Gold Fields Limited (GFI): PESTLE Analysis [Nov-2025 Updated]

You need a precise, clear-eyed view of Gold Fields Limited (GFI) because their 2025 performance is a tightrope walk: successfully ramping up the Salares Norte project is crucial to offset declining output in South Africa, all while managing high resource nationalism risk in regions like Ghana and Peru. With the company projecting approximately 2.5 million ounces of gold equivalent production at an All-in Sustaining Cost (AISC) of around $1,350 per ounce, every political, economic, and environmental factor carries defintely significant weight. We've distilled the PESTLE analysis to map these near-term risks and opportunities to clear, actionable steps for you.

Gold Fields Limited (GFI) - PESTLE Analysis: Political factors

You need to understand that political risk is no longer a fringe concern in frontier markets; it's a core valuation driver. For Gold Fields Limited, the political landscape in 2025 presents a clear dichotomy: high-risk, high-return exposure in Africa and South America, balanced by the stability of Australia. This geopolitical weighting directly impacts the company's cost structure and long-term production profile.

Resource nationalism risk remains high in Ghana and Peru.

Resource nationalism-where a government asserts greater control over natural resources-is a tangible threat to Gold Fields' African and South American assets. The most immediate example is in Ghana, where the government took over the Damang mine on April 18, 2025, following the expiration of the 30-year mining lease. This move has already impacted investor confidence, contributing to a $200 million decrease in Foreign Direct Investment (FDI) in Ghana's mining sector in the first quarter of 2025.

This political precedent creates uncertainty for Gold Fields' flagship Tarkwa mine, where the Government of Ghana holds a 10% free-carry interest. The company is now in proactive engagement with the government regarding the Tarkwa mining lease renewal, a process that is highly scrutinized and involves updating the life-of-mine plan. In Peru, where Gold Fields operates the Cerro Corona mine (held at 99.5% ownership as of March 31, 2025), the risk is driven by social instability. Peru has slipped in global mining stability rankings due to community disputes and political turnover, which can lead to temporary shutdowns and royalty hikes.

Increased pressure from South African government on transformation and local ownership.

In its home base of South Africa, Gold Fields faces continuous, evolving regulatory pressure to meet Black Economic Empowerment (BEE) transformation goals. While Gold Fields' South Deep mine is currently held at 96.43% ownership, the broader regulatory environment is changing. In May 2025, the Department of Mineral and Petroleum Resources (DMPR) released a draft mining bill aimed at overhauling the sector's framework. This draft bill seeks to reinforce transformation objectives, including updated requirements for Black ownership percentages and local content provisions.

The current, operative Mining Charter III requires new mining rights to have a minimum 30% Black Person shareholding, with specific allocations to Host Communities and Qualifying Employees. The new draft legislation, while not yet law, signals the government's intent to impose these BEE elements-including ownership, inclusive procurement, and employment equity-as mandatory conditions for granting new rights. This regulatory uncertainty, plus the government's push for local beneficiation (in-country processing) of minerals, creates a complex operating environment for the South Deep asset. Honestly, the regulatory goalposts in South Africa are defintely still moving.

Political stability in Australia provides a strong, low-risk operational base.

Australia, particularly Western Australia, acts as a critical counter-balance to the political risks in Gold Fields' other jurisdictions. The region is consistently ranked as one of the most favorable mining jurisdictions globally due to its strong rule of law and efficient regulatory environment. The permitting process, for example, typically takes a reasonable 1-2 years, which is a significant competitive advantage over other regions.

This stability has allowed Gold Fields to execute major strategic moves, such as the acquisition of Gold Road Resources, which was completed on October 14, 2025. This transaction increased Gold Fields' stake in the Gruyere mine from 50% to 100%, giving it full operational control. This full control eliminates previous joint venture complexities and allows for comprehensive mine planning optimization, directly leveraging the low-risk political environment for long-term value creation.

Permitting delays, like those seen at Salares Norte, complicate expansion timelines.

Even in a relatively stable country like Chile, specific permitting and commissioning issues can create substantial political and financial complications. The Salares Norte project, a key growth asset, experienced significant delays that pushed first gold production into April 2024.

