2024
Gold Fields Limited
Integrated Annual Report
Windfall project
Windfall is a high-grade underground gold project located in Québec, Canada, one of the world's premier mining jurisdictions. In October 2024, Gold Fields acquired 100% of Osisko Mining to secure full ownership of Windfall. The project, currently in the advanced development stage, will become a cornerstone of Gold Fields' portfolio as it progresses to production.
Key developments during 2024
Gold Fields first acquired 50% of the Windfall project in Québec, Canada in May 2023 by entering into a 50/50 JV with Osisko Mining. In October 2024 Gold Fields completed a transaction to acquire 100% of the outstanding shares of Osisko Mining, paying C$2.02bn (US$1.45bn) net of cash received, in settlement of the transaction. The transaction consolidates 100% ownership of the Windfall project and its entire exploration district (approximately 2,500km2) in Québec, Canada. It also eliminated our obligation of a C$300m deferred cash payment and the C$75m exploration commitment, which formed part of the original JV agreement.
At steady state, Windfall is expected to add 300koz per annum to Gold Fields' production profile at an AIC and AISC that is materially lower than the Group average – improving our position on the industry cost curve.
Key members of the Windfall team were retained through the transaction, and integration work is underway. Engagements for the execution of an Impact and Benefits Agreement with the Cree First Nation of Waswanipi and the Cree Nation Government are also ongoing.
Outlook
We are focusing on obtaining the required environmental approvals and a Board investment decision to support full scale construction and mining, which we expect to receive in H2 2025. We are also progressing the engineering work required ahead of a final investment decision expected in Q1 2026. Construction of the processing plant is expected to take approximately 18 to 24 months, which will result in first production in 2028, this being the first year of meaningful contribution from Windfall.
2024 performance1
Deliver safe, reliable and cost-effective operations
2024 performance
- Zero fatalities or serious injuries
- Key members of Windfall leadership team retained
Deliver positive social and environmental impact
2024 performance
- 203 employees and 379 contractors
- 25% of employees are women
- 100% of electricity is sourced from hydropower
- Work ongoing on Impact and Benefits Agreement with the Cree First Nation of Waswanipi
Grow the value and quality of our portfolio of assets
2024 performance
- To be declared in Gold Fields' 2025 Mineral Resources and Mineral Reserves statement following an updated feasibility study, environmental permitting process and Board approval
- Drilling at the Quévillon and Phoenix JV projects progressing
| 1 | Since Windfall is still a project, non-financial data is not assured |
