Gold Fields Limited (GFI): Business Model Canvas

Gold Fields Limited (GFI) entwickelt sich zu einem globalen Bergbauunternehmen, das sich strategisch durch die komplexe Landschaft der Goldexploration und -produktion auf allen Kontinenten bewegt. Mit einem innovativen Geschäftsmodell, das über traditionelle Bergbauansätze hinausgeht, nutzt das Unternehmen ausgefeilte Technologiepartnerschaften, nachhaltige Praktiken und ein diversifiziertes internationales Portfolio, um institutionellen Anlegern und Edelmetallmärkten einen außergewöhnlichen Mehrwert zu bieten. Durch die nahtlose Verbindung von fortschrittlichem geologischem Fachwissen, strategischem Ressourcenmanagement und Engagement für verantwortungsvollen Bergbau stellt Gold Fields ein überzeugendes Konzept für moderne Bergbauunternehmen im 21. Jahrhundert dar.

Gold Fields Limited (GFI) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Joint Ventures

Gold Fields Limited unterhält strategische Joint Ventures in mehreren Ländern:

Land	Partner	Eigentumsanteil	Projekt/Meins
Südafrika	Sibanye-Stillwater	50%	Kloof- und Driefontein-Komplex
Peru	Buenaventura	43.65%	Cerro Corona-Mine
Ghana	Regierung von Ghana	10%	Tarkwa- und Damang-Minen

Technologiepartnerschaften

Gold Fields arbeitet mit führenden Herstellern von Bergbauausrüstung zusammen:

• Caterpillar Inc. – Lieferung schwerer Bergbauausrüstung
• Sandvik Mining – Bohr- und Aushubtechnologien
• ABB Group – Automatisierungs- und digitale Mining-Lösungen

Regierungskooperationen

Zu den wichtigsten Regierungspartnerschaften gehören:

Land	Regierungsbehörde	Fokus auf Zusammenarbeit
Südafrika	Abteilung für Bodenschätze	Einhaltung gesetzlicher Vorschriften und nachhaltiger Bergbau
Ghana	Ghana Investment Promotion Center	Ausländische Investitionen und lokale Wirtschaftsentwicklung

Partnerschaften für erneuerbare Energien

Verträge für erneuerbare Energien:

• Total Eren – Entwicklung von Solarenergie in Südafrika
• Mainstream Erneuerbare Energie – Windenergie-Infrastruktur
• ENGIE – Grüne Energielösungen für Bergbaubetriebe

Finanzielle Partnerschaften

Finanzinstitut	Art der Partnerschaft	Wert
Standardbank	Unternehmensfinanzierung	Kreditfazilität in Höhe von 500 Millionen US-Dollar
Internationale Finanz-Corporation	Nachhaltige Bergbauinvestition	250 Millionen US-Dollar grüne Finanzierung

Gold Fields Limited (GFI) – Geschäftsmodell: Hauptaktivitäten

Goldexploration und -gewinnung an mehreren internationalen Standorten

Gold Fields Limited betreibt Goldabbaustandorte in den folgenden Ländern:

Land	Anzahl der Minen	Jährliche Goldproduktion (Unzen)
Südafrika	4	523,000
Ghana	2	614,000
Australien	1	341,000
Peru	1	267,000

Mineralverarbeitungs- und Raffinationsbetriebe

Zu den Verarbeitungsmöglichkeiten gehören:

• Gesamtverarbeitungskapazität: 55,4 Millionen Tonnen pro Jahr
• Durchschnittliche Goldgewinnungsrate: 86,3 %
• Gesamtproduktion von raffiniertem Gold im Jahr 2023: 2,24 Millionen Unzen

Nachhaltige Bergbaupraktiken und Umweltmanagement

Umweltmetrik	Leistung 2023
Wasserrecyclingrate	62%
Reduzierung der Kohlenstoffemissionen	15 % Reduzierung seit 2020
Sanierungsgebiet	3.425 Hektar

