GOLD Fields still expects first gold from its Windfall project in Canada in 2029 despite delays in getting environmental approval that have eaten into the summer construction season, CEO Mike Fraser said on Tuesday.
The group has also provided more detail on why the expected cost of building Windfall has moved towards the upper end of its previous $1.7bn to $1.9bn estimate.
Speaking to journalists following the announcement of the group’s interim results, Fraser said changes had been made to the project following discussions with environmental authorities in Canada.
“There’s probably a couple of scope changes that have come into the project based on the engagement with the environmental agencies around additional processes they want to see on the facility and that has pushed us up within that range,” he said.
“But again, we felt comfortable that we could largely cover it in real terms around that.”
Gold Fields is waiting for approval of the project’s Environmental Impact Assessment (EIA), which had originally been expected by the end of June. Approval is now expected during the second half of 2026.
Fraser said Gold Fields had hoped to use as much of the Canadian summer as possible to advance work before winter conditions set in.
“The thing that was a bit disappointing is that we were hoping to get the EIA by the end of June, which would allow us to maximise the 2026 summer months and to get ahead of winter,” Fraser said.
“And so the delay in the EIA puts us under pressure …”
Waiting on permits
Gold Fields has yet to make a final decision to build Windfall and has not published a final cost or completion date.
Fraser said there was still a “high probability” that the remaining permitting would be completed during the second half of this year.
“We haven’t put out a final capital estimate or a final date. But at this stage, we still think there’s a high probability of getting the permitting all completed in the second half of 2026. And if we do that, we still think that we should be able to deliver first gold during 2029,” he said.
“But it really is dependent on the permitting timeline.”
Gold Fields gained full ownership of Windfall in October 2024 through its acquisition of Canadian miner Osisko Mining.
Gold Fields said in its interim results that it was continuing engineering and other preparatory work while waiting for approval.
It will provide an updated construction schedule and cost estimate once the EIA has been approved and the project receives final approval to proceed.
Ghana weighs on shares
Fraser also acknowledged that uncertainty over the future of Gold Fields’ Tarkwa mine in Ghana had weighed on the company’s share price.
Gold Fields is negotiating with the Ghanaian government over the renewal of Tarkwa’s mining leases, which expire in April 2027. It submitted a commercial proposal in July but has yet to receive a formal response from the government.
Fraser said uncertainty over a major mining lease was particularly difficult for investors because it raised questions about the political risk attached to operating in a country.
“The bit that really gets global investors very skittish … is when there’s sovereign risk. It doesn’t just have a bad look for Gold Fields but probably for others too,” he said.
Fraser attributed some of Gold Fields’ share price underperformance against its peers this year to investor uncertainty over the Tarkwa lease renewal.
Gold Fields shares have lost about 18% over the past six months and have lagged the broader resources sector, despite a strong recovery since July.
