(Ecofin Agency) - This year, Gold Fields sold its stake in the Asanko gold mine in Ghana and acquired a major gold project in Canada. The South African company now focuses on increasing its gold production outside Africa. 

Gold Fields could sell some of its African mines, including the Damang mine in Ghana which is already up for sale. The firm revealed the possibility on November 14, 2024.

Gold Fields stopped mining last year and is now only processing stockpiled ore. As a result, Africa's share of Gold Fields' gold production dropped from 45% in Q3 2023 to 42.1% in Q3 2024, respectively at 246,000 ounces and 215,000 ounces. The drop was largely due to the sale of its 45% interest in the Asanko mine, completed in Q1 2024. This share may decline further if Gold Fields effectively sells the Damang gold mine and develops other projects outside Africa. 

Gold Fields' Q3 operating update is out. Our operations achieved notable improvements on Q2, delivering a 12% increase in production, and a 5% decrease in all in costs ➡ https://t.co/d1bxOTQa0X

Conference call invite➡️https://t.co/0Cm86PNIyS #GoldFields #GFI $gold pic.twitter.com/HCNCdBvbSF

— Gold Fields (@GoldFields_LTD) November 14, 2024

This year, Gold Fields gained full control of Osisko Mining, acquiring a 100% interest in the Windfall gold project in Canada. The project is expected to start production by late 2026 or early 2027, yielding an average of 300,000 ounces of gold annually over a ten-year mine life. The newly commissioned Salares Norte mine in Chile is projected to produce 375,000 ounces in 2025, up from 50,000 ounces expected in 2024. 

Besides Damang, Gold Fields owns the Tarkwa mine in Ghana and South Deep in South Africa. With 75 years left at South Deep and 13 years at Tarkwa, the company still has a strong presence in Africa, and this could grow with new acquisitions.

In 2024, Gold Fields aims for attributable production of 2.05 million to 2.15 million ounces. It is the only African-based company among the top 10 global gold producers since AngloGold Ashanti moved its headquarters to London.

Emiliano Tossou