Gold Fields 2024 : A watershed year for sustainable growth in Canada
Montréal, February 20, 2025—Gold Fields Limited (“Gold Fields” or the “Company”) filed its financial statements for 2024. The mining company has achieved several significant milestones last year in boosting its long-term growth prospects, including laying the foundations for a strong Québec structure with the acquisition of Osisko Mining in October 2024. The acquisition of projects in new jurisdictions, such as the Windfall Project in Northern Québec, demonstrates the Company’s commitment to continually improve its investment portfolio.
The improved operational performance in the second half of 2024 resulted in strong financial results, allowing Gold Fields to declare a final dividend of 700 South African cents per share, an increase of 67% over last year’s final dividend. This brings the total dividend for 2024 to 1,000 South African cents per share, representing a distribution rate of 40% of normalized earnings and a dividend yield of 3.58%. The strong growth momentum continued in the early part of the year, positioning the Corporation’s portfolio for a significant operational and financial improvement in 2025.
Windfall acquisition increases the value and quality of Gold Fields’ portfolio
In October 2024, Gold Fields entered a transaction to acquire 100% of the outstanding shares of Osisko Mining, for a price of C$2.02bn. This acquisition provided Gold Fields with a 100% interest in the Windfall Project.
The main objective for the Windfall Project during 2025 is to obtain the environmental approvals required to support large-scale construction and mining. The Corporation is also advancing the necessary engineering work for a final investment decision expected in the first quarter of 2026. Construction of the project’s infrastructure is expected to take approximately 18 to 24 months, with production expected to begin in 2028, marking Windfall’s first year of significant contribution. Once in stable production, Windfall is expected to add 300,000 ounces of gold per year to Gold Fields’ total production with a significantly reduced cost profile.
2025 Outlook
Gold Fields is pleased to have several key members of the original Windfall project team on board. Mike Fraser, Gold Fields CEO, said: “Gold Fields is in a unique position. In addition to having high-quality production assets, the company offers attractive short-term growth and a solid portfolio of development and exploration projects. We expect to create additional value in 2025 as the Windfall project progresses towards a final investment decision.”
These strategic advances, coupled with a program to optimize operating costs, positions the company for sustainable growth and increased returns for shareholders. For 2025, Gold Fields is guiding for production of 2.25Moz – 2.45 Moz (2023: 2.07Moz) at All-in Sustaining Cost of US$1,500/oz—US$1,650/oz (2023: US$1,629/oz).
To find out more about Gold Fields’ 2024 financial year results, see the CEO Statement attached and find the full results release at www.goldfields.com.
Forward-looking statements
This announcement contains forward-looking statements. All statements other than statements of historical fact included in this announcement may be forward-looking statements. Forward-looking statements may be identified by the use of words such as “aim”, “anticipate”, “will”, “would”, “expect”, “may”, “could”, “believe”, “target”, “estimate”, “project” and words of similar meaning.
These forward-looking statements, including among others, those relating to Gold Fields’ future business strategy, development activities (including the permitting and development of the Windfall Project) and other initiatives, business prospects, financial positions, production and operational guidance are necessary estimates reflecting the best judgment of the senior management of Gold Fields and involve a number of risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances and should be considered in light of various important factors, including those set forth in Gold Fields’ Integrated Annual Report 2023 filed with the Johannesburg Stock Exchange and annual report on Form 20-F filed with the United States Securities and Exchange Commission (SEC) on 28 March 2024 (SEC File no. 001–31318).
Readers are cautioned not to place undue reliance on such statements. These forward-looking statements speak only as of the date they are made. Gold Fields undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this announcement or to reflect the occurrence of unanticipated events. These forward-looking statements have not been reviewed or reported on by the Company’s external auditors.
MEDIA INFORMATION AND REQUESTS (for Canada):
Jean-François Belleau
Jean-francois.belleau@goldfields.com
418-953-7384
MEDIA INFORMATION AND REQUESTS (for Gold Fields Group):
Sven Lunsche
+27 83 260–9279