The delays were not just bureaucratic; they stemmed from rework required on critical safety aspects of the cyanide circuit and supply chain issues with Original Equipment Manufacturer (OEM) vendors. What this estimate hides is the true cost of time: the total capital cost of the project increased to a range of US$1.18 billion to US$1.20 billion. Despite these setbacks, the mine achieved commercial production in the third quarter of 2025 and is on track to meet its full-year 2025 guidance of 325koz eq - 375koz eq at an AISC of US$975/oz eq - US$1,125/oz eq.

Here's the quick math on the project's ramp-up trajectory in 2025:

The ramp-up is accelerating, but the initial delays underscore how political and regulatory complexity, even in the form of safety-related commissioning, can add hundreds of millions to a project's cost.

Gold Fields Limited (GFI) - PESTLE Analysis: Economic factors

You're looking for a clear, data-driven view of Gold Fields Limited's economic landscape, and honestly, the picture for 2025 is defined by two big, volatile forces: a soaring gold price and relentless cost inflation. The near-term opportunity is massive, but it comes with a defintely higher cost floor.

Global gold price volatility significantly impacts GFI's revenue and project viability.

The biggest economic lever for Gold Fields is the gold price itself. As of November 2025, the price is trading around $4,065.39 per troy ounce, a significant tailwind. This surge, which saw the metal peak at approximately $3,500 per ounce in April 2025, is driving exceptional profit growth. For the first half of 2025 alone (H1 2025), Gold Fields projected headline earnings to increase by up to 236% compared to H1 2024, largely due to this price rally and increased output.

This high price environment makes new, higher-cost projects immediately viable. Still, a sudden reversal, perhaps from an unexpected shift in US Federal Reserve interest rate policy, would quickly pressure margins. The average price Gold Fields achieved in 2024 was $2,418 per equivalent ounce, so the current price offers a substantial buffer against operational challenges.

Inflationary pressure on operating costs, especially energy and labor, is a constant headwind.

Despite the high gold price, Gold Fields is battling industry-wide inflationary pressures, which keep unit costs elevated. This isn't just a minor annoyance; it's a structural headwind, particularly in energy and labor, which are primary cost drivers in deep-level mining operations like South Deep in South Africa. The company's cost of sales before depreciation increased by 14% from 2023 to 2024, primarily due to these inflationary increases across all operating regions.

Here's the quick math on the cost challenge:

• Inflationary impacts are partially offset by increased production volumes.
• The company's asset optimisation programme is specifically designed to mitigate these rising costs.
• Rising gold prices also increase royalties, which are a direct cost tied to revenue.

Gold Fields is pushing back with efficiency, but the cost of getting ore out of the ground is simply higher now.

GFI's all-in sustaining costs (AISC) are projected to be around $1,350 per ounce for the 2025 fiscal year.

While a target of $1,350 per ounce AISC (All-in Sustaining Costs-the true cost of producing an ounce of gold while maintaining current operations) would be fantastic, the official guidance for the full 2025 fiscal year is higher. Gold Fields expects its AISC to be in the range of US$1,500/oz - US$1,650/oz. This is the realistic cost structure you should base your models on.

The company is managing costs well within this range, though. In Q3 2025, the actual AISC was US$1,557/oz, a 10% quarter-on-quarter decline, benefiting from increased gold production from assets like the Salares Norte mine. This shows operational discipline is helping to manage the upper end of the cost guidance.

Currency fluctuations, particularly the South African Rand and Australian Dollar, affect reported earnings.

Gold Fields operates globally, meaning its US Dollar-reported earnings are constantly being translated from local currencies, primarily the South African Rand (ZAR) and the Australian Dollar (AUD). This currency translation risk is significant because a weaker ZAR or AUD against the US Dollar can lower local operating costs when converted to USD, boosting reported margins, and vice-versa.

In H1 2025, the foreign currency translation adjustments added a massive $200.3 million to other comprehensive income, demonstrating the large impact of currency movements. The average exchange rates used for H1 2025 highlight this volatility:

The stronger US Dollar against the Australian Dollar (lower AUD/USD rate) translates Australian costs into fewer US Dollars, which is a positive for the bottom line, even as the ZAR remained relatively stable.

The company's total gold equivalent production for 2025 is estimated at roughly 2.5 million ounces.

Gold Fields is on track for a strong year, largely driven by the ramp-up of the Salares Norte mine in Chile. The official guidance for attributable gold-equivalent production for the full year 2025 is between 2.250 million ounces (Moz) and 2.450 Moz. The company has reaffirmed this guidance and expects to be at the upper end of this range, meaning a production figure close to 2.450 Moz is the most likely outcome.

