2024
Gold Fields Limited
Integrated Annual Report
Cerro Corona
Cerro Corona is a gold-copper open-pit mine in northern Peru's Cajamarca region. The operation, 99.53% owned by Gold Fields, produces gold and copper concentrates for global export. As mining at Cerro Corona nears completion, the focus is shifting towards processing stockpiles and depositing tailings in the pit.
Key developments during 2024
Gold-equivalent production decreased by 28% to 173koz in 2024 from 239koz in 2023 as mining was re-sequenced to address the North wall stability in H1 2024. The lower price factor as a result of the increased gold price in relation to the copper price also had a negative impact on equivalent production in 2024.
AIC per equivalent ounce increased by 38% to US$1,585/eq-oz in 2024 from US$1,146/eq-oz in 2023 due to lower equivalent ounces sold and a lower gold inventory credit to cost, as well as a lower copper by-product credit to cost.
Total capex decreased by 24% to US$34m in 2024 from US$44m in 2023, mainly due to completing TSF construction in 2023.
FCF decreased by 11% to US$66m in 2024 from US$75m in 2023, mainly driven by lower equivalent ounces sold.
Outlook
Cerro Corona will enter its final year of mining in 2025, with gold-equivalent production anticipated to decline to 162koz. From 2026 onwards, the mine will process stockpiles, gradually reducing output until the end of the planned life of mine in 2031.
2024 performance
Deliver safe, reliable and cost-effective operations
2024 performance
- Zero fatalities or serious injuries
- TRIFR of 0.2
- Adjusted FCF of US$66m
- North Wall stability in pit addressed
Deliver positive social and environmental impact
2024 performance
- 404 employees and 1,712 contractors – 34% of our people are employed from our host community
- 28% of employees are women
- 48kt CO2e Scope 1 and 2 carbon emissions
- Approval of Environmental Impact Assessment to 2031
Grow the value and quality of our portfolio of assets
2024 performance
- Gold Mineral Reserves of 0.59Moz
- Last year of mining in 2025 before waste processing until 2031
- Exploration in vicinity ongoing, but unsuccessful to date
With active mining at Cerro Corona coming to an end in 2025, no new Mineral Reserves are being added at the mine. Mine depletion accounted for the 149koz decline in Gold Mineral Reserves to 597koz in 2024. Copper Mineral Reserves dropped by 64Mlb to 271Mlb during the year. Brownfields exploration is focused on the Nueva Esperanza project, with surface access negotiations ongoing with local communities.
Mineral Reserve reconciliation Gold (koz)
| 2025 guidance | 2024 actual | 2024 guidance | 2023 actual | |
| Gold-only production | 93koz | 88koz | 97koz | 122koz |
| Copper production | 22.0kt | 22.3kt | 24.2kt | 26.7kt |
| Gold-equivalent production | 162koz | 173koz | 197koz | 239koz |
| AIC | US$1,235/oz | US$905/oz | US$735/oz | US$536/oz |
| AIC eq-oz | US$1,730/oz | US$1,585/oz | US$1,310/oz | US$1,146/oz |
