Gold Fields announced today that it intends to exercise its pre-emptive right to acquire Outokumpu's 49 per cent stake in Arctic Platinum Project exploration in Finland.

Gold Fields already holds the majority share of 51 per cent, so this latest move gives the company exclusive ownership of the programme.

The Arctic Platinum Partnership agreement signed by Gold Fields and Outokumpu gave both companies the right of 'first refusal' in the event of any disposals by either company of their interest in the project.

The deal is worth $31 million, made up of $23 million in cash and Gold Fields shares to the value of $8 million.

Gold Fields senior vice president for international operations John Munro said 'by exercising this pre-emptive right Gold Fields has secured for its shareholders full control over one of the most significant pgm fields outside of South Africa.

'There are a number of development options for this project that are under review at the moment.'

The Arctic Platinum Project exploration is at an advanced stage, with around 14 million ounces of platinum group metal resources having been positively identified at the site.