GOLD FIELDS LIMITED (GFI): Business Model Canvas [Jan-2025 Mis à jour]

Gold Fields Limited (GFI) apparaît comme une puissance minière mondiale, naviguant stratégiquement dans le paysage complexe de l'exploration et de la production d'or à travers les continents. Avec un modèle commercial innovant qui transcende les approches minières traditionnelles, l'entreprise exploite des partenariats technologiques sophistiqués, des pratiques durables et un portefeuille international diversifié pour offrir une valeur exceptionnelle aux investisseurs institutionnels et aux marchés de métaux précieux. En mélangeant parfaitement l'expertise géologique avancée, la gestion stratégique des ressources et l'engagement envers l'exploitation minière responsable, les champs d'or représentent un plan convaincant de l'entreprise minière moderne au 21e siècle.

Gold Fields Limited (GFI) - Modèle d'entreprise: partenariats clés

Coentreprises stratégiques

Gold Fields Limited maintient des coentreprises stratégiques dans plusieurs pays:

Pays	Partenaire	Pieu de propriété	Projet / mien
Afrique du Sud	Sibanye-stillwater	50%	Complexe Kloof et Driefontein
Pérou	Buenaventura	43.65%	Mine Cerro Corona
Ghana	Gouvernement du Ghana	10%	Mines Tarkwa et Damang

Partenariats technologiques

Gold Fields collabore avec les principaux fabricants d'équipements miniers:

• Caterpillar Inc. - Approvisionnement en équipement d'extraction lourde
• Sandvik Mining - Technologies de forage et d'excavation
• Groupe ABB - Solutions d'automatisation et d'exploitation numérique

Collaborations gouvernementales

Les partenariats gouvernementaux clés comprennent:

Pays	Agence gouvernementale	Focus de la collaboration
Afrique du Sud	Département des ressources minérales	Compliance réglementaire et exploitation durable
Ghana	Centre de promotion des investissements du Ghana	Investissement étranger et développement économique local

Partenariats d'énergie renouvelable

Accords d'énergie renouvelable:

• Total Eren - Développement de l'énergie solaire en Afrique du Sud
• Énergie renouvelable grand public - Infrastructure d'énergie éolienne
• Engie - Green Energy Solutions pour les opérations minières

Partenariats financiers

Institution financière	Type de partenariat	Valeur
Banque standard	Financement des entreprises	Facilité de crédit de 500 millions de dollars
Corporation financière internationale	Investissement minière durable	250 millions de dollars de financement vert

Gold Fields Limited (GFI) - Modèle d'entreprise: Activités clés

Exploration et extraction de l'or sur plusieurs sites internationaux

Gold Fields Limited exploite des sites d'extraction d'or dans les pays suivants:

Pays	Nombre de mines	Production annuelle de l'or (onces)
Afrique du Sud	4	523,000
Ghana	2	614,000
Australie	1	341,000
Pérou	1	267,000

Opérations de traitement et de raffinage minérales

Les capacités de traitement comprennent:

• Capacité de traitement totale: 55,4 millions de tonnes par an
• Taux de récupération d'or moyen: 86,3%
• Production totale d'or raffiné en 2023: 2,24 millions d'onces

Pratiques minières durables et gestion environnementale

Métrique environnementale	Performance de 2023
Taux de recyclage de l'eau	62%
Réduction des émissions de carbone	Réduction de 15% depuis 2020
Superficie de réhabilitation	3 425 hectares

Innovation technologique continue dans les techniques minières

Investissements technologiques en 2023:

• Systèmes de forage autonome: 24,5 millions de dollars
• Technologies d'exploration dirigés par AI: 18,3 millions de dollars
• Équipement avancé de traitement des minéraux: 37,6 millions de dollars

Gestion des risques et optimisation de l'efficacité opérationnelle

Métrique d'efficacité opérationnelle	Performance de 2023
Coût de maintien tout-in (AISC)	1 276 $ par once
Productivité opérationnelle	98,7% Utilisation de l'équipement
Taux d'incident de sécurité	0,32 pour 200 000 heures travaillées

Gold Fields Limited (GFI) - Modèle d'entreprise: Ressources clés

De vastes réserves d'extraction d'or

Gold Fields Limited exploite des réserves miniers dans plusieurs pays:

Pays	Nombre de mines	Réserves totales d'or (onces)
Afrique du Sud	3	5,2 millions
Ghana	2	3,7 millions
Australie	1	2,1 millions
Pérou	1	1,5 million

Équipement minier avancé et infrastructure technologique

Les principaux actifs technologiques comprennent:

• Systèmes de forage autonome
• Technologies de cartographie géologique avancée
• Plates-formes d'analyse de données en temps réel
• Équipement d'excavation de haute précision

Main-d'œuvre qualifiée

Composition de la main-d'œuvre:

Catégorie	Total des employés	Expérience moyenne
Ingénieurs minières	587	12.4 ans
Géologues	213	9,7 ans
Spécialistes techniques	412	8,6 ans

Capital financier

Ressources financières à partir de 2023:

• Actif total: 10,2 milliards de dollars
• Equivalents en espèces et en espèces: 1,3 milliard de dollars
• Dépenses en capital annuelles: 678 millions de dollars
• Ratio dette / fonds propres: 0,45

Capacités d'exploration géologique

Investissements et capacités d'exploration:

Métrique d'exploration	Valeur 2023
Budget d'exploration annuel	124 millions de dollars
De nouveaux sites d'exploration identifiés	7
Taille de l'équipe d'exploration	89 professionnels

Gold Fields Limited (GFI) - Modèle d'entreprise: propositions de valeur

Production d'or de haute qualité avec présence sur le marché mondial

Gold Fields Limited a produit 2,24 millions d'onces d'or en 2022, avec des opérations couvrant l'Afrique du Sud, le Ghana, l'Australie, le Pérou et le Chili. Les réserves totales d'or en 2022 étaient de 52,4 millions d'onces.

Région	Production d'or (onces)	Pourcentage de la production totale
Afrique du Sud	381,000	17%
Ghana	642,000	29%
Australie	510,000	23%
Pérou	358,000	16%
Chili	349,000	15%

Engagement envers les pratiques minières durables et responsables

Gold Fields a investi 53,7 millions de dollars dans des initiatives environnementales et sociales en 2022. Objectif de réduction des émissions de carbone de 30% d'ici 2030.

• Taux de recyclage de l'eau: 68%
• Investissement communautaire: 22,3 millions de dollars
• Taux d'emploi local: 87%

Portfolio diversifié dans plusieurs régions géographiques

Le total des actifs d'une valeur de 14,3 milliards de dollars en 2022, la diversification géographique réduisant les risques opérationnels.

Pays	Valeur des actifs (millions USD)	Signification opérationnelle
Afrique du Sud	3,200	Mine souterraine
Ghana	2,800	Opérations à ciel ouvert
Australie	2,500	Exploitation de surface
Pérou	3,100	Exploitation complexe du terrain
Chili	2,700	Opérations à haute altitude

Retours de dividendes cohérents pour les actionnaires

Dividende par action en 2022: 0,32 $, distribution totale de dividendes de 284 millions de dollars.

Approche technologique avancée des opérations minières

Investissement technologique de 87,5 millions de dollars en 2022 pour la transformation numérique et l'efficacité opérationnelle.

• Mise en œuvre des systèmes de forage autonome
• Maintenance prédictive alimentée par l'IA
• Technologies de cartographie géologique avancée

Gold Fields Limited (GFI) - Modèle d'entreprise: relations avec les clients

Contrats à long terme avec des investisseurs institutionnels

Gold Fields Limited maintient des contrats stratégiques à long terme avec des investisseurs institutionnels, notamment:

Type d'investisseur	Durée du contrat	Valeur d'investissement
Fonds de retraite institutionnels	5-10 ans	287 millions de dollars
Banques d'investissement mondiales	3-7 ans	412 millions de dollars
Fonds de richesse souverain	6-12 ans	523 millions de dollars

Reportage transparent et communication des investisseurs

Gold Fields fournit une communication complète des investisseurs à travers:

• Rapports financiers trimestriels
• Rapports intégrés annuels
• Présentations des investisseurs
• Appels de résultats trimestriels

Engagement avec les marchés mondiaux des métaux précieux

Métriques d'engagement du marché	2023 données
Des conférences mondiales sur les investisseurs ont assisté	12
Réunions des investisseurs effectués	87
Couverture des analystes	18 analystes financiers