Kontinuierliche technologische Innovation in Bergbautechniken

Technologieinvestitionen im Jahr 2023:

• Autonome Bohrsysteme: 24,5 Millionen US-Dollar
• KI-gesteuerte Explorationstechnologien: 18,3 Millionen US-Dollar
• Fortschrittliche Mineralverarbeitungsausrüstung: 37,6 Millionen US-Dollar

Risikomanagement und betriebliche Effizienzoptimierung

Kennzahl für die betriebliche Effizienz	Leistung 2023
All-in Sustaining Cost (AISC)	1.276 $ pro Unze
Operative Produktivität	98,7 % Geräteauslastung
Rate von Sicherheitsvorfällen	0,32 pro 200.000 geleistete Arbeitsstunden

Gold Fields Limited (GFI) – Geschäftsmodell: Schlüsselressourcen

Umfangreiche Goldminenreserven

Gold Fields Limited betreibt Bergbaureserven in mehreren Ländern:

Land	Anzahl der Minen	Gesamte Goldreserven (Unzen)
Südafrika	3	5,2 Millionen
Ghana	2	3,7 Millionen
Australien	1	2,1 Millionen
Peru	1	1,5 Millionen

Fortschrittliche Bergbauausrüstung und technologische Infrastruktur

Zu den wichtigsten technologischen Vermögenswerten gehören:

• Autonome Bohrsysteme
• Fortschrittliche geologische Kartierungstechnologien
• Echtzeit-Datenanalyseplattformen
• Hochpräzise Aushubausrüstung

Qualifizierte Arbeitskräfte

Zusammensetzung der Belegschaft:

Kategorie	Gesamtzahl der Mitarbeiter	Durchschnittliche Erfahrung
Bergbauingenieure	587	12,4 Jahre
Geologen	213	9,7 Jahre
Technische Spezialisten	412	8,6 Jahre

Finanzkapital

Finanzielle Mittel ab 2023:

• Gesamtvermögen: 10,2 Milliarden US-Dollar
• Zahlungsmittel und Zahlungsmitteläquivalente: 1,3 Milliarden US-Dollar
• Jährliche Kapitalausgaben: 678 Millionen US-Dollar
• Verhältnis von Schulden zu Eigenkapital: 0,45

Geologische Explorationskapazitäten

Explorationsinvestitionen und -kapazitäten:

Explorationsmetrik	Wert 2023
Jährliches Explorationsbudget	124 Millionen Dollar
Neue Explorationsstandorte identifiziert	7
Größe des Explorationsteams	89 Profis

Gold Fields Limited (GFI) – Geschäftsmodell: Wertversprechen

Hochwertige Goldproduktion mit globaler Marktpräsenz

Gold Fields Limited produzierte im Jahr 2022 2,24 Millionen Unzen Gold und betreibt Niederlassungen in Südafrika, Ghana, Australien, Peru und Chile. Die gesamten Goldreserven beliefen sich im Jahr 2022 auf 52,4 Millionen Unzen.

Region	Goldproduktion (Unzen)	Prozentsatz der Gesamtproduktion
Südafrika	381,000	17%
Ghana	642,000	29%
Australien	510,000	23%
Peru	358,000	16%
Chile	349,000	15%

Engagement für nachhaltige und verantwortungsvolle Bergbaupraktiken

Gold Fields investierte im Jahr 2022 53,7 Millionen US-Dollar in Umwelt- und Sozialinitiativen. Ziel ist eine Reduzierung der CO2-Emissionen um 30 % bis 2030.

• Wasserrecyclingrate: 68 %
• Gemeinschaftsinvestition: 22,3 Millionen US-Dollar
• Lokale Beschäftigungsquote: 87 %

Diversifiziertes Portfolio über mehrere geografische Regionen hinweg

Das Gesamtvermögen wird im Jahr 2022 auf 14,3 Milliarden US-Dollar geschätzt, wobei die geografische Diversifizierung die Betriebsrisiken verringert.

