Gold Fields

Gold Fields Limited is a globally diversified gold mining company with operations across six countries, producing over 918,000 ounces of gold equivalent in the first half of 2024. Headquartered in South Africa, Gold Fields operates a range of major gold mining assets, including eight mines and two development projects spanning Australia, South Africa, Ghana, Peru, and Chile. Gold Fields has built a reputation as a leader in the gold mining industry, driven by its commitment to high standards of safety, operational efficiency, and environmental stewardship.

The company’s flagship projects include Salares Norte in Chile, which commenced gold production in 2024, and the South Deep mine in South Africa, one of the world’s largest gold deposits. With total attributable gold equivalent production expected to range from 2.05 to 2.15 million ounces by the end of 2024, Gold Fields is well-positioned as one of the top gold producers globally. Additionally, Gold Fields maintains a strong focus on sustainability, aiming for net zero emissions by 2050 and implementing renewable energy solutions across its mining operations.

Gold Fields is listed on the Johannesburg Stock Exchange (JSE: GFI), New York Stock Exchange (NYSE: GFI), and the Ghana Stock Exchange, offering investors exposure to a high-quality gold asset portfolio managed by a skilled team with decades of experience in mining, sustainability, and financial management.

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Gold Fields Limited presents a robust investment opportunity with its strategically diversified portfolio of high-quality, long-life gold assets located in stable, mining-friendly jurisdictions. With 2024 production guidance between 2.05 and 2.15 million ounces and significant cash flow potential, Gold Fields leverages its large-scale operations to maintain a competitive cost profile in the global gold mining industry.

The newly operational Salares Norte project in Chile and recent developments in the Tarkwa/Iduapriem joint venture in Ghana position Gold Fields for strong growth and value generation. Salares Norte alone is expected to be a cornerstone asset with peak annual production anticipated to contribute substantially to the company’s overall output. Additionally, Gold Fields’ robust infrastructure and established operations in Australia—including the Gruyere and Granny Smith mines—further bolster its production base, allowing the company to deliver consistent performance with reduced capital requirements.

Aligned with global trends toward sustainable resource development, Gold Fields is advancing an ambitious Environmental, Social, and Governance (ESG) agenda. The company is dedicated to achieving carbon neutrality by 2050, already implementing renewable energy projects, including solar and microgrids, at its Australian sites. This commitment to responsible mining and strong community relationships positions Gold Fields as an industry leader in sustainable operations.

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Gold Fields Limited is guided by an experienced and dedicated management team with deep expertise across mining operations, project development, sustainability, and financial management. Led by CEO Mike Fraser, who brings over 20 years of leadership experience in global mining and resource sectors, the team is focused on delivering operational excellence and sustainable growth across Gold Fields’ asset portfolio.

The company’s financial strategy is overseen by Alex Dall, Chief Financial Officer (Interim). Dall joined Gold Fields in 2014, focusing on SOX and technical accounting work in the Finance Department. After gaining wider experience, he was promoted to VP Corporate Finance in 2022, responsible for the funding requirements of the Group. 

Operational and technical leadership is provided by Martin Preece, COO, whose extensive operational expertise has strengthened the performance and future potential of the South Deep mine. With a focus on sustainable mining practices, Preece is dedicated to enhancing the long-term value of Gold Fields’ South African assets.

Together, the management team and Board are dedicated to advancing Gold Fields’ strategic objectives while delivering value to shareholders through a focus on safety, sustainability, and operational excellence.

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Gold Fields Limited is committed to a growth strategy that emphasizes sustainable production, operational efficiency, and expanding its portfolio of high-quality gold assets in top-tier mining regions. With a diverse range of assets across six countries, the company is focused on advancing its flagship projects, maximizing resource potential, and achieving its target of over 2 million ounces of attributable production in 2024.

Key to this strategy is the recent commissioning of the Salares Norte project in Chile, which is expected to become a cornerstone of Gold Fields’ production. As ramp-up progresses, Salares Norte will contribute significantly to the company’s overall output and cash flow, supporting its objective of long-term growth in low-cost, high-margin ounces.

In South Africa, Gold Fields is implementing an operational recovery plan at South Deep, the world’s second-largest gold deposit, which is expected to enhance production efficiency and extend the mine’s life. The company is also advancing the Tarkwa/Iduapriem joint venture in Ghana in partnership with AngloGold Ashanti, which, upon completion, will consolidate one of West Africa’s largest gold-producing complexes and strengthen Gold Fields' position in the region.

Gold Fields Limited maintains a strong financial foundation supported by a diverse, capital-efficient asset base and disciplined cost management. As of 2024, the company holds a robust position, with net debt of $1.153 billion and a manageable net debt-to-EBITDA ratio of 0.53x. The repayment of a $500 million bond earlier this year underscores Gold Fields' commitment to maintaining a flexible and healthy balance sheet that supports strategic investments in key projects.

In the first half of 2024, Gold Fields achieved an adjusted free cash flow from operations of $321 million, driven by consistent production across its global operations, including significant contributions from Australia and Ghana. The newly commissioned Salares Norte project in Chile and a recovery plan at South Deep are expected to enhance cash flow in the second half of the year as production scales up.

The company’s all-in sustaining costs (AISC) in H1 2024 rose year-over-year to $1,745/oz due to inflationary pressures and weather-related production impacts, with full-year guidance for AISC set between $1,580 and $1,670/oz. Gold Fields anticipates stronger financial performance in H2 2024, with unit costs expected to improve as production increases.

Gold Fields continues to pursue a balanced capital allocation strategy, focusing on sustainable investments in growth, funding renewable energy projects, and advancing its flagship projects like Salares Norte. The company’s commitment to shareholder returns is reflected in its dividend policy, with an interim dividend of R3/share in 2024, representing a 40% payout of normalized earnings.

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Gold Fields Limited stands at the forefront of the global gold mining industry, leveraging a portfolio of high-quality assets, a disciplined growth strategy, and a commitment to sustainable mining practices. With operations spanning six countries and an expanding production base, Gold Fields is positioned to deliver consistent value to shareholders through disciplined cost management, advanced project development, and responsible environmental stewardship.

The company’s focus on operational excellence and safety, combined with its ambitious Environmental, Social, and Governance (ESG) initiatives, positions Gold Fields as a leader in sustainable resource extraction. Major projects like Salares Norte and the Tarkwa/Iduapriem joint venture in Ghana exemplify the company’s drive to unlock value in mining-friendly jurisdictions, ensuring long-term profitability and growth.

With an experienced management team, a balanced capital allocation framework, and a clear path to achieving net zero emissions by 2050, Gold Fields offers investors an opportunity to participate in a large-scale, de-risked mining portfolio with a strong growth trajectory. For those seeking exposure to gold in a diversified, stable, and future-focused company, Gold Fields Limited presents an attractive investment choice poised to meet the demands of a dynamic global market.

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