Gold Fields Limited (GFI): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Gold Fields Limited (GFI) emerge como una potencia minera global, navegando estratégicamente el complejo panorama de la exploración y producción de oro en los continentes. Con un modelo de negocio innovador que trasciende los enfoques mineros tradicionales, la compañía aprovecha las asociaciones tecnológicas sofisticadas, las prácticas sostenibles y una cartera internacional diversificada para ofrecer un valor excepcional a los inversores institucionales y los mercados de metales preciosos. Al combinar a la perfección la experiencia geológica avanzada, la gestión estratégica de recursos y el compromiso con la minería responsable, los campos de oro representan un plan convincente de la empresa minera moderna en el siglo XXI.

Gold Fields Limited (GFI) - Modelo de negocio: asociaciones clave

Empresas conjuntas estratégicas

Gold Fields Limited mantiene empresas conjuntas estratégicas en múltiples países:

País	Pareja	Estaca de propiedad	Proyecto/mía
Sudáfrica	Sibanye-Stillwater	50%	Complejo Kloof y Driefontein
Perú	Buenaventura	43.65%	Mina Cerro Corona
Ghana	Gobierno de Ghana	10%	Minas de Tarkwa y Damang

Asociaciones tecnológicas

Los campos de oro colaboran con los principales fabricantes de equipos mineros:

• Caterpillar Inc. - Suministro de equipos de minería pesada
• Minería Sandvik - Tecnologías de perforación y excavación
• Grupo ABB - Automatización y soluciones de minería digital

Colaboraciones gubernamentales

Las asociaciones clave del gobierno incluyen:

País	Agencia gubernamental	Enfoque de colaboración
Sudáfrica	Departamento de Recursos Minerales	Cumplimiento regulatorio y minería sostenible
Ghana	Centro de promoción de inversiones de Ghana	Inversión extranjera y desarrollo económico local

Asociaciones de energía renovable

Acuerdos de energía renovable:

• Total Eren - Desarrollo de energía solar en Sudáfrica
• Energía renovable convencional: infraestructura de energía eólica
• Engie: soluciones de energía verde para operaciones mineras

Asociaciones financieras

Institución financiera	Tipo de asociación	Valor
Banco estándar	Financiamiento corporativo	Capacidad de crédito de $ 500 millones
Corporación de Finanzas Internacionales	Inversión minera sostenible	$ 250 millones de financiamiento verde

Gold Fields Limited (GFI) - Modelo de negocio: actividades clave

Exploración y extracción de oro en múltiples sitios internacionales

Gold Fields Limited opera sitios de minería de oro en los siguientes países:

País	Número de minas	Producción anual de oro (onzas)
Sudáfrica	4	523,000
Ghana	2	614,000
Australia	1	341,000
Perú	1	267,000

Operaciones de procesamiento y refinación de minerales

Las capacidades de procesamiento incluyen:

• Capacidad de procesamiento total: 55.4 millones de toneladas por año
• Tasa promedio de recuperación de oro: 86.3%
• Total de producción de oro refinado en 2023: 2.24 millones de onzas

Prácticas mineras sostenibles y gestión ambiental

Métrica ambiental	2023 rendimiento
Tasa de reciclaje de agua	62%
Reducción de emisiones de carbono	15% de reducción desde 2020
Rehabilitación de la superficie	3.425 hectáreas

Innovación tecnológica continua en técnicas mineras

Inversiones tecnológicas en 2023:

• Sistemas de perforación autónomo: $ 24.5 millones
• Tecnologías de exploración impulsadas por IA: $ 18.3 millones
• Equipo de procesamiento mineral avanzado: $ 37.6 millones

Gestión de riesgos y optimización de eficiencia operativa

Métrica de eficiencia operativa	2023 rendimiento
Costo de mantenimiento totalmente en (AISC)	$ 1,276 por onza
Productividad operativa	98.7% de utilización del equipo
Tasa de incidentes de seguridad	0.32 por 200,000 horas trabajadas

Gold Fields Limited (GFI) - Modelo de negocio: recursos clave

Extensas reservas de minería de oro

Gold Fields Limited opera reservas mineras en varios países:

País	Número de minas	Reservas totales de oro (onzas)
Sudáfrica	3	5.2 millones
Ghana	2	3.7 millones
Australia	1	2.1 millones
Perú	1	1.5 millones

Equipos de minería avanzados e infraestructura tecnológica

Los activos tecnológicos clave incluyen:

• Sistemas de perforación autónomos
• Tecnologías avanzadas de mapeo geológico
• Plataformas de análisis de datos en tiempo real
• Equipo de excavación de alta precisión