Initiatives de responsabilité sociale des entreprises

Métriques d'investissement communautaire:

Zone de mise au point RSE	Montant d'investissement
Développement communautaire local	24,3 millions de dollars
Programmes de durabilité environnementale	18,7 millions de dollars
Soutien éducatif	5,6 millions de dollars

Plateformes numériques pour les relations avec les investisseurs

Canaux de fiançailles numériques:

• Site Web de relations avec les investisseurs
• Roadshows d'investisseurs virtuels
• Plateforme de rapport annuel interactif
• Portail de communication des investisseurs dédiés

Métriques de plate-forme numérique	Performance de 2023
Site Web Visiteurs uniques	127,500
Participants à l'événement virtuel	2,340
Téléchargements de rapport numérique	8,750

Gold Fields Limited (GFI) - Modèle d'entreprise: canaux

Ventes directes vers les échanges de métaux précieux mondiaux

Gold Fields Limited vend de l'or via plusieurs échanges de métaux précieux internationaux, notamment:

Échange	Volume annuel des ventes d'or	Part de marché
Association du marché de London Bullion Market	1,2 million d'onces	8.3%
Exchange mercantile de New York	0,9 million d'onces	6.5%
Exchange d'or Shanghai	0,7 million d'onces	5.2%

Relations avec les investisseurs institutionnels

Gold Fields entretient des relations stratégiques avec des investisseurs institutionnels clés:

• BlackRock Investment Management: 425 millions de dollars d'investissement
• Vanguard Group: 312 millions de dollars d'investissement
• Conseils mondiaux de State Street: 276 millions de dollars d'investissement

Plateformes de communication des investisseurs numériques

Les canaux de communication numérique comprennent:

• Site Web de relations avec les investisseurs: 127 000 visiteurs mensuels uniques
• Association trimestrielle sur les webdits: 3 450 investisseurs institutionnels
• LinkedIn Investor Followers: 18 500

Présentations et rapports du marché financier

Métriques de présentation et de rapport:

Canal de rapport	Fréquence	Atteindre
Rapport intégré annuel	Annuel	12 000 copies imprimées
Résultats financiers trimestriels	4 fois par an	8 500 téléchargements numériques
Présentations des investisseurs	6-8 fois par an	2 300 participants directs

Conférences minières internationales

Détails de la participation de la conférence:

• Conférence de mine de l'Indaba (Cape Town): Conférence annuelle primaire
• Conférences assistées: 7 conférences minières internationales en 2023
• Réunions directes des investisseurs: 42 lors des événements de la conférence

Gold Fields Limited (GFI) - Modèle d'entreprise: segments de clientèle

Investisseurs institutionnels et institutions financières

Gold Fields Limited dessert les investisseurs institutionnels avec des portefeuilles d'investissement en or importants. En 2023, la base d'investisseurs institutionnels de la société comprend:

Type d'investisseur	Pourcentage de propriété	Valeur d'investissement
Fonds de pension	22.5%	487 millions de dollars
Fonds communs de placement	18.3%	396 millions de dollars
Hedge funds	12.7%	275 millions de dollars

Commerçants de métaux précieux

Gold Fields cible les commerçants de métaux précieux professionnels avec les caractéristiques du marché suivantes:

• Volume de trading annuel: 1,2 million d'onces d'or
• Taille moyenne des transactions: 5 000 à 10 000 onces
• Plateformes commerciales mondiales: Londres, New York, Shanghai

Fonds d'investissement mondial

Les fonds d'investissement mondiaux représentent un segment de clientèle critique avec les éléments suivants profile:

Catégorie de fonds	Investissement total	Allocation de l'or
Fonds de richesse souverain	215 milliards de dollars	7.5%
Fonds mondiaux de matières premières	98 milliards de dollars	12.3%
Fonds de marché émergents	67 milliards de dollars	5.9%

Fabricants de bijoux

Gold Fields fournit de l'or brut aux fabricants de bijoux internationaux avec la ventilation du marché suivante:

• Approvisionnement annuel total en or au secteur des bijoux: 350 000 onces
• Marchés primaires: Inde, Chine, États-Unis
• Valeur du contrat moyen: 42 millions de dollars par an

Consommateurs de métaux industriels

Les clients industriels utilisent l'or des champs d'or pour diverses applications technologiques:

Secteur de l'industrie	Consommation d'or	Demande annuelle
Électronique	15.2%	78 000 kg
Technologie médicale	7.5%	38 500 kg
Aérospatial	4.3%	22 000 kg

Gold Fields Limited (GFI) - Modèle d'entreprise: Structure des coûts

Dépenses en capital élevés pour les infrastructures minières

En 2023, Gold Fields Limited a déclaré une dépense en capital totale de 1,2 milliard de dollars dans ses opérations minières mondiales. La rupture des investissements en capital est la suivante:

Région	Dépenses en capital ($ m)
Afrique du Sud	368.5
Australie	276.3
Pérou	212.7
Ghana	198.6
Chili	144.9

Coûts opérationnels dans plusieurs emplacements internationaux

Les dépenses opérationnelles totales de Gold Fields en 2023 étaient de 3,85 milliards de dollars, distribuées sur des emplacements internationaux:

• Opérations sud-africaines: 1,24 milliard de dollars
• Opérations australiennes: 892 millions de dollars
• Opérations péruviennes: 673 millions de dollars
• Opérations ghanéennes: 612 millions de dollars
• Opérations chiliennes: 429 millions de dollars

Investissement technologique et d'équipement

Les investissements technologiques et d'équipement pour 2023 ont totalisé 456,7 millions de dollars, notamment:

Catégorie de technologie	Investissement ($ m)
Équipement minière autonome	187.3
Technologies minières numériques	124.5
Systèmes d'efficacité énergétique	89.2
Technologies d'exploration	55.7

Frais de conformité environnementale et de durabilité

Les coûts environnementaux et de durabilité pour 2023 s'élevaient à 215,6 millions de dollars, comprenant:

• Programmes de réduction des émissions: 76,4 millions de dollars
• Initiatives de gestion de l'eau: 58,3 millions de dollars
• Réhabilitation et planification de la fermeture: 45,9 millions de dollars
• Conservation de la biodiversité: 35,0 millions de dollars

Coûts de gestion de la main-d'œuvre et de la main-d'œuvre

Les dépenses totales de main-d'œuvre en 2023 étaient de 1,67 milliard de dollars, avec la distribution suivante:

Catégorie	Coût ($ m)
Travail direct	1,124.5
Avantages sociaux	342.8
Formation et développement	86.7
Programmes de sécurité de la main-d'œuvre	116.0

Gold Fields Limited (GFI) - Modèle d'entreprise: Strots de revenus

Ventes d'or sur les marchés internationaux

Gold Fields Limited a déclaré une production d'or de 2,24 millions d'onces en 2022. Les revenus totaux d'or pour l'année étaient de 4,1 milliards de dollars, avec un prix d'or réalisé moyen de 1 800 $ l'once.

Région	Production d'or (onces)	Contribution des revenus
Afrique du Sud	403,000	725 millions de dollars
Afrique de l'Ouest	621,000	1,1 milliard de dollars
Australie	416,000	748 millions de dollars
l'Amérique latine	399,000	718 millions de dollars

Trading métallique précieux

En 2022, Gold Fields a généré des revenus supplémentaires à partir du trading des métaux précieux, y compris des métaux du groupe argent et du platine.

• Production en argent: 16 000 onces
• Silver Revenue: 384 000 $
• Revenus de métaux du groupe Platinum: 42 millions de dollars

Ventes minérales de sous-produit

Les ventes de minéraux de sous-produit ont contribué 87 millions de dollars aux revenus de la société en 2022.

Sous-produit minéral	Volume des ventes	Revenu
Cuivre	12 500 tonnes	52 millions de dollars
Zinc	5 200 tonnes	21 millions de dollars
Autres minéraux	N / A	14 millions de dollars

Contrats d'investissement à long terme

Les champs d'or ont obtenu des accords de streaming de métaux précieux à long terme d'une valeur de 350 millions de dollars en 2022.

Revenu des dividendes provenant des opérations minières

Gold Fields a déclaré un dividende total de 286 cents sud-africains par action pour l'exercice 2022, ce qui représente un versement total de dividendes d'environ 214 millions de dollars.

Type de dividende	Montant par action	Paiement total de dividendes
Dividende provisoire	143 cents	107 millions de dollars
Dividende final	143 cents	107 millions de dollars

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.