Gold Fields’ South Deep mine boosts production and reduces costs in the third quarter

Gold Fields’ South Deep mine in Gauteng sold 20% more gold in the three months to September 30 over the previous quarter, and 22% more than a year before, boosting the global miners’ solid quarterly performance.

The 86 300 ounces of gold sold at South Deep was well up on the 70 800 ounces sold in the corresponding September quarter of last year, an operational update showed.

All-in costs (AIC) in rand terms were 3% lower quarter-on-quarter, mainly due to more gold sold, illustrating the asset's leverage to increasing volumes.

“The team continues to make good progress in improving stope turnaround, which is key to driving efficiency and realising incremental gains,” Gold Fields CEO Mike Fraser said in a statement.

Group attributable production increased 6% quarter-on-quarter (QoQ) and by 22% year-on-year (YoY), while all-in costs (AIC) decreased by 11% QoQ and by 4% YoY.

“Our operations continued to deliver strongly against plan during the quarter. Importantly, we remain on track to achieve our full-year production and cost guidance,” said Fraser.

Net debt decreased substantially by $696 million to $791m at the end of September 2025, driven by strong cash generation, partially offset by the payment of the interim dividend of $361m.

Post the quarter-end, Gold Fields completed the acquisition of Gold Road Resources and paid $1.45 billion, net of cash received, the special dividend paid by Gold Road upon transaction close, and the disposal of the Northern Star Resources shares that were acquired as part of the transaction.

The purchase was funded using a $2.3bn bridge facility that was executed on July 15, 2025.

On September 26, 2025, Gold Fields monetised the Northern Star Resources shares acquired as part of the Gold Road Resources acquisition, for proceeds of A$1.1bn, which was used to repay a portion of the bridge facility.

Separately, Gold Fields also disposed of its 19.5% stake in Galiano Gold for C$151m.

Group attributable gold-equivalent production increased 6% QoQ to 621 koz, and was 22% higher YoY.

Further improvement was expected in the fourth quarter as the Salares Norte mine ramps up to steady-state production, and 100% of the Gruyere mine was consolidated post the acquisition of Gold Road Resources.

Third quarter group AIC (all in costs) decreased by 11% QoQ to $1 835/oz compared with the second quarter, due mainly to higher gold sales volumes, and was 4% lower YoY, reflecting higher gold sold and lower capital expenditure.

The Australian assets performed in line with plans. As in 2024, St Ives was expected to deliver a strong fourth quarter, although the increase from the third quarter would be less than in 2024.

Following completion of the Gold Road transaction on October 14, 2025, attributable production from Gruyere would be 100% for most of the fourth quarter.

On a like-for-like basis (50%), Gruyere’s production was expected to increase in the fourth quarter. Tarkwa’s production increased 15% QoQ to 123 koz, driven by higher feed grade resulting from an increased proportion of mined ore in the processing mix, and was expected to increase further in the fourth quarter.

Production in the second quarter was affected by higher waste stripping, which led to a greater reliance on low-grade stockpiles.

Gold Fields is finalising an internal mid-point review of its 2030 ESG targets. Preliminary outcomes showed good progress had been made towards targets with tangible benefits for the business and stakeholders.

Construction of the St Ives renewables plant (comprising 35 MW solar and 42 MW wind capacity) continued in the quarter, with the project 80% complete. Once completed, it was expected to deliver over 70% of the mine’s electricity requirements and reduce its electricity costs to one third of the current costs.

Momentum was building across the group’s landholding in Canada. A greenfields drill program commenced in July 2025, with strong progress at Windfall and surrounding regional targets. The Phoenix Joint Venture with Bonterra had now exceeded 70 000 metres of drilling.

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