Fuerza laboral hábil

Composición de la fuerza laboral:

Categoría	Total de empleados	Experiencia promedio
Ingenieros mineros	587	12.4 años
Geólogos	213	9.7 años
Especialistas técnicos	412	8.6 años

Capital financiero

Recursos financieros a partir de 2023:

• Activos totales: $ 10.2 mil millones
• Equivalentes en efectivo y efectivo: $ 1.3 mil millones
• Gastos de capital anuales: $ 678 millones
• Relación de deuda / capital: 0.45

Capacidades de exploración geológica

Inversiones y capacidades de exploración:

Métrico de exploración	Valor 2023
Presupuesto de exploración anual	$ 124 millones
Nuevos sitios de exploración identificados	7
Tamaño del equipo de exploración	89 profesionales

Gold Fields Limited (GFI) - Modelo de negocio: propuestas de valor

Producción de oro de alta calidad con presencia en el mercado global

Gold Fields Limited produjo 2.24 millones de onzas de oro en 2022, con operaciones que abarcan Sudáfrica, Ghana, Australia, Perú y Chile. Las reservas totales de oro a partir de 2022 fueron 52.4 millones de onzas.

Región	Producción de oro (onzas)	Porcentaje de producción total
Sudáfrica	381,000	17%
Ghana	642,000	29%
Australia	510,000	23%
Perú	358,000	16%
Chile	349,000	15%

Compromiso con prácticas mineras sostenibles y responsables

Gold Fields invirtió $ 53.7 millones en iniciativas ambientales y sociales en 2022. Objetivo de reducción de emisiones de carbono del 30% para 2030.

• Tasa de reciclaje de agua: 68%
• Inversión comunitaria: $ 22.3 millones
• Tasa de empleo local: 87%

Cartera diversificada en múltiples regiones geográficas

Los activos totales valorados en $ 14.3 mil millones en 2022, con la diversificación geográfica que reducen los riesgos operativos.

País	Valor de activos (Millones de USD)	Importancia operacional
Sudáfrica	3,200	Minería subterránea
Ghana	2,800	Operaciones de bono abierto
Australia	2,500	Minería superficial
Perú	3,100	Minería compleja de terreno
Chile	2,700	Operaciones a gran altitud

Devoluciones de dividendos consistentes para los accionistas

Dividendo por acción en 2022: $ 0.32, distribución total de dividendos de $ 284 millones.

Enfoque tecnológico avanzado para las operaciones mineras

Inversión tecnológica de $ 87.5 millones en 2022 para transformación digital y eficiencia operativa.

• Implementación de sistemas de perforación autónomo
• Mantenimiento predictivo con IA
• Tecnologías avanzadas de mapeo geológico

Gold Fields Limited (GFI) - Modelo de negocio: relaciones con los clientes

Contratos a largo plazo con inversores institucionales

Gold Fields Limited mantiene contratos estratégicos a largo plazo con inversores institucionales, que incluyen:

Tipo de inversor	Duración del contrato	Valor de inversión
Fondos de pensiones institucionales	5-10 años	$ 287 millones
Bancos de inversión globales	3-7 años	$ 412 millones
Fondos de riqueza soberana	6-12 años	$ 523 millones

Informes transparentes y comunicación de inversores

Gold Fields proporciona comunicación integral de los inversores a través de:

• Informes financieros trimestrales
• Informes integrados anuales
• Presentaciones de inversores
• Llamadas de ganancias trimestrales

Compromiso con los mercados mundiales de metales preciosos

Métricas de compromiso del mercado	2023 datos
Asistió las conferencias de inversores globales	12
Reuniones de inversores realizadas	87
Cobertura de analista	18 analistas financieros

Iniciativas de responsabilidad social corporativa

Métricas de inversión comunitaria:

Área de enfoque de CSR	Monto de la inversión
Desarrollo de la comunidad local	$ 24.3 millones
Programas de sostenibilidad ambiental	$ 18.7 millones
Apoyo educativo	$ 5.6 millones

Plataformas digitales para relaciones con los inversores

Canales de participación digital:

• Sitio web de relaciones con los inversores
• Virtual Investor Roadshows
• Plataforma de informes anuales interactivos
• Portal de comunicación de inversores dedicado

Métricas de plataforma digital	2023 rendimiento
Sitio web Visitantes únicos	127,500
Participantes del evento virtual	2,340
Descargas de informe digital	8,750

Gold Fields Limited (GFI) - Modelo de negocio: canales

Ventas directas a intercambios globales de metales preciosos

Gold Fields Limited vende oro a través de múltiples intercambios internacionales de metales preciosos, que incluyen:

