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    • Gold Fields completes .39 billion acquisition of Osisko Mining
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    Gold Fields completes $1.39 billion acquisition of Osisko Mining

    Harry Posted on

    The main focus of the Windfall project is to obtain the necessary environmental permits for large-scale construction. Credit: Yuda Chen via Shutterstock.

    South African gold producer Gold Fields Completed the $1.39 billion acquisition of a Canadian-based mineral exploration company Osisko Mining.

    Gold Fields in August this year agreement reached It acquired full ownership of the Windfall project with its long-time partner Osisko Mining.

    Project with expected mine life The decade-old company was previously jointly and equally owned by both companies.

    Gold Fields paid $1.39 billion in net cash to complete this acquisition, leveraging existing cash, undrawn debt facilities and a $750 million liquidity facility established in October 2024.

    The acquisition is expected to strengthen Gold Fields’ financial health and forecast incremental cash flow growth for the remainder of the year and into 2025.

    This growth is expected due to increased production volumes across many of the company’s operations.

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    Significant investments have been made in the Windfall project; Osisko Mining contributed more than C$800 million ($575 million) until the joint venture was announced in May 2023.

    Following this, both Gold Fields and Osisko invested an additional C$158 million, bringing the total investment to over C$1 billion.

    The current priority for the Windfall project is to obtain environmental permits for full-scale construction.

    Concurrently, the company is engaging with local communities, including finalizing an impact-benefit agreement with the Cree First Nation of Waswanipi and the Cree Nation Government, which is crucial to the project moving forward.

    According to Osisko Mining’s feasibility study in December 2022, the facility is expected to produce 300,000 ounces of gold annually at $758 per ounce.

    Gold Fields has nine operating mines in Australia, South Africa, Ghana, Chile and Peru and one project in Canada.

    The company’s total attributable annual gold equivalent production is 2.30 million ounces (moz) and its proven and probable gold mineral reserves are 46.1 million ounces.


    Harry
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