2024
Gold Fields Limited
Integrated Annual Report
Damang
Damang is a Gold Fields-managed gold mine in Ghana's Tarkwa-Damang Gold Belt. Gold Fields holds 90%, with the Ghanaian government owning the remaining 10%. Historically an open-pit operation, Damang has transitioned to processing stockpiles following the completion of active mining.
Key developments during 2024
Gold production at Damang decreased by 12% to 135koz (2023: 153koz), though this was 8% higher than guidance of 125koz. Reduced production was in line with the LOM plan for Damang, which ceased mining and moved to only processing stockpiles during 2024.
AIC increased by 19% to US$2,002/oz in 2024 from US$1,679/oz in 2023 due to lower gold sold and a higher gold inventory charge in 2024. Total capex remained flat at about US$5m and related to spend on the Far East Tailings Storage Facility raise.
Adjusted FCF at Damang increased by 235% to US$138m in 2024 from US$41m in 2023 mainly due to higher revenue resulting from higher gold price and no in-pit mining activity in 2024.
Outlook
While Damang continues to contribute good cash-flow to the Group, we are assessing ways to optimise value for stakeholders, including options to realise the value of the remaining resource. In December 2024, we applied for an extension of the Damang mining lease, which is due to expire in April 2025. Our application was in accordance with applicable law, however, in March 2025 we received notification that the extension application was rejected. Gold Fields is pursuing all avenues to seek reversal of this decision and to, ultimately, obtain an extension of the Damang mining lease, including through international arbitration, if required. As such, Gold Fields believes the Damang mine continues to be a going concern, and will continue to operate through the processing of the remaining stockpiles under the current LOM plan (see the Annual Financial Report).
2024 performance
Deliver safe, reliable and cost-effective operations
2024 performance
- Zero fatalities or serious injuries
- TRIFR of 0.7
- Adjusted FCF of US$138m
Deliver positive social and environmental impact
2024 performance
- 204 employees and 1,248 contractors – 75% of our people are employed from our host community
- 12% of employees are women
- Engaging with communities and local government on increasing number of galamsey incursions
Grow the value and quality of our portfolio of assets
2024 performance
- Gold Mineral Resources of 3Moz
- Exploration work on smaller pits being conducted
No Mineral Reserves were declared for 2024, as the remaining stockpiles do not meet Gold Fields' current conservative Mineral Reserves economic criteria. The mine has Gold Mineral Resources of 3Moz.
| 2025 guidance | 2024 actual | 2024 guidance | 2023 actual | ||||
| Production | AIC | Production | AIC | Production | AIC | Production | AIC |
| (koz) | (US$/oz) | (koz) | (US$/oz) | (koz) | (US$/oz) | (koz) | (US$/oz) |
| 85 | 2,340 | 135 | 2,002 | 125 | 2,030 | 153 | 1,679 |