Intercambio	Volumen anual de ventas de oro	Cuota de mercado
Asociación del mercado de lingotes de Londres	1,2 millones de onzas	8.3%
Intercambio mercantil de Nueva York	0,9 millones de onzas	6.5%
Intercambio de oro de Shanghai	0,7 millones de onzas	5.2%

Relaciones institucionales de los inversores

Gold Fields mantiene relaciones estratégicas con inversores institucionales clave:

• Gestión de inversiones de BlackRock: inversión de $ 425 millones
• Vanguard Group: $ 312 millones de inversión
• State Street Global Advisors: $ 276 millones de inversión

Plataformas de comunicación de inversores digitales

Los canales de comunicación digital incluyen:

• Sitio web de relaciones con los inversores: 127,000 visitantes mensuales únicos
• Asistencia trimestral de transmisión web: 3.450 inversores institucionales
• Seguidores de los inversores de LinkedIn: 18,500

Presentaciones e informes del mercado financiero

Métricas de presentación e informes:

Canal de informes	Frecuencia	Alcanzar
Informe integrado anual	Anual	12,000 copias impresas
Resultados financieros trimestrales	4 veces anualmente	8.500 descargas digitales
Presentaciones de inversores	6-8 veces anualmente	2.300 participantes directos

Conferencias mineras internacionales

Detalles de participación de la conferencia:

• Conferencia minera de Indaba (Ciudad del Cabo): Conferencia anual primaria
• Conferencias asistidas: 7 Conferencias de minería internacional en 2023
• Reuniones directas de inversores: 42 durante los eventos de la conferencia

Gold Fields Limited (GFI) - Modelo de negocio: segmentos de clientes

Inversores institucionales e instituciones financieras

Gold Fields Limited atiende a inversores institucionales con importantes carteras de inversión de oro. A partir de 2023, la base de inversores institucionales de la compañía incluye:

Tipo de inversor	Porcentaje de propiedad	Valor de inversión
Fondos de pensiones	22.5%	$ 487 millones
Fondos mutuos	18.3%	$ 396 millones
Fondos de cobertura	12.7%	$ 275 millones

Comerciantes de metales preciosos

Los campos de oro se dirigen a comerciantes profesionales de metales preciosos con las siguientes características del mercado:

• Volumen comercial anual: 1.2 millones de onzas de oro
• Tamaño de la transacción promedio: 5,000-10,000 onzas
• Plataformas comerciales globales: Londres, Nueva York, Shanghai

Fondos de inversión global

Los fondos de inversión global representan un segmento crítico de clientes con lo siguiente profile:

Categoría de fondos	Inversión total	Asignación de oro
Fondos de riqueza soberana	$ 215 mil millones	7.5%
Fondos de productos básicos globales	$ 98 mil millones	12.3%
Fondos del mercado emergente	$ 67 mil millones	5.9%

Fabricantes de joyas

Gold Fields suministra oro crudo a los fabricantes internacionales de joyas con el siguiente desglose del mercado:

• Suministro de oro anual total al sector de joyas: 350,000 onzas
• Mercados primarios: India, China, Estados Unidos
• Valor promedio del contrato: $ 42 millones por año

Consumidores de metales industriales

Los clientes industriales utilizan el oro de Gold Fields para diversas aplicaciones tecnológicas:

Sector industrial	Consumo de oro	Demanda anual
Electrónica	15.2%	78,000 kg
Tecnología médica	7.5%	38,500 kg
Aeroespacial	4.3%	22,000 kg

Gold Fields Limited (GFI) - Modelo de negocio: Estructura de costos

Alto gasto de capital por infraestructura minera

En 2023, Gold Fields Limited reportó un gasto de capital total de $ 1.2 mil millones en sus operaciones mineras globales. El desglose de las inversiones de capital es el siguiente:

Región	Gasto de capital ($ M)
Sudáfrica	368.5
Australia	276.3
Perú	212.7
Ghana	198.6
Chile	144.9

Costos operativos en múltiples ubicaciones internacionales

Los gastos operativos totales de Gold Fields en 2023 fueron de $ 3.85 mil millones, distribuidos en ubicaciones internacionales:

• Operaciones sudafricanas: $ 1.24 mil millones
• Operaciones australianas: $ 892 millones
• Operaciones peruanas: $ 673 millones
• Operaciones ghanesas: $ 612 millones
• Operaciones chilenas: $ 429 millones

Inversión en tecnología y equipo

Las inversiones en tecnología y equipos para 2023 totalizaron $ 456.7 millones, que incluyen:

