The world's No. 4 gold producer, Gold Fields, recently specified that in order to profit from its mineral resource in Mali, it would buy Dublin-based exploration company Glencar for 28 million pounds ($46.29 million).

The offer is subject to approval by a minimum 80% of Glencar's shareholders.

On Friday, Gold Fields said that once the offer is accepted, every Glencar shareholder would get 9 pence sterling for every share in the company.

Chief Executive Nick Holland said in a statement: "We like Mali and this acquisition forms part of our strategy to grow our presence and footprint in the West African region."

Komana project in Mali is Glencar's principal benefit, with an indicated and inferred mineral resource of 1,250,000 ounces of gold; situated within 150 metres of the surface.