This production trajectory is a key factor in the strong H1 2025 performance, where attributable production rose by 24% year-over-year to 1.136 Moz. The success of getting Salares Norte to commercial production in Q3 2025 is the engine behind this growth, positioning Gold Fields to capitalize on the high gold price with significantly higher output.

Gold Fields Limited (GFI) - PESTLE Analysis: Social factors

Sociological

The social environment for Gold Fields Limited is defined by the critical need to maintain its Social License to Operate (SLO) in diverse and often volatile jurisdictions, particularly South Africa and South America. This is a perpetual balancing act between maximizing shareholder returns and delivering tangible, measurable value to host communities and labor. Your operational stability in the 2025 fiscal year is directly tied to managing these local expectations.

Labor unrest and wage negotiations, particularly at the South Deep mine in South Africa, pose a persistent risk.

Labor stability at the South Deep mine is a perennial concern, and you are operating in the wake of a critical negotiation cycle. The last three-year wage agreement with the National Union of Mineworkers (NUM) and UASA expired on February 28, 2024. This means the 2025 fiscal year is either under the terms of a newly negotiated, and likely more costly, agreement, or is facing the immediate risk of industrial action if negotiations stalled.

The last agreement provided an average annual increase of 6.5%. Given South Africa's persistent inflation and the unions' focus on improving living allowances, any new settlement is likely to be a high-single-digit percentage increase, or a CPI-linked (Consumer Price Index) increase, which directly impacts the All-in Sustaining Costs (AISC) at South Deep. Honestly, a prolonged strike at a deep-level, high-cost mine like South Deep would immediately threaten the mine's profitability and 2025 production guidance.

Maintaining a 'Social License to Operate' is crucial for new projects and expansions, especially in South America.

Gaining and keeping your Social License to Operate (SLO) is the single most important non-financial factor for new projects, especially the Salares Norte project in Chile and any potential expansions in Peru. Populist policies in South America often translate directly into higher tax demands and greater community expectations, so your proactive value-sharing is a necessary operational cost.

The core of your strategy is to distribute value to host communities. In 2024, Gold Fields distributed US$1.27 billion of national value to host communities, representing 35% of the total value distributed. This already exceeds your 2030 ESG target of 30%. This is a strong signal to governments and communities in Chile and Peru that you are a serious partner, but still, any operational misstep, like a significant environmental incident, can erase years of goodwill overnight.

Here is a quick look at your value creation metrics:

Focus on local employment and community development to mitigate operational disruption.

Local employment and procurement are the most effective tools for mitigating operational disruption, far more so than charity. Your focus on local procurement is defintely working as a key value driver. In 2024, the procurement spend with host community suppliers and contractors reached US$1.12 billion, which is 41% of your total procurement spend. That is a significant economic anchor for local regions.

At South Deep, your Social Labour Plan (SLP) for 2023-2024 is focusing on local economic development (LED) projects with an estimated construction cost of R21 million (US$1 million) to be delivered between 2025 and 2026. This commitment is crucial for satisfying regulatory requirements and addressing the high unemployment in labor-sending areas like the Eastern Cape.

• Drive local economic growth with procurement: $1.12 billion spent locally in 2024.
• Invest in South Deep community projects: R21 million planned for 2025-2026 delivery.

High rates of HIV/AIDS and tuberculosis in the South African workforce require significant health investment.

The legacy of Tuberculosis (TB) and HIV/AIDS in the South African gold mining sector remains a major social and productivity risk. TB incidence rates in the gold sector are historically high due to factors like silica dust exposure and the high prevalence of HIV. While the industry has made progress, the gold sector is still the only commodity that has not yet reduced its TB incidence rate below the national average.

For the 2025 fiscal year, you must continue to invest heavily in health screening and treatment programs. Industry-wide data from the Minerals Council South Africa shows the scale of the challenge and the required response:

• Gold Sector TB Incidence Rate (2023): 544 per 100,000 employees.
• Industry HIV Counselling and Testing (HCT) offered (2023): 93% of employees.
• Industry TB Screening Rate (2023): 92.6% of employees.

The high TB incidence rate in the gold sector (544/100,000) is an ongoing concern, especially compared to the all-commodity industry average of 223/100,000 in 2023. This health risk is a direct threat to workforce availability and productivity, plus it increases long-term liability for occupational lung diseases (OLDs). You need to keep up the pace on the Masoyise Health Programme initiatives and housing upgrades to reduce transmission risk.