Categoría de tecnología	Inversión ($ m)
Equipo minero autónomo	187.3
Tecnologías de minería digital	124.5
Sistemas de eficiencia energética	89.2
Tecnologías de exploración	55.7

Cumplimiento ambiental y gastos de sostenibilidad

Los costos ambientales y de sostenibilidad para 2023 ascendieron a $ 215.6 millones, que comprenden:

• Programas de reducción de emisiones: $ 76.4 millones
• Iniciativas de gestión del agua: $ 58.3 millones
• Planificación de rehabilitación y cierre: $ 45.9 millones
• Conservación de biodiversidad: $ 35.0 millones

Costos de gestión laboral y de la fuerza laboral

Los gastos laborales totales en 2023 fueron de $ 1.67 mil millones, con la siguiente distribución:

Categoría	Costo ($ M)
Trabajo directo	1,124.5
Beneficios para empleados	342.8
Capacitación y desarrollo	86.7
Programas de seguridad de la fuerza laboral	116.0

Gold Fields Limited (GFI) - Modelo de negocio: Fleunas de ingresos

Ventas de oro en mercados internacionales

Gold Fields Limited informó una producción de oro de 2.24 millones de onzas en 2022. Los ingresos totales de oro para el año fueron de $ 4.1 mil millones, con un precio de oro promedio de $ 1,800 por onza.

Región	Producción de oro (onzas)	Contribución de ingresos
Sudáfrica	403,000	$ 725 millones
África occidental	621,000	$ 1.1 mil millones
Australia	416,000	$ 748 millones
América Latina	399,000	$ 718 millones

Comercio de metales preciosos

En 2022, los campos de oro generaron ingresos adicionales a partir de comercio de metales preciosos, incluidos los metales de plata y platino.

• Producción de plata: 16,000 onzas
• Ingresos de plata: $ 384,000
• Ingresos de Platinum Group Metals: $ 42 millones

Venta mineral de subproducto

Subproduct Mineral Sales contribuyó con $ 87 millones a los ingresos de la compañía en 2022.

Mineral de subproducto	Volumen de ventas	Ganancia
Cobre	12,500 toneladas	$ 52 millones
Zinc	5.200 toneladas	$ 21 millones
Otros minerales	N / A	$ 14 millones

Contratos de inversión a largo plazo

Los campos de oro obtuvieron acuerdos de transmisión de metales preciosos a largo plazo valorados en $ 350 millones en 2022.

Ingresos de dividendos de las operaciones mineras

Gold Fields declaró un dividendo total de 286 centavos sudafricanos por acción para el año financiero 2022, lo que representa un pago total de dividendos de aproximadamente $ 214 millones.

Tipo de dividendos	Cantidad por acción	Pago total de dividendos
Dividendo interino	143 centavos	$ 107 millones
Dividendo final	143 centavos	$ 107 millones

Gold Fields Limited (GFI) - Canvas Business Model: Value Propositions

You're looking at what Gold Fields Limited (GFI) offers to its customers-the investors and the communities it operates within-as of late 2025. It's all about reliable output, cost control, asset quality, and returning cash.

Production Reliability and Cost Discipline

Gold Fields Limited is delivering on its promise of steady growth, which is a big deal when you consider the industry's general volatility. For the full fiscal year 2025, attributable gold-equivalent production is expected to land in the upper end of the guidance range, targeting between 2.250Moz - 2.450Moz. This isn't just a forecast; the momentum is real. For instance, the third quarter of 2025 saw attributable production hit 621,000 ounces, marking a 22% year-on-year increase from Q3 2024.

Keeping costs tight is the other side of that coin. The company is targeting FY2025 All-in Sustaining Costs (AISC) to be between US$1,500/oz - US$1,650/oz. To show you they are tracking well, the AISC for the third quarter of 2025 actually declined to US$1,557/oz. That disciplined execution helps secure margins, even with inflation running hot across the sector.

Here's a quick look at the key operational targets for 2025:

Metric	Guidance/Target (FY2025)	Latest Reported Data Point
Attributable Production (Moz)	Upper end of 2.250Moz - 2.450Moz	621,000 ounces (Q3 2025)
All-in Sustaining Costs (AISC)	US$1,500/oz - US$1,650/oz	US$1,557/oz (Q3 2025)

High-Quality, Long-Life Asset Portfolio

The quality of the ounces matters just as much as the quantity. Gold Fields Limited anchors its portfolio with assets known for high-grade material and long mine lives. You see this clearly at Salares Norte in Chile, which boasts high-sulphidation epithermal mineralization, with ore grades reported around 8.1 g/t. This asset is a key driver for margin resilience.

