Gold Fields now sole owner of Windfall project
JSE- an NYSE-listed Gold Fields has completed the acquisition of Osisko Mining and is now the sole owner of the Windfall gold project, in Quebec.
The project was previously jointly and equally owned by Gold Fields and Osisko.
Gold Fields paid C$1.93-billion net of cash received in settlement of the transaction. The company stated on Monday that it remained in a strong financial position following the payment, maintaining its investment-grade credit rating.
“Deposits of the scale and quality of Windfall with highly prospective exploration camps are rare, particularly in a world-class jurisdiction like Quebec,” commented CEO Mike Fraser.
He added that the transaction marked an important step in its journey to continue improving the quality of Gold Fields’ portfolio.
Based on Osisko’s December 2022 feasibility study, Windfall is expected to produce about 300 000 oz/y of gold at an all-in sustaining cost of $758/oz. This positions Windfall to become one of the lowest-cost mines in Gold Fields’ portfolio, with a current projected mine life of ten years.
To date, there has been significant investment in the Windfall project, with Osisko Mining having investment more than C$800-million up until the formation of a joint venture in May 2023. Thereafter, Gold Fields and Osisko each spent a further C$158-million, bringing the total investment to date to more than C$1-billion.
The current focus for the project is to obtain environmental permitting for full-scale construction and ongoing engagement with local communities for the finalisation of an impact benefit agreement with the Cree First Nation of Waswanipi and the Cree Nation government.
Gold Fields expects to deliver first gold from Windfall by the end of the fourth quarter of 2026, or early 2027.
Comments
Research Reports
Projects
Latest News
Showroom
AxFlow AQS Liquid Transfer (Pty) Ltd is an Importer and Distributor of Pumps in Southern Africa
VISIT SHOWROOM
Rentech provides renewable energy products and services to the local and selected African markets. Supplying inverters, lithium and lead-acid...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