Gold Fields Limited (GFI) - PESTLE Analysis: Technological factors

Increased adoption of digital mining and automation to improve safety and cut costs at deep-level mines like South Deep.

You need to see Gold Fields Limited's (GFI) technology strategy as a direct response to the inherent risks and costs of deep-level mining, especially at South Deep. This isn't just about buzzwords; it's about survival and operational consistency. The mine's bulk mechanised mining approach is the cornerstone of its efficiency improvements, moving away from traditional, labor-intensive methods. This system allows for more scalable and predictable production.

The core of this is the digitalisation journey, which has culminated in a state-of-the-art surface control center. This center acts as the nerve center, enabling remote and automated operations-a massive safety win, plus a cost-saver. Here's the quick math on the impact: South Deep's operational stability helped Gold Fields achieve a consolidated production increase of 6% across all operations in Q3 2025. Specifically, the mine processed 432,000 tonnes of ore in Q3 2025, which was a 5% increase from the previous quarter. That steady, predictable output is what you get when you swap human variability for automated systems.

• Automated drilling enhances ore recovery.
• Collision protection systems ensure a safer working environment.
• Integrated digital data platform enables real-time decision-making.

Exploration technology advancements are key to extending mine life and finding new high-grade deposits.

Finding new high-grade ounces is the lifeblood of any gold miner, and Gold Fields is leaning heavily on advanced technology to de-risk and accelerate this process. They are using sophisticated, non-invasive methods to peer through the earth, which is a lot faster and cheaper than traditional drilling alone. This includes leveraging space technology, specifically deploying Fleet Space Technologies' ExoSphere, which uses satellite connectivity, 3D multi-physics, and Artificial Intelligence (AI) to create rapid 3D subsurface imaging.

This technology, first proven at the St Ives operation in Australia, is now being used to uncover new exploration targets at the Salares Norte mine in Chile. The commitment to this is clear in the 2025 budget. Gold Fields has allocated US$23 million for exploration drilling and Greenfields activities in the Salares Norte area for the 2025 fiscal year. To be fair, exploration is always a long-shot game, but using AI-driven 3D imaging significantly increases the odds of finding those high-potential copper-gold prospects, like the Santa Cecilia Joint Venture (JV), where a priority 6,000-meter drilling program is underway in early 2025.

Use of battery electric vehicles (BEVs) is being piloted to reduce underground heat and ventilation costs.

The push for Battery Electric Vehicles (BEVs) underground is defintely a strategic move driven by both environmental and economic factors. Diesel vehicles are a major source of heat and diesel particulate matter (DPM), which means you have to spend a fortune on massive ventilation systems, especially in deep mines. BEVs eliminate these emissions and significantly reduce heat and noise, which directly translates into lower ventilation costs-a huge operational saving for a deep mine like South Deep.

Gold Fields has been running trials of BEVs at various sites, including St Ives and Granny Smith. The 2030 target is to reduce diesel usage at its mines by approximately 20%. However, the trials have been a mixed bag, showing that BEV prototypes are not yet fully mature, sometimes resulting in lower availability and requiring frequent battery changes. That's why the company is also trialing hybrid diesel-electric vehicles as a bridge solution. Full maturity of the required BEV technology is expected by 2025 at the earliest, which means the real cost-saving impact is just around the corner.

Data analytics and remote monitoring are being used to optimize mill throughput and recovery rates.

The processing plant is where the value is realized, and data analytics is the tool for squeezing out every last ounce. Gold Fields uses an integrated technology solution for remote monitoring and data analysis to fine-tune its mills and processing plants. This focus on process optimization is delivering immediate, tangible results across the portfolio.

Look at the Tarkwa mine in Ghana: it achieved a 15% quarter-on-quarter production increase in Q3 2025, and this was achieved through systematic operational optimisation, not just bigger capacity. Similarly, the ramp-up at the new Salares Norte mine is a clear demonstration of data-driven process control. The mine achieved commercial levels of production in Q3 2025, with production increasing by 53% quarter-on-quarter to 112,000 gold equivalent ounces (koz eq) in Q3 2025. This rapid, successful ramp-up is a direct result of the team running numerous simulation exercises and plant reviews to optimize operational procedures and mitigate risks like extreme weather.

Next Step: Operations: Review the Q4 2025 BEV trial data to finalize the 2026 fleet procurement strategy by the end of the year.

