The main focus for the Windfall project is obtaining environmental permits necessary for large-scale construction. Credit: yuda chen via Shutterstock.

South African gold producer Gold Fields has completed the $1.39bn acquisition of Canada-based mineral exploration company Osisko Mining.

In August this year, Gold Fields reached an agreement with its long-time partner, Osisko Mining, to acquire full ownership of the Windfall project.

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The project, which has an expected mine life of ten years, was earlier jointly and equally owned by both companies.

To complete this acquisition, Gold Fields paid net cash of $1.39bn and utilised available cash, undrawn debt facilities, and a $750m liquidity facility established in October 2024.

The acquisition is anticipated to bolster Gold Fields’ financial health, with projections of increased cash flow growth for the remainder of the year and into 2025.

This growth is expected as production volumes rise across several of the company’s operations.

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Investments in the Windfall project have been substantial, with Osisko Mining having contributed more than C$800m ($575m) until the joint venture was announced in May 2023.

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

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

Concurrently, the company is engaging with local communities, including finalising an impact-benefit agreement with the Cree First Nation of Waswanipi and the Cree Nation Government, which is crucial for the project’s advancement.

The site is expected to produce 300,000oz of gold a year, according to Osisko Mining’s feasibility study from December 2022, 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 has a total attributable annual gold-equivalent production of 2.30 million ounces (moz), proved and probable gold mineral reserves of 46.1moz.