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Miner Gold Fields said on Tuesday it has inked a deal for a 50-50 joint venture with Osisko Mining to develop the underground Windfall Project in Québec, Canada.
Under a feasibility study, the total capital expenditure of the project is about C$1.1 billion (R15 billion), with Windfall having an estimated life of mine of 10 years, mineral reserves of 3.2 million ounces, and average production of 294 000 ounces.
Gold Fields, valued at about R294 billion on the JSE, produced 2.4 million ounces in its 2022 year.
The transaction details include a cash payment of C$300 million paid upon signing, along with another payment of the same amount once key permits are secured from Canadian authorities.
Under the Partnership, Gold Fields has also acquired a 50% up-front vested interest in Osisko's highly prospective Urban Barry and Quévillon district exploration camps, totaling approximately 2,400 square kilometers, which will be co-explored and co-developed under the partnership.
The group's shares were little changed on Tuesday, but are up almost by almost 54% so far in 2023.
