Gold Fields Ltd. will combine its international assets with Iamgold Corp. of Toronto in a $2.1 billion stock-based deal, the companies said Wednesday.

Under the deal with Iamgold, Johannesburg-based Gold Fields will own about 70% of the equity of the new company, to be renamed Gold Fields International Ltd. Current Iamgold shareholders will own the remaining 30% and receive a cash dividend of 50 cents Canadian per share.

Iamgold will purchase the assets of Gold Fields located outside of the South African Development Community region by the issuing about 351.7 million ordinary shares.

The venture will have stakes in six operating mines and a portfolio of exploration and development projects from both companies in Africa, Australia, Europe, and North and South America.

Golden Star Resources offered to buy Iamgold in a share-for-share deal valued at about $883 million in late May. Its offer expires Aug. 16.

The transaction, subject to the approval of shareholders of Gold Fields and Iamgold, regulatory clearances, and third-party consents, is expected to close this year.

The combined company will have listings on the Toronto Stock Exchange and the American Stock Exchange.

JCK