We recently hosted a conversation with Gold Fields at RBC's 2025 Global Mining and Materials Conference. This article summarizes the highlights.
When partners become acquisitions
Global mining firm Gold Fields takes a selective approach to growth. “It’s not about being the biggest gold company by volumes,” says CEO Mike Fraser, “but about growing value, growing cashflow per share, and continually improving the quality of the portfolio.”
To that end, the two large transactions recently announced by the company were both very close to home.
In 2024 Gold Fields acquired Osisko Mining, in a US$1.39bn deal that saw it take 100% ownership of the Windfall Project and surrounding exploration camps in Québec, previously owned jointly by both companies.1
Environmental approvals and engineering work on Windfall are ongoing, with a final investment decision expected early in 2026 and production to start in 2028. Once in operation, the project is expected to add 300,000 ounces of gold per year to Gold Fields’ total production.2
Then, earlier this year, Gold Fields entered into a transaction to take full control of an operating asset in which it had held a joint stake: Gruyere, a low-cost, long-life producing gold mine in Western Australia. It did so through the acquisition of Gold Road Resources in a US$2.4bn transaction, which is expected to close in Q4 2025.3
As well-known projects that already formed part of Gold Fields’ growth agenda, both were low-risk acquisitions, and met the company’s criteria for new transactions.
“Every investment we make is about driving us lower in that cost curve and increasing the average life of the portfolio,” says Fraser.
“Every investment we make is about driving us lower in that cost curve and increasing the average life of the portfolio.”
Mike Fraser, CEO, Gold Fields
A stable foundation for growth
Fraser joined Gold Fields only last year, the latest step in a mining career that has included senior positions at BHP, South32 and then CEO at junior gold miner Chaarat Gold.4 His priority has been reorganizing Gold Fields and its culture with the aim of delivering predictable operating performance.
The South Africa-based company operates nine mines across six countries. In Fraser’s categorization, this is a balanced portfolio comprising four long-life assets, three with ‘upside optionality’, and two transitional assets reaching the end of their lives.
Besides development of the Windfall project, another objective for this year is ramping up production at Salares Norte, Gold Fields’ gold and silver mine in Chile.
Stability will continue to take precedence over quantity. “I think a number of between 2 and 3 million ounces is a good enough size to continue to focus on quality enhancement and reserve replacement in a sustainable and consistent way,” Fraser says.
Renewable investments underline purpose
Gold Fields takes sustainability seriously. The company is in the process of conducting a mid-term review of its ESG priorities for 2030, as originally set out in 2019. These cover decarbonization, water stewardship, tailings management, safety performance, community investment and participation, and diversity and inclusion.
Fraser points to the company’s investments in renewables in its South Deep mine in South Africa, and in its St Ives, Granny Smith, and Gruyere operations in Australia.
“For us to be successful, we have to be a purpose-driven organization that’s not just about driving value today, but setting ourselves up to be a sustainable business,” he declares.
Another outward-looking activity is the company’s involvement in improving understanding of the asset class, through the World Gold Council.
“There’s an opportunity for us to collaborate on setting industry standards that improve the trust that society has in us as a mining company,” Fraser says. “Working together to set that responsible mining platform is crucially important.”
“For us to be successful, we have to be a purpose-driven organization that’s not just about driving value today, but setting ourselves up to be a sustainable business.”
Mike Fraser, CEO, Gold Fields
