Gold Fields strikes gold with strong production and costs discipline

Gold Fields has delivered a strong third quarter, boosting production, trimming costs and advancing key growth projects across its operations.

The company’s attributable production rose 6 per cent quarter-on-quarter and 22 per cent year-on-year to 621,000 ounces, while all-in costs fell 11 per cent to US$1835 per ounce.

All-in sustaining costs also dropped 10 per cent to US$1557 per ounce, keeping the company on track to meet full-year guidance.

“Gold Fields delivered another solid performance in the third quarter, maintaining the positive momentum of the first half of the year,” Gold Fields chief executive officer Mike Fraser said.

“We continued to focus on our multi-year safety improvement plan and although we have had five consecutive quarters fatality-free, we had three serious injuries in the quarter, demonstrating the need for continued focus and effort in our safety journey.”

Gold Fields strengthened its balance sheet, cutting net debt by US$696 million to US$791 million, thanks to strong cash generation and higher gold prices.

Post-quarter, the company completed its $2.23 billion (US$1.45 billion) acquisition of Gold Road Resources, taking full ownership of the Gruyere mine in Western Australia. The company said the acquisition allows Gold Fields to optimise the life-of-mine plan and unlock additional value from the asset.

Operational highlights included a 53 per cent quarter-on-quarter production jump at Salares Norte in Chile, with the mine on track to reach steady-state output by year-end.

Australian assets St Ives, Granny Smith, and Gruyere performed in line with expectations, while the St Ives solar and wind project reached 80 per cent completion, set to provide more than 70 per cent of the mine’s electricity needs.

At Granny Smith, the 11 megawatt (MW) solar plant commissioned in the second quarter of 2025 operated at full capacity during third quarter of this year. The site now has a total of 19MW of solar capacity and 9MW battery storage, with 20 per cent of its electricity being generated from solar power in September.

Gold Fields expects to close the year at the top of its 2.25–2.45 million ounce production guidance, with all-in sustaining costs between $US1500–1650 per ounce.