Gold Fields Limited (GFI) - PESTLE Analysis: Legal factors

You need to understand that legal and regulatory risks are not just compliance checkboxes; they are direct costs and, in some cases, existential threats to a mine's life. The regulatory environment in Gold Fields' key jurisdictions-especially Ghana and Peru-is dynamic, and the cost of compliance with global standards like the GISTM is a significant capital commitment in 2025.

Stricter enforcement of environmental permitting and compliance, especially regarding tailings dam safety post-Brumadinho.

The global regulatory response to the 2019 Brumadinho disaster has crystallized into the Global Industry Standard on Tailings Management (GISTM), and Gold Fields Limited is on a tight deadline to comply. The company is committed to achieving full GISTM conformance for all its 36 Tailings Storage Facilities (TSFs) by August 2025, in line with its International Council on Mining and Metals (ICMM) commitment. This is a massive, resource-intensive undertaking.

Here's the quick math: achieving full conformance requires meeting 15 Principles, 77 Requirements, and 219 Requirement Parts per TSF. For Gold Fields' portfolio of 36 TSFs, this equates to roughly 7,884 work packages over a five-year period, with the final deadline this year. This compliance effort directly drives up capital expenditure (capex) and operational costs, but it is defintely non-negotiable for maintaining a social license to operate.

For the Cerro Corona mine in Peru, Gold Fields is investing approximately $44 million in enhancements, with $36.3 million specifically allocated to altering the tailings and recovered water transport system, which is a clear response to heightened safety and environmental standards.

Changes to mining royalty and tax regimes in key jurisdictions like Ghana or Peru could significantly impact cash flow.

Regulatory shifts in key operating countries present a major risk to cash flow predictability. In Ghana, the risk materialized not just through tax hikes but through a non-renewal of a core asset's license. The Ghanaian authorities rejected the application for a 30-year lease extension for the Damang mine, instructing Gold Fields to cease operations and vacate by April 18, 2025. This closure removes a producing asset from the portfolio, which is a far greater impact than a simple tax increase.

In terms of direct payments, Gold Fields Ghana's contribution to the government in the first half of 2025 (H1 2025) was over GH₵3.2 billion (approximately $214 million at a GH₵15/$1 exchange rate for context), demonstrating the substantial financial exposure to the country's fiscal policy. This included GH₵587 million in royalties and GH₵1.6 billion in corporate income tax.

In Peru, the existing profit-based royalty regime is generally stable, but the company's All-in Sustaining Costs (AISC) are still exposed to inflationary pressures, including increased royalties paid as a result of higher realized gold prices. For Cerro Corona, Gold Fields is leveraging the Peruvian government's Works for Taxes (OxI) mechanism to start construction on five projects, four of which are water and sanitation, which is a legal-financial strategy to manage tax obligations while building social capital.

Ongoing legal disputes over land rights and water usage, particularly for new projects.

Legal disputes with communities over land and water are a constant feature of mining in emerging markets, often manifesting as social-legal risks that threaten operational continuity. Gold Fields employs a human rights due diligence process to manage these. In 2024, the company recorded 41 community grievances, with 20 of those specifically related to environmental issues and nine to social issues. The key is how fast you can resolve them; 92% were resolved within agreed timeframes.

For new growth projects, securing land and water access through legal agreements is paramount. At the Windfall project in Canada, a key step in the 2025 project timeline involves advancing the environmental permit process and continuing engagements for the execution of an Impact Benefit Agreement (IBA) with the Cree First Nation of Waswanipi and the Cree Nation Government. The IBA is the legal mechanism that secures the social license for the project.

• Resolve 92% of community grievances within agreed timeframes.
• Monitor land and water risks at South Deep and Cerro Corona.
• Advance Impact Benefit Agreement (IBA) negotiations for the Windfall project.

Compliance with international anti-corruption laws (FCPA) due to operations in high-risk jurisdictions.

Operating in high-risk jurisdictions like Ghana, Peru, and South Africa means strict compliance with international anti-corruption laws, such as the U.S. Foreign Corrupt Practices Act (FCPA). Gold Fields maintains a Group-wide Compliance Governance Framework to mitigate this risk, which is critical for a company listed on the NYSE (New York Stock Exchange).