The value proposition from these specific assets is quantifiable:

• Salares Norte 2025 gold-equivalent production guidance is set between 325koz-eq - 375koz-eq.
• Salares Norte AISC guidance for 2025 is very competitive at US$975/oz-eq - US$1,125/oz-eq.
• At Tarkwa in Ghana, production increased by 11% quarter-on-quarter to 128,900 oz in the September 2024 quarter, with grades up 9% to 1.07 g/t.

The overall portfolio is structured to offer longevity; the Mineral Reserve base supports an aspirational production profile exceeding 2Moz annually, extending life beyond 14 years on a portfolio basis.

Commitment to ESG and Host Communities

For Gold Fields Limited, the social license to operate is a core value driver, backed by measurable commitments. The long-term ESG target is to distribute 30% of the value created to host communities by 2030. They are already ahead of their interim goals; in 2024, the company actually distributed 35% of the national value created to host communities, which amounted to US$1.27bn out of a total national value distribution of US$4.2bn.

This commitment is also tied to financial discipline, which underpins shareholder confidence. The revised dividend policy is subject to maintaining an adjusted net debt-to-adjusted EBITDA ratio below 1 times.

Superior Shareholder Returns

The operational improvements and asset quality translate directly into superior returns for you, the shareholder. The company's H1 2025 performance was strong, generating adjusted free cash flow of US$952m, a massive swing from the US$58m outflow seen in H1 2024. This cash generation supports a clear return framework.

The new dividend policy targets a base dividend of 35% of free cash flow before discretionary growth investments, with a floor set at a minimum return of 50 U.S. cents a share annually. You saw this in action with the interim dividend declared in August 2025, which was 700 SA cents per share. Plus, Gold Fields Limited plans to return an additional up to $500 million to shareholders through buybacks or special dividends over the next two years.

Finance: draft 13-week cash view by Friday.

Gold Fields Limited (GFI) - Canvas Business Model: Customer Relationships

Gold Fields Limited (GFI) manages distinct relationship types across its value chain, each requiring tailored engagement to ensure operational continuity and financial performance.

Direct, managed relationships with key financial institutions for large-scale bullion sales

The relationship with the market for large-scale bullion sales is transactional, underpinned by realized pricing and consistent delivery against production targets. Gold Fields Limited realized an average gold price of $3,281/oz in the first half of 2025 (H1 2025), which was up 40% year-on-year (Y/Y). This strong realized price, coupled with increased production, drove H1 2025 Sales to USD 3,477.5 million. To manage cash flow timing with financial partners, approximately 45koz of the gold produced during H1 2025 was only sold and shipped after the period end, with these sales expected to benefit All-in Costs (AIC) and All-in Sustaining Costs (AISC) during the second half of 2025 (H2 2025).

Transparent and consistent communication with equity investors on production and cost guidance

Investor engagement centers on providing clear, updated guidance and demonstrating execution against those targets. Gold Fields Limited remains on track to meet the original full-year 2025 attributable gold-equivalent production guidance of between 2.250Moz - 2.450Moz. The company reported 551koz in attributable gold-equivalent production for the first quarter of 2025 (Q1 2025). For the first half of 2025 (H1 2025), attributable production rose 24% year-on-year (Y/Y) to 1,136koz. The balance sheet strength is a key communication point; net debt decreased by US$696m during Q3 2025 to US$791m, resulting in a net debt to EBITDA ratio of 0.17x at the end of September 2025.

Here's the quick math on the guidance versus recent performance:

Metric	FY 2025 Guidance (Feb 2025)	H1 2025 Actual	Q3 2025 Actual
Attributable Production (koz eq)	2,250 - 2,450	1,136	621 (Q3 only)
AISC (US$/oz)	1,500 - 1,650	1,682	1,557
AIC (US$/oz)	1,780 - 1,930	1,957	1,835

The company declared an interim dividend for H1 2025 of 700 SA cents per share, a 133% increase from the previous year.

Long-term engagement with host governments and communities to maintain social license

Maintaining the social license to operate is quantified through significant value distribution and local procurement. Gold Fields Limited created between US$677m and US$1.27bn in community value annually for the past seven years, totaling over US$6.3bn since 2018. In 2024, 35% (or US$1.27bn) of the US$4.2bn of national value distributed benefited host communities. The commitment is to share 30% of the value distributed with host communities by 2030.

Local economic integration is a focus, evidenced by procurement statistics:

• Total procurement spend in 2024 was US$2.8bn.
• Spend with host community suppliers and contractors in 2024 was US$1.12bn, representing 41% of the total spend, exceeding the annual target of 29%.
• In 2024, 52% of the total workforce, which equates to 9,697 people, was from host communities.
• Socio-economic development (SED) investment in host communities in 2024 amounted to US$16.6m.

