2024
Gold Fields Limited
Integrated Annual Report
Tarkwa
Tarkwa is a large-scale open-pit gold mine situated in Ghana's Tarkwa Basin. Gold Fields holds 90%, with the Ghanaian government owning the remaining 10%. Tarkwa is a cornerstone Gold Fields asset, consistently meeting production targets and generating good cash-flow. The mine operates several open pits and processes ore using a conventional carbon-in-leach plant.
Key developments during 2024
Gold production decreased by 3% to 537koz in 2024 from 551koz in 2023, mainly due to planned lower mined grade. Yield decreased by 8% to 1.12g/t in 2024 from 1.22g/t in 2023 due to lower feed grade as a result of the increased contribution from lower grade stockpiles.
AIC increased by 26% to US$1,629/oz in 2024 from US$1,293/oz in 2023 due to lower gold ounces sold and higher cost of sales before amortisation and depreciation – which includes a non-cash gold inventory charge to cost of US$41m in 2024 compared to a credit to cost of US$53m in 2023.
Total capex decreased by 5% to US$207m in 2024 from US$216m in 2023, mainly due to a reduction in infrastructure relocation and study costs.
Adjusted FCF increased by 14% to US$225m in 2024 from US$196m in 2023, driven by the higher gold price received, partially offset by additional tonnes mined, royalties, taxes and change in working capital.
In March 2023, Gold Fields announced a proposed JV between Tarkwa and AngloGold Ashanti's neighbouring Iduapriem mine. Despite constructive engagement with the Ghanaian government, the requisite approvals for the proposed JV have not yet been obtained. Following the recent national elections, Gold Fields and AngloGold Ashanti are working to engage the new government on progressing the potential JV.
Outlook
Production at Tarkwa is anticipated to decrease to 488koz in 2025, as the mine advances a stripping programme. AISC and AIC are expected to be US$1,855/oz. Advancing the Tarkwa/Iduapriem JV remains a key deliverable for 2025.
2024 performance
Deliver safe, reliable and cost-effective operations
2024 performance
- Zero fatalities and two serious injuries
- TRIFR of 0.6
- Adjusted FCF of US$225m
Deliver positive social and environmental impact
2024 performance
- 568 employees and 5,092 contractors – 71 % of our people are employed from our host community
- 12% of employees are women
- Engaging with communities and local government on increasing number of galamsey incursions
- Completed transition of TSF 2 to a downstream-raised facility; TSF 1 to be completed in 2026
Grow the value and quality of our portfolio of assets
2024 performance
- Gold Mineral Resources of 3.84Moz and Mineral Reserves of 3.84Moz
- Engagement with new Ghanaian government on proposed Tarkwa/Iduapriem JV commenced
Tarkwa's Mineral Reserves during 2024 declined by 508koz to 3.84Moz, largely due to mine depletion. Exploration activities are currently focused on the Kottraverchy North pit and at Kottraverchy Underground, though this is unlikely to add to Mineral Resources in the near future. Exploration is also planned at Greater Kobada, with geophysical surveys planned for Fanti North and Samahu.
Mineral Reserve reconciliation Gold (koz)
| 2025 guidance | 2024 actual | 2024 guidance | 2023 actual | ||||
| Production | AIC | Production | AIC | Production | AIC | Production | AIC |
| (koz) | (US$/oz) | (koz) | (US$/oz) | (koz) | (US$/oz) | (koz) | (US$/oz) |
| 488 | 1,855 | 537 | 1,629 | 540 | 1,480 | 551 | 1,293 |
