Gold Fields Limited (GFI): Modelo de Negócios Canvas [Jan-2025 Atualizado]

O Gold Fields Limited (GFI) surge como uma potência global de mineração, navegando estrategicamente no cenário complexo da exploração e produção de ouro nos continentes. Com um modelo de negócios inovador que transcende as abordagens de mineração tradicionais, a empresa aproveita parcerias tecnológicas sofisticadas, práticas sustentáveis ​​e um portfólio internacional diversificado para oferecer valor excepcional a investidores institucionais e mercados de metais preciosos. Ao combinar perfeitamente a experiência geológica avançada, o gerenciamento estratégico de recursos e o compromisso com a mineração responsável, os campos de ouro representam um plano atraente da empresa moderna de mineração no século XXI.

Gold Fields Limited (GFI) - Modelo de Negócios: Principais Parcerias

Joint ventures estratégicos

Gold Fields Limited mantém joint ventures estratégicos em vários países:

País	Parceiro	Participação de propriedade	Projeto/Mina
África do Sul	Sibanye-Sillwater	50%	Complexo Kloof e Driéntein
Peru	Buenaventura	43.65%	Mina Cerro Corona
Gana	Governo de Gana	10%	Minas de Tarkwa e Damang

Parcerias de tecnologia

O Gold Fields colabora com os principais fabricantes de equipamentos de mineração:

• Caterpillar Inc. - Fornecimento de equipamentos de mineração pesada
• Sandvik Mining - Tecnologias de perfuração e escavação
• Grupo ABB - Soluções de Automação e Mineração Digital

Colaborações do governo

As principais parcerias do governo incluem:

País	Agência governamental	Foco de colaboração
África do Sul	Departamento de Recursos Minerais	Conformidade regulatória e mineração sustentável
Gana	Centro de Promoção de Investimentos de Gana	Investimento estrangeiro e desenvolvimento econômico local

Parcerias de energia renovável

Acordos de energia renovável:

• Eren total - Desenvolvimento de energia solar na África do Sul
• Energia renovável convencional - Infraestrutura de energia eólica
• Engie - soluções de energia verde para operações de mineração

Parcerias financeiras

Instituição financeira	Tipo de parceria	Valor
Banco padrão	Financiamento corporativo	Linha de crédito de US $ 500 milhões
International Finance Corporation	Investimento de mineração sustentável	Financiamento verde de US $ 250 milhões

Gold Fields Limited (GFI) - Modelo de Negócios: Atividades -chave

Exploração e extração de ouro em vários sites internacionais

O Gold Fields Limited opera locais de mineração de ouro nos seguintes países:

País	Número de minas	Produção anual de ouro (onças)
África do Sul	4	523,000
Gana	2	614,000
Austrália	1	341,000
Peru	1	267,000

Operações de processamento e refino minerais

Os recursos de processamento incluem:

• Capacidade total de processamento: 55,4 milhões de toneladas por ano
• Taxa média de recuperação de ouro: 86,3%
• Produção total de ouro refinado em 2023: 2,24 milhões de onças

Práticas de mineração sustentáveis ​​e gestão ambiental

Métrica ambiental	2023 desempenho
Taxa de reciclagem de água	62%
Redução de emissão de carbono	15% de redução desde 2020
Área da terra de reabilitação	3.425 hectares

Inovação tecnológica contínua em técnicas de mineração

Investimentos de tecnologia em 2023:

• Sistemas de perfuração autônomos: US $ 24,5 milhões
• Tecnologias de exploração orientadas a IA: US $ 18,3 milhões
• Equipamento avançado de processamento mineral: US $ 37,6 milhões

Gerenciamento de riscos e otimização de eficiência operacional

Métrica de eficiência operacional	2023 desempenho
Custo de sustentação em todos os lugares (AISC)	US $ 1.276 por onça
Produtividade operacional	98,7% de utilização do equipamento
Taxa de incidentes de segurança	0,32 por 200.000 horas trabalhadas

Gold Fields Limited (GFI) - Modelo de negócios: Recursos -chave

Extensas reservas de mineração de ouro

O Gold Fields Limited opera reservas de mineração em vários países:

País	Número de minas	Reservas de ouro totais (onças)
África do Sul	3	5,2 milhões
Gana	2	3,7 milhões
Austrália	1	2,1 milhões
Peru	1	1,5 milhão

Equipamentos avançados de mineração e infraestrutura tecnológica

Os principais ativos tecnológicos incluem:

• Sistemas de perfuração autônomos
• Tecnologias avançadas de mapeamento geológico
• Plataformas de análise de dados em tempo real
• Equipamento de escavação de alta precisão

Força de trabalho qualificada

Composição da força de trabalho:

Categoria	Total de funcionários	Experiência média
Engenheiros de Mineração	587	12,4 anos
Geólogos	213	9,7 anos
Especialistas técnicos	412	8,6 anos

Capital financeiro

Recursos Financeiros a partir de 2023:

• Total de ativos: US $ 10,2 bilhões
• Caixa e equivalentes em dinheiro: US $ 1,3 bilhão
• Despesas de capital anual: US $ 678 milhões
• Taxa de dívida / patrimônio: 0,45

Capacidades de exploração geológica

Investimentos e capacidades de exploração:

Métrica de exploração	2023 valor
Orçamento de exploração anual	US $ 124 milhões
Novos sites de exploração identificados	7
Tamanho da equipe de exploração	89 profissionais

Gold Fields Limited (GFI) - Modelo de Negócios: Proposições de Valor

Produção de ouro de alta qualidade com presença no mercado global

A Gold Fields Limited produziu 2,24 milhões de onças de ouro em 2022, com operações abrangendo a África do Sul, Gana, Austrália, Peru e Chile. As reservas totais de ouro em 2022 foram de 52,4 milhões de onças.

