• Gold Fields maintains its commitment to the Windfall project in Canada despite investment costs more than doubling.
• The company now operates only one mine in South Africa and holds no major exploration projects in Africa.
• Six of Gold Fields’ nine producing mines are now located outside the continent, mainly in Australia and the Americas.

Gold Fields continues the development of its Windfall gold mine in Canada despite investment costs more than doubling. CEO Mike Fraser told investors during a conference call last week that the project remains “a good deal,” citing its expansion potential and strategic location. His comments underscore the company’s determination to diversify its portfolio away from Africa.

Gold Fields operates only one South African mine, South Deep, marking a sharp shift from its origins as Gold Fields of South Africa. In Africa, the company also manages the Tarkwa and Damang mines in Ghana.

However, Gold Fields faces looming changes in Ghana. The company’s mining lease at Damang, extended only narrowly this year, will expire in April 2026, transferring control of the mine to the state. The company also suspended indefinitely its plan to merge Tarkwa with AngloGold Ashanti’s Iduapriem mine. Authorities failed to endorse the project, which was announced in 2023 and expected to create Africa’s largest gold complex.

Expansion in Canada and Australia

Gold Fields completed the acquisition of Osisko Mining in 2024, thereby securing 100% ownership of the Windfall project. The company estimated in 2022 that building a mine at Windfall would cost 790 million Canadian dollars (about $565 million). It now expects development costs to reach $1.7–1.9 billion. Gold Fields still plans to produce more than 300,000 ounces of gold per year from Windfall starting in 2029.

Gold Fields also finalized its acquisition of Australia’s Gold Road Resources last month, raising its stake in the Gruyere gold mine from 50% to 100%. The asset should produce 300,000–320,000 ounces in 2025, and the company aims to lift output to 400,000 ounces by the end of the decade. Overall, Gold Fields targets 2.25–2.45 million ounces of gold production in 2025.

Six of the company’s nine operating mines now lie outside Africa—four in Australia, one in Peru, and one in Chile. Gold Fields also holds no major exploration projects on the continent. This shift implies a declining African contribution to group output as reserves in Ghana and South Africa mature. The company openly states its intention to reduce its African exposure and prioritize jurisdictions perceived as more stable.

“By reducing its reliance on African assets and expanding its footprint in North America, the company is not only diversifying geographically but also diluting geopolitical risks—an approach that could prove highly rewarding in the unpredictable gold mining world,” Gold Fields said following the Osisko acquisition.

Other mining companies share this view. Barrick Mining, the world’s second-largest gold producer, also adjusts its strategy in response to geopolitical constraints. Nevertheless, Africa remains the world’s largest gold-producing region, attracting Canadian, Australian, and Chinese miners seeking new discoveries, even as Gold Fields expands offshore.

The coming years will clarify the company’s medium-term strategy. Investors will watch whether Gold Fields changes course or reinforces its shift—potentially moving its headquarters out of South Africa, as AngloGold Ashanti did in 2023 when it transferred its base from Johannesburg to London, despite maintaining strong African operations.

This article was initially published in French by Emiliano Tossou

Adapted in English by Ange Jason Quenum