The company is working to resolve the Tarkwa lease extension by 2026.

Strategic, transactional relationships with central banks for reserve accumulation

Specific details regarding strategic, transactional relationships with central banks for reserve accumulation are not explicitly detailed in the latest operational updates. The primary transactional focus detailed relates to the sale of produced gold into the commercial market, as evidenced by the realized average price of $3,281/oz in H1 2025. The Salares Norte mine is expected to achieve steady-state production in 2026, producing 550koz eq - 580koz eq.

Finance: draft 13-week cash view by Friday.

Gold Fields Limited (GFI) - Canvas Business Model: Channels

You're looking at how Gold Fields Limited moves its metal from the ground to the market, which is a critical part of their value capture. For a major producer like Gold Fields Limited, the channels are a mix of established commodity trading routes and direct institutional relationships.

Direct sales to global bullion banks and precious metals refiners

The bulk of Gold Fields Limited's physical gold moves through established channels involving global bullion banks and specialized precious metals refiners. These entities purchase the refined or unrefined product directly from the company's operations or through its marketing desks. For the first half of 2025, Gold Fields Limited reported total sales of USD 3,477.5 million. The company's attributable gold-equivalent production for that same period was 1,136 thousand ounces (koz). This volume represents the physical material being channeled through these primary buyers. The All-in Cost (AIC) for H1 2025 was reported at US$1,957/oz, while the All-in Sustaining Cost (AISC) was US$1,682/oz. These costs are directly tied to the realized price achieved through these sales channels.

Direct sales to central banks and sovereign wealth funds

While Gold Fields Limited does not typically report sales directly to central banks or sovereign wealth funds (SWFs), these entities are major consumers in the broader gold market, absorbing significant physical supply. Industry data suggests that central banks and SWFs absorb approximately 1,000 tons annually, which is at least a quarter of global mined production. Furthermore, a 2025 survey indicated that 95% of central banks plan to expand their gold reserves over the coming year. This sustained institutional demand provides a strong underlying floor for the gold price, which directly impacts the realized revenue Gold Fields Limited achieves through its primary sales channels. The gold price itself reached a historic peak of approximately $3,500 per ounce in April 2025, and briefly touched $4,381 per troy ounce in October 2025.

Commodity exchanges and markets for the sale of gold and copper concentrate

Gold Fields Limited sells its gold, and also its copper concentrate, into the broader commodity markets, often via the same banking partners mentioned above who then use the exchanges. The company's Q3 2025 attributable production reached 621 koz. The full-year 2025 production guidance remains on track to hit the upper end of the range between 2.250 Moz and 2.450 Moz. The company's assets in Chile and Peru, such as Cerro Corona, produce copper alongside gold, with copper sales flowing through concentrate off-take agreements into the relevant commodity markets. For instance, Cerro Corona's gold-equivalent production increased 9% in Q1 2025 due to higher gold and copper grades processed. The company is tracking to meet its 2025 AISC guidance of US$1,500/oz - US$1,650/oz.

Investor relations platforms (JSE, NYSE) for equity and debt capital

The Johannesburg Stock Exchange (JSE) and the New York Stock Exchange (NYSE) are the platforms Gold Fields Limited uses to access capital from investors, not for selling physical metal. The company's shares trade on both exchanges under the ticker GFI. A key event in 2025 was the successful conclusion of a debt capital raise on May 13, 2025, where Gold Fields Limited raised US$750 million in seven-year notes with a coupon rate of 5.854%. The net proceeds were used to repay outstanding bridge facilities related to the Osisko Mining Inc. acquisition. The company also declared a gross interim dividend of 700 SA cents per share for H1 2025. The target base dividend policy is 35% of free cash flow before discretionary growth investments, with a minimum annual return of $0.50/share.

Here's a quick look at some key operational and financial metrics relevant to the sales performance:

Metric	Value (H1 2025 or Latest Reported)	Period/Context
H1 2025 Sales Revenue	USD 3,477.5 million	Six months ended June 30, 2025
H1 2025 Attributable Production	1,136 koz	Six months ended June 30, 2025
Q3 2025 Attributable Production	621 koz	Quarter ended September 30, 2025
FY 2025 Production Guidance (Upper End)	2.450 Moz	Full Year 2025 Forecast
H1 2025 All-in Cost (AIC)	US$1,957/oz	Six months ended June 30, 2025
H1 2025 All-in Sustaining Cost (AISC)	US$1,682/oz	Six months ended June 30, 2025
Debt Raised (May 2025)	US$750 million	Seven-year notes issued
Debt Coupon Rate	5.854%	Notes issued May 2025

The flow of product is supported by operational consistency, as seen in the cost performance:

• All-in Sustaining Costs (AISC) for Q3 2025 decreased 11% Quarter-on-Quarter to US$1,835/oz.
• AISC for Q3 2025 was 8% lower Year-on-Year compared to Q3 2024's US$1,694/oz.
• AISC for Q3 2025 was US$1,557/oz, a 10% decrease Quarter-on-Quarter from Q2 2025's US$1,739/oz.
• Salares Norte AISC guidance is US$975/oz eq - US$1,125/oz eq for 2025.

