Gold Fields said on Friday it would exercise its option to take a 60 percent stake in an undeveloped gold-copper deposit in the Philippines.

It is anticipated that Gold Fields will exercise the option and make payment of the final installment of $220 million to acquire 60 percent, the company said in a results presentation.

Gold Fields reported a 26 percent rise in quarterly earnings on Friday, in line with expectations as its results were lifted by a favorable exchange rate.