Gold Fields has finalized its acquisition of Osisko Mining, fulfilling all conditions necessary for the transaction. This significant deal, initially announced in August, allows Gold Fields to gain complete ownership of the Windfall Project and its surrounding exploration area in Québec, Canada.
The mining group paid C$1.93 billion (approximately R24.6 billion) for the project, net of cash settlements. Funding came from a combination of cash reserves and undrawn debt facilities, which included liquidity facilities totaling $750 million secured in October.
The CEO of Gold Fields highlighted the rarity of high-quality deposits like Windfall, especially within a prestigious jurisdiction like Québec. This acquisition is viewed as a crucial step toward enhancing the company’s portfolio quality.
Key members of the Windfall team will remain involved, with plans to collaborate on developing this promising asset. The Windfall Project is anticipated to yield around 300,000 ounces of gold annually, boasting low all-in sustaining costs. This strategic move aligns with Gold Fields’ objective of investing in high-quality, long-life assets to strengthen its overall portfolio.