The company's ability to sell its output is directly linked to its operational success, like the ramp-up at Salares Norte, which produced 112 koz eq in Q3 2025. This production is expected to increase further in Q4 2025.

Gold Fields Limited (GFI) - Canvas Business Model: Customer Segments

The customer segments for Gold Fields Limited are diverse, reflecting its position as a global producer of both gold and copper concentrate.

Global Bullion Banks and Financial Institutions.

This segment represents the primary off-takers for the majority of Gold Fields Limited's mined gold. The company's operational output directly feeds into the global commodity trading system.

• Attributable gold-equivalent production for the first half of 2025 (H1 2025) reached 1,136koz.
• Full-year 2025 attributable gold-equivalent production guidance is set between 2.250 million oz and 2.450 million oz.
• The company's H1 2025 sales revenue was USD 3,477.5 million.
• Gold Fields Limited was unhedged in 2025 regarding gold and copper price hedges.

Central Banks and Sovereign Wealth Funds.

While direct sales figures to this segment are not publicly itemized, the segment is a key destination for large volumes of physical gold, particularly during periods of high geopolitical tension or reserve diversification, as seen in late 2025 market conditions.

• The company generated an adjusted free cash flow from operations of US$952 million during H1 2025.
• Profit attributable to owners of the parent for H1 2025 was US$1,027m.

Precious Metals Refiners and Industrial Processors (for gold and copper concentrate).

This segment includes specialized entities that process the raw output, including the copper concentrate byproduct from certain operations. Gold Fields Limited's operations are geographically distributed, which informs the origin of the material sold to these processors.

Geographical Origin (2024 Production Mix)	Managed Gold-Equivalent Production Share	Product Type Context
Australia	46%	Gold and copper concentrate
Ghana	32%	Gold and copper concentrate
South Africa	13%	Primarily gold
Peru	9%	Gold and copper concentrate (Cerro Corona)
Chile	2%	Copper concentrate

The Cerro Corona mine in Peru and other assets contribute copper, which is sold to industrial processors. Gold Fields Limited reported that gold produced and sold includes copper gold equivalents of approximately 3% of Group production as of March 31, 2025.

Equity and Debt Investors seeking gold exposure and dividend yield.

This segment comprises institutional and retail shareholders holding Gold Fields Limited shares on the JSE and NYSE, seeking capital appreciation and income via dividends.

Major Shareholder	Shareholding Percentage	Valuation (Approximate CHF)
Public Investment Corporation (SOC) Ltd.	21.18%	8 009 M CHF
Satrix Managers (RF) Pty Ltd.	0.7688%	291 M CHF
M&G Investment Managers (Pty) Ltd.	0.6887%	260 M CHF
Old Mutual Investment Group (Pty) Ltd.	0.5446%	206 M CHF
Sanlam Investment Management (Pty) Ltd.	0.3507%	133 M CHF

The company announced a $500m Shareholder Returns Programme for 2025. The interim dividend declared in August 2025 was 700 SA cents per share, a 133% increase from the previous year, representing 34% of normalised earnings. The total 2024 dividend was 1,000 SA cents per share, representing a dividend yield of 3.58%.

Gold Fields Limited (GFI) - Canvas Business Model: Cost Structure

You're looking at the cost side of the Gold Fields Limited (GFI) equation for late 2025. Honestly, managing costs in this environment-with persistent industry inflation-is a tightrope walk, but the numbers show where the pressure points and the cost advantages lie.

The overall target for the year is clear. Gold Fields Limited (GFI) is tracking well against its full-year guidance, which is the key metric for cost control right now. The expected All-in Sustaining Costs (AISC) for the full 2025 fiscal year is set in the range of US$1,500/oz - US$1,650/oz. To give you a real-time check, the AISC for the third quarter of 2025 actually came in a bit better at US$1,557/oz, which was 10% lower quarter-on-quarter.

