2024
Gold Fields Limited
Integrated Annual Report
Granny Smith
Granny Smith is a wholly owned underground gold mine operated by Gold Fields, situated in the Eastern Goldfields region of Western Australia. The Wallaby deposit underpins the mine and showcases strong geological potential for Mineral Reserve replacement. The operation processes ore through a 3.5Mtpa mill and remains a vital asset in Gold Fields' Australian portfolio, delivering stable production alongside ongoing exploration successes.
Key developments during 2024
Gold production increased by 1% to 287koz in 2024 (2023: 284koz), exceeding the original guidance by 6%. The mine benefited from consistent performance and continued Mineral Reserves replacement, with a particular focus on Zones 135 and 150 within the Wallaby underground mine.
AIC increased by 7% to A$1,925/oz (US$1,270/oz) (2023: A$1,800/oz (US$1,196/oz)), largely due to higher sales costs before amortisation and depreciation and increased capex. Total capex grew by 6% to A$122m (US$80m) (2023: A$115m (US$76m)), with funds directed towards underground development and infrastructure.
The mine generated adjusted pre-tax FCF of A$455m (US$300m), compared to A$262m (US$174m) in 2023.
Outlook
Granny Smith is expected to produce 255koz in 2025 at AISC of A$2,345/oz (US$1,550/oz) and AIC of A$2,425/oz (US$1,600/oz). Sustaining capex is expected to be A$167m (US$110m) and non-sustaining capex A$16m (US$11m).
For 2025, the focus will be on continued underground development and further extensions of the Wallaby deposit. Near-mine exploration will remain a priority to support long-term mine life extension.
2024 performance
Deliver safe, reliable and cost-effective operations
2024 performance
- Zero fatalities or serious injuries
- TRIFR of 4.1
- Adjusted pre-tax FCF of A$455m (US$300m)
Deliver positive social and environmental impact
2024 performance
- 590 employees and 264 contractors
- 16% of employees are women
- 119kt CO2e Scope 1 and 2 carbon emissions
- Commenced construction of additional 11MW solar and 9MW battery energy storage system
Grow the value and quality of our portfolio of assets
2024 performance
- Gold Mineral Resources of 3.89Moz and Mineral Reserves of 2.39Moz
Gold Fields invested A$15.8m (US$10.4m) in near-mine exploration at Granny Smith during 2024, successfully maintaining Mineral Reserves at 2.4Moz, net of depletion.
Mineral Reserve reconciliation Gold (koz)
| 2025 guidance | 2024 actual | 2024 guidance | 2023 actual | ||||
| Production | AIC | Production | AIC | Production | AIC | Production | AIC |
| (koz) | (A$/oz (US$/oz)) | (koz) | (A$/oz (US$/oz)) | (koz) | (A$/oz (US$/oz)) | (koz) | (A$/oz (US$/oz)) |
| 255 | 2,425 (1,600) | 287 | 1,925 (1,270) | 270 | 1,935 (1,277) | 284 | 1,800 (1,196) |
