2024
Gold Fields Limited
Integrated Annual Report
St Ives
St Ives, which is 100% Gold Fields-owned, is situated in the Eastern Goldfields region of Western Australia. The operation includes open-pit and underground mining, with processing conducted through a 4.7Mtpa plant. St Ives is a cornerstone asset in Gold Fields' portfolio, with considerable exploration potential – particularly within the Invincible Underground complex.
Key developments during 2024
Gold production decreased by 11% to 331koz in 2024 (2023: 372koz), slightly below guidance of 355koz. Production was negatively impacted in H1 2024 by a decrease in ore mined and lower grades. In addition, there was no open-pit ore during H1 2024 as activities moved to pre-stripping the Invincible Footwall South and Swiftsure open pits. St Ives also recorded a material improvement in H2 2024 (with production increasing 38% between H1 2024 and H2) as development of the open pits were completed and the pits started contributing to the mining mix.
AIC increased by 47% to A$2,885/oz (US$1,903/oz) in 2024 from A$1,958/oz (US$1,301/oz) in 2023 due to lower ounces sold, higher cost of sales before amortisation and depreciation – mainly driven by increased employee and contractor cost – and increased capex. Total capex increased by 105% to A$300m (US$198m) from A$147m (US$97m) in 2023, mainly relating to pre-stripping of the Invincible South and Swiftsure open pits, increased development and infrastructure capital at the Invincible Underground complex, and A$49m (US$32m) spent on the mine's renewable energy project. Adjusted pre-tax FCF decreased by 36% to A$228m (US$150m) in 2024 from A$354m (US$235m) in 2023 due to lower gold sold and increased capex, partially offset by a higher gold price received.
Outlook
St Ives is expected to produce 383koz in 2025 at AISC of A$2,210/oz (US$1,460/oz) and AIC of A$2,880/oz (US$1,900/oz). Sustaining capex is expected to be A$203m (US$134m) and non-sustaining capex A$229m (US$151m). Included in the non-sustaining capex is A$167m (US$110m), which will be spent on St Ives' renewable energy project.
2024 performance
Deliver safe, reliable and cost-effective operations
2024 performance
- One fatality and zero serious injuries
- TRIFR of 3.8
- Completed Swiftsure and Invincible Footwall South development
- Adjusted pre-tax FCF of A$228m (US$150m)
Deliver positive social and environmental impact
2024 performance
- 487 employees and 908 contractors – 31% of our people are employed from our host community
- 23% of employees are women
- 195kt CO2e Scope 1 and 2 carbon emissions
- A$295m (US$195m) renewables project under construction, with completion due in 2026
Grow the value and quality of our portfolio of assets
2024 performance
- Gold Mineral Resources of 2.74Moz and Mineral Reserves of 3.35Moz
- Discovered 1.4Moz of additional Mineral Resources through brownfields exploration
St Ives continued to advance its exploration efforts, with A$38.6m (US$25.4m) spent on drilling programmes. Attributable Mineral Reserves increased by 737koz (28%) to 3.3Moz, net of depletion, driven by strong results from the Invincible Underground complex, where lateral and depth extensions contributed to net Mineral Reserves growth.
Mineral Reserve reconciliation Gold (koz)
| 2025 guidance | 2024 actual | 2024 guidance | 2023 actual | ||||
| Production | AIC | Production | AIC | Production | AIC | Production | AIC |
| (koz) | (A$/oz (US$/oz)) | (koz) | (A$/oz (US$/oz)) | (koz) | (A$/oz (US$/oz)) | (koz) | (A$/oz (US$/oz)) |
| 383 | 2,880 (1,900) | 331 | 2,885 (1,903) | 355 | 2,900 (1,913) | 372 | 1,958 (1,301) |