Land	Vermögenswert (in Mio. USD)	Operative Bedeutung
Südafrika	3,200	Untertagebergbau
Ghana	2,800	Tagebaubetriebe
Australien	2,500	Tagebau
Peru	3,100	Komplexer Geländeabbau
Chile	2,700	Einsätze in großer Höhe

Konstante Dividendenrenditen für Aktionäre

Dividende pro Aktie im Jahr 2022: 0,32 US-Dollar, Gesamtdividendenausschüttung 284 Millionen US-Dollar.

Fortschrittlicher technologischer Ansatz für Bergbaubetriebe

Technologieinvestition von 87,5 Millionen US-Dollar im Jahr 2022 für digitale Transformation und betriebliche Effizienz.

• Implementierung autonomer Bohrsysteme
• KI-gestützte vorausschauende Wartung
• Fortschrittliche geologische Kartierungstechnologien

Gold Fields Limited (GFI) – Geschäftsmodell: Kundenbeziehungen

Langfristige Verträge mit institutionellen Investoren

Gold Fields Limited unterhält strategische langfristige Verträge mit institutionellen Anlegern, darunter:

Anlegertyp	Vertragsdauer	Investitionswert
Institutionelle Pensionsfonds	5-10 Jahre	287 Millionen Dollar
Globale Investmentbanken	3-7 Jahre	412 Millionen Dollar
Staatsfonds	6-12 Jahre	523 Millionen US-Dollar

Transparente Berichterstattung und Investorenkommunikation

Gold Fields bietet umfassende Anlegerkommunikation durch:

• Vierteljährliche Finanzberichte
• Jährliche integrierte Berichte
• Investorenpräsentationen
• Vierteljährliche Gewinnmitteilungen

Engagement auf globalen Edelmetallmärkten

Kennzahlen zum Marktengagement	Daten für 2023
Teilnahme an globalen Investorenkonferenzen	12
Investorentreffen durchgeführt	87
Analystenberichterstattung	18 Finanzanalysten

Initiativen zur sozialen Verantwortung von Unternehmen

Community-Investitionskennzahlen:

CSR-Schwerpunktbereich	Investitionsbetrag
Lokale Gemeinschaftsentwicklung	24,3 Millionen US-Dollar
Programme zur ökologischen Nachhaltigkeit	18,7 Millionen US-Dollar
Pädagogische Unterstützung	5,6 Millionen US-Dollar

Digitale Plattformen für Investor Relations

Digitale Engagement-Kanäle:

• Investor-Relations-Website
• Virtuelle Investoren-Roadshows
• Interaktive Geschäftsberichtsplattform
• Spezielles Anlegerkommunikationsportal

Kennzahlen für digitale Plattformen	Leistung 2023
Einzigartige Website-Besucher	127,500
Teilnehmer der virtuellen Veranstaltung	2,340
Digitale Berichts-Downloads	8,750

Gold Fields Limited (GFI) – Geschäftsmodell: Kanäle

Direktverkauf an globale Edelmetallbörsen

Gold Fields Limited verkauft Gold über mehrere internationale Edelmetallbörsen, darunter:

Austausch	Jährliches Goldverkaufsvolumen	Marktanteil
London Bullion Market Association	1,2 Millionen Unzen	8.3%
New Yorker Handelsbörse	0,9 Millionen Unzen	6.5%
Shanghaier Goldbörse	0,7 Millionen Unzen	5.2%

Institutionelle Investorenbeziehungen

Gold Fields unterhält strategische Beziehungen zu wichtigen institutionellen Investoren:

• BlackRock Investment Management: 425 Millionen US-Dollar Investition
• Vanguard Group: 312 Millionen US-Dollar Investition
• State Street Global Advisors: 276 Millionen US-Dollar Investition

Digitale Kommunikationsplattformen für Investoren

Zu den digitalen Kommunikationskanälen gehören:

• Investor-Relations-Website: 127.000 einzelne monatliche Besucher
• Vierteljährliche Webcast-Teilnahme: 3.450 institutionelle Anleger
• LinkedIn-Investor-Follower: 18.500

Finanzmarktpräsentationen und -berichte

Präsentations- und Berichtskennzahlen:

Meldekanal	Häufigkeit	Reichweite
Jährlicher integrierter Bericht	Jährlich	12.000 gedruckte Exemplare
Vierteljährliche Finanzergebnisse	4 mal jährlich	8.500 digitale Downloads
Investorenpräsentationen	6-8 mal jährlich	2.300 direkte Teilnehmer

Internationale Bergbaukonferenzen

Details zur Konferenzteilnahme:

• Mining Indaba Conference (Kapstadt): Primäre Jahreskonferenz
• Teilnahme an Konferenzen: 7 internationale Bergbaukonferenzen im Jahr 2023
• Direkte Investorentreffen: 42 während Konferenzveranstaltungen

Gold Fields Limited (GFI) – Geschäftsmodell: Kundensegmente

Institutionelle Anleger und Finanzinstitute

Gold Fields Limited bedient institutionelle Anleger mit bedeutenden Goldanlageportfolios. Ab 2023 umfasst die institutionelle Investorenbasis des Unternehmens:

Anlegertyp	Prozentsatz des Eigentums	Investitionswert
Pensionskassen	22.5%	487 Millionen US-Dollar
Investmentfonds	18.3%	396 Millionen US-Dollar
Hedgefonds	12.7%	275 Millionen Dollar

Edelmetallhändler

Gold Fields richtet sich an professionelle Edelmetallhändler mit den folgenden Marktmerkmalen:

• Jährliches Handelsvolumen: 1,2 Millionen Unzen Gold
• Durchschnittliche Transaktionsgröße: 5.000–10.000 Unzen
• Globale Handelsplattformen: London, New York, Shanghai

Globale Investmentfonds

Globale Investmentfonds stellen ein kritisches Kundensegment dar profile:

Fondskategorie	Gesamtinvestition	Goldzuteilung
Staatsfonds	215 Milliarden Dollar	7.5%
Globale Rohstofffonds	98 Milliarden Dollar	12.3%
Schwellenländerfonds	67 Milliarden Dollar	5.9%

Schmuckhersteller

Gold Fields beliefert internationale Schmuckhersteller mit Rohgold mit folgender Marktaufteilung:

• Gesamte jährliche Goldversorgung für den Schmucksektor: 350.000 Unzen
• Hauptmärkte: Indien, China, Vereinigte Staaten
• Durchschnittlicher Vertragswert: 42 Millionen US-Dollar pro Jahr

Industrielle Metallverbraucher

Industriekunden nutzen das Gold von Gold Fields für verschiedene technologische Anwendungen:

Industriesektor	Goldverbrauch	Jährlicher Bedarf
Elektronik	15.2%	78.000 kg
Medizintechnik	7.5%	38.500 kg
Luft- und Raumfahrt	4.3%	22.000 kg

Gold Fields Limited (GFI) – Geschäftsmodell: Kostenstruktur

Hoher Kapitalaufwand für Bergbauinfrastruktur

Im Jahr 2023 meldete Gold Fields Limited Gesamtinvestitionen in Höhe von 1,2 Milliarden US-Dollar für seine weltweiten Bergbaubetriebe. Die Kapitalanlagen gliedern sich wie folgt:

Region	Investitionsausgaben (Mio. USD)
Südafrika	368.5
Australien	276.3
Peru	212.7
Ghana	198.6
Chile	144.9

Betriebskosten an mehreren internationalen Standorten

Die Gesamtbetriebskosten von Gold Fields beliefen sich im Jahr 2023 auf 3,85 Milliarden US-Dollar, verteilt auf internationale Standorte:

• Südafrika-Aktivitäten: 1,24 Milliarden US-Dollar
• Australische Aktivitäten: 892 Millionen US-Dollar
• Peruanische Operationen: 673 Millionen US-Dollar
• Ghanaische Operationen: 612 Millionen US-Dollar
• Chilenische Operationen: 429 Millionen US-Dollar

Investitionen in Technologie und Ausrüstung

Die Investitionen in Technologie und Ausrüstung beliefen sich im Jahr 2023 auf insgesamt 456,7 Millionen US-Dollar, darunter:

Kategorie „Technologie“.	Investition (Mio. USD)
Autonome Bergbauausrüstung	187.3
Digitale Bergbautechnologien	124.5
Energieeffizienzsysteme	89.2
Explorationstechnologien	55.7

Ausgaben für Umweltkonformität und Nachhaltigkeit

Die Umwelt- und Nachhaltigkeitskosten für 2023 beliefen sich auf 215,6 Millionen US-Dollar und setzten sich zusammen aus:

• Programme zur Emissionsreduzierung: 76,4 Millionen US-Dollar
• Wassermanagementinitiativen: 58,3 Millionen US-Dollar
• Sanierungs- und Schließungsplanung: 45,9 Millionen US-Dollar
• Erhaltung der biologischen Vielfalt: 35,0 Millionen US-Dollar

Arbeits- und Personalmanagementkosten

Die gesamten Arbeitskosten beliefen sich im Jahr 2023 auf 1,67 Milliarden US-Dollar, mit folgender Verteilung:

Kategorie	Kosten (Mio. USD)
Direkte Arbeit	1,124.5
Leistungen an Arbeitnehmer	342.8
Schulung und Entwicklung	86.7
Arbeitssicherheitsprogramme	116.0

Gold Fields Limited (GFI) – Geschäftsmodell: Einnahmequellen

Goldverkäufe auf internationalen Märkten

Gold Fields Limited meldete im Jahr 2022 eine Goldproduktion von 2,24 Millionen Unzen. Der gesamte Goldumsatz für das Jahr betrug 4,1 Milliarden US-Dollar, bei einem durchschnittlichen realisierten Goldpreis von 1.800 US-Dollar pro Unze.

Region	Goldproduktion (Unzen)	Umsatzbeitrag
Südafrika	403,000	725 Millionen Dollar
Westafrika	621,000	1,1 Milliarden US-Dollar
Australien	416,000	748 Millionen US-Dollar
Lateinamerika	399,000	718 Millionen Dollar

Edelmetallhandel

Im Jahr 2022 erzielte Gold Fields zusätzliche Einnahmen aus dem Handel mit Edelmetallen, darunter Silber und Metalle der Platingruppe.

• Silberproduktion: 16.000 Unzen
• Silbereinnahmen: 384.000 $
• Umsatz mit Metallen der Platingruppe: 42 Millionen US-Dollar

Verkauf von Nebenproduktmineralien

Der Verkauf von Nebenproduktmineralien trug im Jahr 2022 87 Millionen US-Dollar zum Umsatz des Unternehmens bei.

Nebenprodukt Mineral	Verkaufsvolumen	Einnahmen
Kupfer	12.500 Tonnen	52 Millionen Dollar
Zink	5.200 Tonnen	21 Millionen Dollar
Andere Mineralien	N/A	14 Millionen Dollar

Langfristige Investitionsverträge

Gold Fields sicherte sich im Jahr 2022 langfristige Edelmetall-Streaming-Verträge im Wert von 350 Millionen US-Dollar.

Dividendenerträge aus Bergbaubetrieben

Gold Fields hat für das Geschäftsjahr 2022 eine Gesamtdividende von 286 südafrikanischen Cent pro Aktie beschlossen, was einer Gesamtdividendenzahlung von rund 214 Millionen US-Dollar entspricht.

Dividendentyp	Betrag pro Aktie	Gesamtdividendenzahlung
Zwischendividende	143 Cent	107 Millionen Dollar
Schlussdividende	143 Cent	107 Millionen Dollar

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.