2024
Gold Fields Limited
Integrated Annual Report
Gruyere
Gruyere is a 50/50 JV between Gold Fields and Gold Road Resources in Western Australia’s Yamarna Belt. The mine operates on a large scale as a low-grade open-pit operation, with ore processed through a 9.6Mtpa carbon-in-leach plant. Since its first gold pour in 2019, Gruyere has consistently contributed steadily to the Group’s Australian portfolio.
Key developments during 2024
Production (on a 100% basis) decreased by 11% to 287koz in 2024 (2023: 322koz). Gruyere was affected by significant rainfall in March 2024, which damaged and closed the roads providing primary access to the mine. As a result, deliveries of diesel and consumables were limited and mining activity and ore processing temporarily ceased during March and April. There was a material turnaround during H2 2024, with gold production increasing by 26% compared to H1 2024.
AIC increased by 38% to A$2,474/oz (US$1,632/oz) in 2024 (2023: A$1,792/oz (US$1,190/oz)), mainly due to increased capex and lower gold sold. Total capex (on a 50% basis) increased by 66% to A$129m (US$85m) in 2024 (2023: A$78m (US$52m)), due to pre-stripping of stages four and five of the Gruyere open pit. Gruyere generated adjusted pre-tax FCF (on a 50% basis) of A$186m (US$123m) in 2024 (2023: cash-flow of A$178m (US$118m)).
Outlook
Gruyere is expected to produce 325koz – 355koz (100% basis) in 2025 at AISC of between A$2,485/oz – A$2,715/oz (US$1,640/oz – US$1,790/oz) and AIC of between A$2,500/oz – A$2,730/oz (US$1,650/oz – US$1,800/oz). Gold Fields’ share (50%) of sustaining capex is estimated to be A$192m (US$127m) with no non-sustaining capex budgeted for the year.
The mine will continue open-pit operations while evaluating underground opportunities to extend mine life. A 60,000m drilling programme started in early 2025, targeting underground mining potential.
In March 2025, Gold Fields provided a non-binding, indicative and conditional proposal to Gold Road Resources’ Board of Directors to acquire 100% of Gold Road’s share capital. The proposed acquisition would consolidate Gold Fields’ ownership of Gruyere. The proposal was rejected by the Gold Road Board (Annual Financial Report).
2024 performance
Deliver safe, reliable and cost-effective operations
2024 performance
- Zero fatalities or serious injuries
- TRIFR of 8.4
- Adjusted pre-tax FCF (on a 50% basis) of A$186m (US$123m)
Deliver positive social and environmental impact
2024 performance
- 202 employees and 692 contractors
- 23% of employees are women
- 231kt CO2e Scope 1 and 2 carbon emissions
Grow the value and quality of our portfolio of assets
2024 performance
- Gold Mineral Resources of 1.80Moz and Mineral Reserves of 1.73Moz
Gold Fields invested A$2.8m (US$1.8m) in near-mine exploration at Gruyere during 2024, concentrating on extensions at-depth and evaluating pit expansion and underground potential. Attributable Mineral Reserves fell by 6% to 1.7Moz, which aligns with expectations and the LOM plan. Mineralisation continues at-depth and we are reviewing the potential for moving underground in the future.
Mineral Reserve reconciliation Gold (koz)
| 2025 guidance | 2024 actual | 2024 guidance | 2023 actual | ||||
| Production | AIC | Production | AIC | Production | AIC | Production | AIC |
| (koz) | (A$/oz (US$/oz)) | (koz) | (A$/oz (US$/oz)) | (koz) | (A$/oz (US$/oz)) | (koz) | (A$/oz (US$/oz)) |
| 163 – 178 | 2,500 – 2,730 | 144 | 2,474 (1,632) | 150 – 168 | 2,080 – 2,310 | 161 | 1,792 (1,190) |
| (1,650 – 1,800) | (1,370 – 1,525) | ||||||
