2024
Gold Fields Limited
Integrated Annual Report
Agnew
Agnew is a wholly owned underground gold mine operated by Gold Fields, located in the northern Goldfields region of Western Australia. The operation includes several underground mining areas and processes ore through a 1.35Mtpa plant. Agnew boasts a strong history of Mineral Reserves replacement and remains an essential component of Gold Fields' Australian operations portfolio.
Key developments during 2024
Agnew's production decreased by 6% to 230koz in 2024 (2023: 245koz) mainly due to the completion of the Barren Lands open pit in 2023, which contributed 13koz during that year. AIC increased by 16% to A$2,240/oz (US$1,477/oz) in 2024 from A$1,939/oz (US$1,288/oz) in 2023 due to higher cost of sales before amortisation and depreciation as a result of increased underground ore production and increased employee and contractor cost. AIC was further impacted by increased capex and lower gold sold.
Total capital investment increased by 4% to A$110m (US$72m) (2023: A$106m (US$70m)), with work on the Barren Lands/Redeemer complex in progress.
Despite the decrease in production, Agnew generated adjusted pre-tax FCF of A$329m (US$217m) compared to A$222m (US$148m) in 2023.
Outlook
Production at Agnew is projected to increase to 250koz in 2025. AISC and AIC are expected to be A$1,850/oz (US$1,220/oz) and A$2,195/oz (US$1,450/oz), respectively. Key priorities for 2025 include expanding the Redeemer complex and evaluating further underground extensions.
2024 performance
Deliver safe, reliable and cost-effective operations
2024 performance
- Zero fatalities or serious injuries
- TRIFR of 8.7
- Adjusted pre-tax FCF of A$329m (US$217m)
Deliver positive social and environmental impact
2024 performance
- 337 employees and 537 contractors
- 21% of employees are women
- Indigenous representation of 3.5%, in line with target
- 74kt CO2e Scope 1 and 2 carbon emissions
- Fostering relations with Tjiwarl Traditional Owners
Grow the value and quality of our portfolio of assets
2024 performance
- Gold Mineral Resources of 1.55Moz and Mineral Reserves of 0.97Moz
- Delivery of Barren Lands and Redeemer complexes on track
Agnew continued to showcase robust Mineral Reserves growth, with a 12% increase in attributable Mineral Reserves to 1.0Moz, net of depletion. Near-mine exploration remained a priority, with A$23.1m (US$15.2m) spent on drilling programmes.
Mineral Reserve reconciliation Gold (koz)
| 2025 guidance | 2024 actual | 2024 guidance | 2023 actual | ||||
| Production | AIC | Production | AIC | Production | AIC | Production | AIC |
| (koz) | (A$/oz (US$/oz)) | (koz) | (A$/oz (US$/oz)) | (koz) | (A$/oz (US$/oz)) | (koz) | (A$/oz (US$/oz)) |
| 250 | 2,195 (1,450) | 230 | 2,240 (1,477) | 235 | 2,110 (1,393) | 245 | 1,939 (1,288) |
