Gold Fields Ltd. sold its 9.9% interest in Gold Road Resources for a total gross consideration of A$126.3 million (US$85.5 million). The share sale, carried out by Gold Fields’ wholly-owned Australian subsidiary Gruyere Holdings, was conducted via an underwritten book-build process led by Macquarie Capital after the ASX market closed on August 22.

The sale is part of Gold Fields’ broader debt-reduction strategy and capitalizes on significant gains from its original share investments in Gold Road in 2017, the company said. Gold Fields acquired a total of 87.1 million Gold Road shares in March and May 2017 for a total consideration of A$71 million.

The sale follows Gold Fields’ disposals of other non-core listed investments this year, namely its 19.9% shareholding in Maverix Metals, which it sold for US$68 million, and a 19.9% shareholding in Red 5, which sold for A$30 million.

Similar to these two deals, the funds from the Gold Road stake will be used to strengthen Gold Fields’ balance sheet by paying down its debt, the company said.

Gold Fields said it remains fully committed to its 50% interest in the Western Australia-Gruyere Joint Venture with Gold Road. As manager and operator of the Gruyere Project, Gold Fields said it was pleased the ramp-up of the Gruyere process plant is continuing to progress well, with key milestones being met. The plant is expected to achieve nameplate capacity in the next six to seven months.