTERN AREAS JOINT

  VENTURE]

  
	
   

  	
   

  
	
   

  	
  by

  	
   

  	
   

  
	
   

  	
   

  	
   Name:

  
	
   

  	
   

  	
   Title:

  

 

 2

Schedule 5.2(e)

Matters to be Addressed in
Opinions to be

Delivered by Counsel to Vendor

1.                                       Each
of Barrick and Vendor (each, a “Barrick Party”)
is an entity organized and validly subsisting under the laws of its
jurisdiction of incorporation.

2.                                       Each
Barrick Party has all necessary power and authority to execute and deliver the
Share Purchase Agreement and to perform its obligations thereunder.

3.                                       All
necessary action has been taken by each Barrick Party to authorize the
execution and delivery of the Share Purchase Agreement by it and the
performance of its obligations thereunder.

4.                                       The
Purchased Shares constitute all of the shares of BGSA on closing and have been
duly issued and are outstanding as fully paid and non-assessable.

5.                                       All
necessary corporate action and proceedings have been taken to permit the due
and valid transfer of the Purchased Shares at the Closing Time from Vendor to
Purchaser and its nominee.

6.                                       The
execution and delivery of the Share Purchase Agreement by each Barrick Party
and the performance of its obligations thereunder will not result in a breach
or violation of any of the provisions of, or conflict with (a) any of its
constating documents or by-laws or (b) any laws of its jurisdiction of
incorporation or (c) the laws of the Republic of South Africa.

7.                                       No
consent, authorization, license, franchise, permit, approval or order of any
court or governmental agency or body is required to be obtained and has not
been obtained by or on behalf of Vendor in connection with the execution and delivery
of the Share Purchase Agreement and the performance of obligations thereunder.

8.                                       The
Share Purchase Agreement has been duly executed and delivered by each Barrick
Party and constitutes a legal, valid and binding obligation of each Barrick
Party enforceable against it in accordance with its terms.

9.                                       Based upon the
representations, warranties and agreements of Purchaser and Vendor contained in
the Share Purchase Agreement, it is not necessary to register under the
Securities Act the offer and sale of the Consideration Shares under the
circumstances contemplated by the Share Purchase Agreement (it being expressly
understood that no opinion is expressed as to any subsequent resale of the
Consideration Shares by Vendor).

10.                                 Under
current South African laws and regulations the holders of the Consideration
Shares will not, by virtue merely of their ownership of the Consideration
Shares, become subject to normal (income) taxation in the Republic of South
Africa.

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