While the company states no regulatory findings were deemed material in 2023, it did incur 14 penalties, sanctions, and/or fines totaling US$73,300 that year. These small fines, reported per country irrespective of materiality, show the friction of operating in complex regulatory environments. The existence of a historical FCPA matter involving the company in South Africa, tracked by the Stanford FCPA Clearinghouse, underscores the need for continuous, rigorous due diligence.

The core action here is maintaining the integrity of the compliance system, which includes scanning the regulatory environment and conducting structured reviews of the framework by Internal Audit. That's the only way to manage the inherent risk of doing business in these regions.

Gold Fields Limited (GFI) - PESTLE Analysis: Environmental factors

Significant water management challenges in arid regions like the Atacama Desert (Salares Norte) and water-stressed South Africa.

You need to look at water not just as an operational input, but as a core license-to-operate risk, especially in regions facing acute scarcity. Gold Fields Limited's (GFI) operations span some of the world's most water-stressed areas, making water stewardship a critical, high-cost challenge.

In the Atacama Desert, where the Salares Norte mine is located, the environmental permit is tightly linked to water usage. To mitigate this, the operation employs filtered tailings technology, which is a significant capital investment but allows for the recirculation of over 86% of the water resource. This technology also replaces a conventional tailings storage facility, reducing the risk profile.

Similarly, South Africa is a water-stressed environment, with water shortages being an urgent challenge for the mining sector in 2025. At the South Deep mine, the company's strategy is to achieve zero reliance on municipal-supplied water by 2030. They've invested in a second Reverse Osmosis (RO) Plant, which is capable of producing 3.0 Ml per day of potable water, securing operational supply and reducing pressure on community resources. The company's overall Group target is to achieve an 80% water recycled/reused rate and a 45% reduction in freshwater use from a 2018 baseline by 2030. The 2024 performance was already at 74% water recycled/reused.

Pressure from investors and regulators to meet aggressive carbon emission reduction targets.

Investor scrutiny on climate transition plans is defintely intensifying, and Gold Fields has set ambitious, verifiable targets that require substantial capital allocation. Their long-term commitment is to achieve net-zero GHG emissions by 2050 or sooner, aligning with the Paris Agreement. The near-term focus is on their 2030 targets.

The decarbonisation strategy is centered on increasing renewable energy use and electrifying material movement. The largest single investment to date is the St Ives Renewable Energy Project in Australia, a solar and wind facility costing US$195 million. This project is expected to reduce the St Ives mine's Scope 1 and 2 emissions by approximately 50% a year and the total Group emissions by about 6% a year once fully commissioned in early 2026. Here's the quick math on the 2030 goals:

• Scope 1 and 2 (Net): 30% reduction by 2030 (from a 2016 baseline).
• Scope 1 and 2 (Absolute/Gross): 50% reduction by 2030 (needed @ 2.8Moz production profile).
• Scope 3 (Net): 10% reduction by 2030 (from a 2022 baseline).

Tailings storage facility (TSF) management and safety are critical environmental and reputational risks.

The management of Tailings Storage Facilities (TSFs) is a top-tier environmental and social risk for any global miner, especially following major industry incidents. Gold Fields manages a portfolio of 36 TSFs globally. Their strategy is to fully comply with the Global Industry Standard on Tailings Management (GISTM), a comprehensive framework that covers everything from TSF design to water management and closure.

A major milestone was achieved early: the 2030 target to reduce the number of active upstream-raised TSFs to 3 was met in 2024. The company has committed to disclosing the full GISTM conformance status for all its TSFs by August 5, 2025, which is a crucial near-term compliance event for investors watching for best practice.

Rehabilitation and closure costs for older mines are a growing long-term liability on the balance sheet.

Mine rehabilitation and closure costs represent a significant, non-discretionary long-term liability that must be proactively funded and managed. The liability is growing as mines age and regulatory requirements tighten. Gold Fields' consolidated environmental liability, known as the Closure Cost Estimate (CCE), was US$641 million in 2024, a 6% increase from the 2023 liability of US$598 million.

This increase was primarily driven by detailed studies at two key operations: a US$11 million increase at Tarkwa and a US$25 million increase at Cerro Corona, which is approaching closure. The financial burden includes an annual interest expense on environmental rehabilitation, which amounted to US$24.8 million in 2024. The company is mitigating the final closure risk by focusing on progressive rehabilitation, achieving a Group average of 88% implementation against progressive closure plans in 2024.

Finance: draft 13-week cash view by Friday, specifically modeling a 10% drop in the gold price.