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South Africa's Gold Fields Acquires 50% of New Mining Projects in Canada
South Africa's Gold Fields Acquires 50% of New Mining Projects in Canada
Sputnik Africa
The Windfall project in Canada has been partly acquired by Gold Fields Ltd, a South African mining company and major player in the global gold production market.
2023-05-03T15:02+0200
2023-05-03T15:02+0200
2023-05-03T15:02+0200
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Gold Fields Ltd has partly acquired the Windfall Project in Canada. The deal with project owner Osisko Mining gives the South African mining company and major player in the global gold production market a 50% interest in the future gold mine. Windfall is expected to produce 294,000 ounces of gold annually over a ten-year period.The acquisition is set to cost 600 million Canadian dollars ($440 million) split into two equal payments, with the first of $220 million made upon signing the agreement.The second payment will be made upon receipt of regulatory approvals from Quebec, the Canadian province in which the project is located.In addition to the Windfall Project, the company has also obtained a 50% stake in several highly lucrative gold mining concessions, encompassing approximately 2,400 km² in the Urban Barry and Quevillon districts of Canada.As part of the collaboration with Osisko, Gold Fields will allocate $75 million towards exploration over the first seven years, with a subsequent 50/50 sharing of expenses.The two companies will share the remaining costs, including construction outlays, until the mine begins production in 2025. Gold Fields already operate nine mines in countries including Chile, Australia, Ghana, South Africa and Peru, but this acquisition marks its first foray into Canada.
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South Africa's Gold Fields Acquires 50% of New Mining Projects in Canada
Muhammad Nooh Osman
Writer/Editor
The South African mining company Gold Fields Ltd. already operates nine mines in countries on and off the African continent, including South Africa, Ghana, Chile, Australia and Peru. The recent step marks its first foray into Canada.
Gold Fields Ltd has partly acquired the Windfall Project in Canada. The deal with project owner Osisko Mining gives the South African mining company and major player in the global gold production market a 50% interest in the future gold mine. Windfall is expected to produce 294,000 ounces of gold annually over a ten-year period.
"We are very pleased to be partnering with Osisko to bring the high-quality Windfall Project into production and believe that this will be the first mine of several in this partnership in a highly prospective region," Gold Fields CEO Martin Preece said in a statement.
The acquisition is set to cost 600 million Canadian dollars ($440 million) split into two equal payments, with the first of $220 million made upon
signing the agreement.
The second payment will be made upon receipt of regulatory approvals from Quebec, the Canadian province in which the project is located.
In addition to the Windfall Project, the company has also obtained a 50% stake in several highly lucrative gold mining concessions, encompassing approximately 2,400 km² in the Urban Barry and Quevillon districts of Canada.
As part of the collaboration with Osisko, Gold Fields
will allocate $75 million towards exploration over the first seven years, with a subsequent 50/50 sharing of expenses.
The two companies will share the remaining costs, including construction outlays, until the mine begins production in 2025. Gold Fields already operate nine mines in countries including Chile, Australia, Ghana, South Africa and Peru, but this acquisition marks its first foray into Canada.