Mining operating costs, covering things like labor and consumables, are definitely feeling the heat from inflation. This general industry inflation is cited as a reason unit costs remained elevated during the first half of 2025. Still, the company is actively working to mitigate these impacts through asset optimization programs.

Capital expenditure is a major component, split between keeping the lights on (sustaining) and growing the business (non-sustaining). Total capital expenditure for 2025 is budgeted to be elevated, expected between US$1,490m - US$1,550m. Sustaining capital, which is what you need just to maintain the current production base, is budgeted at US$940m - US$970m.

Growth projects are soaking up significant non-sustaining capital. The Salares Norte mine ramp-up is a big driver here. For 2025, GFI budgeted US$23m specifically for exploration drilling and Greenfields activities at Salares Norte. It's worth noting that Salares Norte has its own much lower cost guidance for the year, expected at an AISC of US$975/oz-eq - US$1,125/oz-eq. The Windfall project is also seeing pre-development capital spend in 2025, though it's no longer an equity-accounted investment following the full acquisition in 2024.

Royalties and taxes are a direct function of the realized gold price, which has been high. Unit costs in H1 2025 were pushed up by increased royalties linked to those higher prices. For context on the tax base, the profit attributable to owners of the parent for H1 2025 was US$1,027m.

Here's a quick look at the key 2025 cost and capital figures we have:

Cost/Capital Component	2025 Guidance/Estimate	Latest Reported Period Data
Full Year AISC Guidance	US$1,500/oz - US$1,650/oz	Q3 2025 AISC: US$1,557/oz
Total Capital Expenditure Guidance	US$1,490m - US$1,550m	H1 2025 Sustaining Capex: Higher than H1 2024
Sustaining Capital Expenditure Guidance	US$940m - US$970m	H1 2025 Sustaining Capex: Higher at Salares Norte, Gruyere, and Granny Smith
Salares Norte Exploration/Greenfields Budget	N/A	Budgeted US$23m for 2025
Salares Norte AISC Guidance	N/A	US$975/oz-eq - US$1,125/oz-eq
Windfall Capital Contribution (H1 2024)	Pre-development capital planned for 2025	US$42m contribution in H1 2024
H1 2025 Profit Attributable to Owners	N/A	US$1,027m

The exploration and reserve replacement expenditure is ongoing, which you see reflected in the specific drilling budget for Salares Norte. Also, remember that the H1 2025 AISC of US$1,682/oz was impacted by lower volumes and higher sustaining capital spend, but that figure is expected to improve in H2 2025 as ounces sold catch up.

You should definitely track the quarterly movements in sustaining capital, especially as Salares Norte moves toward steady-state production by year-end, which should normalize those project-related costs. Finance: draft the 13-week cash view incorporating the latest capex phasing by Friday.

Gold Fields Limited (GFI) - Canvas Business Model: Revenue Streams

Gold Fields Limited (GFI)'s revenue streams are fundamentally tied to the global commodity markets for its primary and co-products. The core of the revenue generation comes from the sale of its mined output.

Primary revenue is derived from the sale of gold bullion and dore. This stream is highly sensitive to both the volume of gold-equivalent ounces sold and the realized average price per ounce. For the first half of 2025 (H1 2025), Gold Fields Limited reported total sales (revenue) of US$3,477.5 million. This figure represents a substantial 64% increase year-on-year compared to H1 2024's revenue of US$2,123.9 million.

The significant revenue uplift in H1 2025 was driven by two main factors:

Metric	H1 2025 Value	H1 2024 Value	Year-on-Year Change
Revenue	US$3,477.5 million	US$2,123.9 million	64% increase
Attributable Gold-Equivalent Ounces Sold	1.126Moz	0.961Moz	17% higher
Average US Dollar Gold Price Achieved	US$3,089/eq oz	US$2,211/eq oz	40% higher

The company also generates revenue from the sale of copper concentrate, which is treated as a co-product from certain operations, such as the Cerro Corona mine. While the specific revenue amount from copper for H1 2025 is embedded within the total sales figure, the underlying metal price is a key driver. For context, the copper price in US$/tonne during Q1 2025 was reported at US$9,346.

The accounting treatment for this co-product is specific:

• Sales of copper concentrate are provisionally priced.
• The selling price is subject to final adjustment over a period typically ranging from 30 to 90 days after delivery.
• Revenue recognition occurs on the date of shipment.
• The initial revenue recorded uses the forward LME price to the estimated final pricing date, net of refining and treatment charges.
• Variations between the provisional price used for revenue recognition and the final realized price are classified as provisional price adjustments and included as a component of revenue.

Gold Fields Limited continues to project full-year attributable gold-equivalent production for 2025 to be between 2.250Moz - 2.450Moz.