Published: November 1, 2024 |

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Gold Fields has completed the acquisition of Osisko Mining following receipt of all necessary regulatory approval and support from shareholders for the transaction. Gold Fields has paid $1.39 billion (C$1.93 billion) net of cash received.

This acquisition grants Gold Fields full ownership of the Windfall project, located in the Northern Quebec region, along with surrounding exploration assets, enhancing its strategic presence in this key region of Quebec.

The Windfall project is in a privileged geographical location in a region renowned for its mining potential. The Northern Quebec region represents a strategic area for mining development in Quebec, offering an environment conducive to innovation and collaboration with local communities. This acquisition allows Gold Fields to develop a key asset while continuing to participate in regional economic development.

“Deposits of the scale and quality of Windfall, associated with high-potential regional exploration projects, are rare, especially in a tier-one jurisdiction like Quebec. By consolidating our 100 percent interest in this strategic asset, we are strengthening our ties with the province, and particularly with the Northern Quebec region,” said Mike Fraser, president and CEO of Gold Fields.

“Key members of the Windfall project team will continue to manage operations, and we look forward to maintaining close collaboration with them, as well as with our strategic and commercial partners, to develop this exceptional asset. We look forward to working in partnership with our host communities, including the Cree First Nation of Waswanipi and the municipality of Lebel-sur-Quévillon, as well as other local communities and the Quebec government, to make Windfall the next major mining complex in Quebec, and an engine of economic development for the entire province,” added Fraser.

“This premium transaction represents a strong and near-term outcome for our shareholders and is reflective of the truly world class nature of the Windfall Project. In the span of nine years, we’ve transformed Windfall into one of the largest and highest-grade gold development projects globally, and this transaction is a testament to the extraordinary entrepreneurial effort of the Osisko Mining team,” said Osisko’s Chairman and Chief Executive Officer, John Burzynski.

“As our (now former) joint venture partner at Windfall, Gold Fields knows the asset well and understands the significance of the strong relationships that we have built in Québec with all of our stakeholders. Gold Fields share our core principles of operating in a safe, inclusive and socially responsible manner. They are well suited to take Windfall into production and we wish them all the best going forward,” added Burzynski.

The project’s current objective is to obtain the environmental authorizations required for construction and operation of the mine, and to maintain ongoing dialogue with local communities, including finalization of an impact and benefits agreement with the Cree First Nation of Waswanipi and the Cree Nation Government.

Gold Fields Limited operates as a gold producer with reserves and resources in Australia, South Africa, Ghana, Chile and Peru and one project in Canada. It also explores for copper and silver deposits. The company was founded in 1887 and is based in Sandton, South Africa.

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