MONTRÉAL, Oct. 28,
2024 /CNW/ - Gold Fields Limited (JSE:
GFI) (NYSE: GFI) is pleased to announce the
completion of the acquisition of Osisko Mining following receipt of
all necessary regulatory approval and support from shareholders for
the transaction at the Osisko Mining shareholder meeting on
October 17, 2024.
This acquisition grants Gold Fields full ownership of the
Windfall project, located in the Northern
Quebec region, along with surrounding exploration assets,
thereby enhancing its strategic presence in this key region of
Quebec.
The Windfall project is in a privileged geographical location in
a region renowned for its mining potential. The Northern Quebec region represents a strategic
area for mining development in Quebec, offering an environment conducive to
innovation and collaboration with local communities. This
acquisition allows Gold Fields to develop a key asset while
continuing to participate in regional economic development.
Gold Fields has paid C$1.93bn
(US$1.39bn) net of cash received, in
settlement of the transaction consideration using cash on hand,
undrawn debt facilities and a US$750m
liquidity facility put in place on 22
October 2024. The company remains in a strong financial
position post this payment, maintaining its investment grade credit
rating. Gold Fields' financial position is expected to improve
further, with strong cash flow growth expected for the balance of
the year and into 2025, as production volumes increase at a number
of its operations.
Mike Fraser, President and CEO of
Gold Fields, welcomed the closing of the transaction: "Deposits of
the scale and quality of Windfall, associated with high-potential
regional exploration projects, are rare, especially in a tier-one
jurisdiction like Quebec. By
consolidating our 100% interest in this strategic asset, we are
strengthening our ties with the province, and particularly with the
Northern Quebec region."
"Key members of the Windfall project team will continue to
manage operations, and we look forward to maintaining close
collaboration with them, as well as with our strategic and
commercial partners, to develop this exceptional asset. We look
forward to working in partnership with our host communities,
including the Cree First Nation of Waswanipi and the municipality of Lebel-sur-Quévillon, as well as other local
communities and the Quebec
government, to make Windfall the next major mining complex in
Quebec, and an engine of economic
development for the entire province," he added.
Gold Fields remains committed to "creating enduring value beyond
mining", underscoring its commitment to generating value for its
key stakeholders, including employees, host communities, business
partners, shareholders and governments.
To date, substantial investments have been made in the Windfall
project, with over C$800m invested by
Osisko Mining prior to the announcement of the joint venture in
May 2023. Subsequently, Gold Fields
and Osisko Mining each injected a further C$158m, bringing the total investment to over
C$1bn (US$720m).
The project's current objective is to obtain the environmental
authorizations required for construction and operation of the mine,
and to maintain ongoing dialogue with local communities, including
finalisation of an Impact and Benefits Agreement with the Cree
First Nation of Waswanipi and the
Cree Nation Government.
About Gold Fields
Gold Fields is a globally diversified gold producer with nine
operating mines in Australia,
South Africa, Ghana, Chile
and Peru and one project in
Canada. We have total attributable
annual gold-equivalent production of 2.30Moz, proved and probable
gold Mineral Reserves of 46.1Moz, measured and indicated gold
Mineral Resources of 31.1Moz (excluding Mineral Reserves) and
inferred Gold Mineral Resources of 11.2Moz (excluding Mineral
Reserves). Our shares are listed on the Johannesburg Stock Exchange
(JSE) and our American depositary shares trade on the New York
Exchange (NYSE).
Forward-looking statements
This announcement contains forward-looking statements. All
statements other than statements of historical fact included in
this announcement may be forward-looking statements.
Forward-looking statements may be identified by the use of words
such as "aim", "anticipate", "will", "would", "expect", "may",
"could", "believe", "target", "estimate", "project" and words of
similar meaning.
These forward-looking statements, including among others, those
relating to Gold Fields' future business strategy, development
activities (including the permitting and development of the
Windfall project) and other initiatives, business prospects,
financial positions, production and operational guidance are
necessary estimates reflecting the best judgement of the senior
management of Gold Fields and involve a number of risks and
uncertainties that could cause actual results to differ materially
from those suggested by the forward-looking statements. By their
nature, forward-looking statements involve risk and uncertainty
because they relate to future events and circumstances and should
be considered in light of various important factors, including
those set forth in Gold Fields' Integrated Annual Report 2023 filed
with the Johannesburg Stock Exchange and annual report on Form 20-F
filed with the United States Securities and Exchange Commission
(SEC) on 28 March 2024 (SEC File no.
001-31318). Readers are cautioned not to place undue reliance on
such statements. These forward-looking statements speak only as of
the date they are made. Gold Fields undertakes no obligation to
update publicly or release any revisions to these forward-looking
statements to reflect events or circumstances after the date of
this announcement or to reflect the occurrence of unanticipated
events. These forward-looking statements have not been reviewed or
reported on by the Company's external auditors.
Information relating to Osisko
The information contained in this announcement that relates to
Osisko is extracted from publicly available information about
Osisko. To the maximum extent permitted by law, Gold Fields makes
no representation or warranty, express or implied, as to the
fairness, accuracy, correctness, completeness or adequacy of any
information in relation to Osisko.
SOURCE Gold Fields Limited