Região	Produção de ouro (onças)	Porcentagem de produção total
África do Sul	381,000	17%
Gana	642,000	29%
Austrália	510,000	23%
Peru	358,000	16%
Chile	349,000	15%

Compromisso com práticas de mineração sustentáveis ​​e responsáveis

A Gold Fields investiu US $ 53,7 milhões em iniciativas ambientais e sociais em 2022. Mesteira de redução de emissões de carbono de 30% até 2030.

• Taxa de reciclagem de água: 68%
• Investimento comunitário: US $ 22,3 milhões
• Taxa de emprego local: 87%

Portfólio diversificado em várias regiões geográficas

O total de ativos avaliados em US $ 14,3 bilhões em 2022, com diversificação geográfica reduzindo os riscos operacionais.

País	Valor do ativo (milhões de dólares)	Significado operacional
África do Sul	3,200	Mineração subterrânea
Gana	2,800	Operações de poço aberto
Austrália	2,500	Mineração de superfície
Peru	3,100	Mineração complexa de terrenos
Chile	2,700	Operações de alta altitude

Retornos de dividendos consistentes para os acionistas

Dividendo por ação em 2022: US $ 0,32, distribuição total de dividendos de US $ 284 milhões.

Abordagem tecnológica avançada para operações de mineração

Investimento tecnológico de US $ 87,5 milhões em 2022 para transformação digital e eficiência operacional.

• Implementação de sistemas de perfuração autônoma
• Manutenção preditiva movida a IA
• Tecnologias avançadas de mapeamento geológico

Gold Fields Limited (GFI) - Modelo de Negócios: Relacionamentos do Cliente

Contratos de longo prazo com investidores institucionais

Gold Fields Limited mantém contratos estratégicos de longo prazo com investidores institucionais, incluindo:

Tipo de investidor	Duração do contrato	Valor de investimento
Fundos de pensão institucional	5-10 anos	US $ 287 milhões
Bancos de investimento globais	3-7 anos	US $ 412 milhões
Fundos soberanos de riqueza	6-12 anos	US $ 523 milhões

Relatórios transparentes e comunicação de investidores

Gold Fields fornece uma comunicação abrangente para investidores por meio de:

• Relatórios financeiros trimestrais
• Relatórios integrados anuais
• Apresentações de investidores
• Chamadas de ganhos trimestrais

Engajamento com mercados globais de metais preciosos

Métricas de envolvimento do mercado	2023 dados
Conferências de investidores globais compareceram	12
Reuniões de investidores realizadas	87
Cobertura do analista	18 analistas financeiros

Iniciativas de responsabilidade social corporativa

Métricas de investimento comunitário:

Área de foco na RSE	Valor do investimento
Desenvolvimento da comunidade local	US $ 24,3 milhões
Programas de sustentabilidade ambiental	US $ 18,7 milhões
Apoio educacional	US $ 5,6 milhões

Plataformas digitais para relações com investidores

Canais de engajamento digital:

• Site de Relações com Investidores
• Virtual Investor Roadshows
• Plataforma de relatório anual interativa
• Portal de comunicação de investidores dedicados

Métricas de plataforma digital	2023 desempenho
Site visitantes únicos	127,500
Participantes do evento virtual	2,340
Downloads de relatório digital	8,750

Gold Fields Limited (GFI) - Modelo de Negócios: Canais

Vendas diretas para trocas globais de metais preciosos

O Gold Fields Limited vende ouro através de várias trocas internacionais de metais preciosos, incluindo:

Intercâmbio	Volume anual de vendas de ouro	Quota de mercado
London Bullion Market Association	1,2 milhão de onças	8.3%
NOVA YORK Mercantile Exchange	0,9 milhão de onças	6.5%
Exchange de Gold de Xangai	0,7 milhão de onças	5.2%

Relacionamentos institucionais dos investidores

Os campos de ouro mantêm relações estratégicas com os principais investidores institucionais:

• Gerenciamento de investimentos em BlackRock: US $ 425 milhões no investimento
• Grupo Vanguard: US $ 312 milhões de investimentos
• Advisores Globais da State Street: investimentos de US $ 276 milhões

Plataformas de comunicação de investidores digitais

Os canais de comunicação digital incluem:

• Site de Relações com Investidores: 127.000 visitantes mensais únicos
• Participação trimestral da webcast: 3.450 investidores institucionais
• LinkedIn Investor seguidores: 18.500

Apresentações e relatórios de mercado financeiro

Métricas de apresentação e relatório:

Canal de relatório	Freqüência	Alcançar
Relatório Integrado Anual	Anual	12.000 cópias impressas
Resultados financeiros trimestrais	4 vezes anualmente	8.500 downloads digitais
Apresentações de investidores	6-8 vezes anualmente	2.300 participantes diretos

Conferências Internacionais de Mineração

Detalhes da participação na conferência:

• Conferência de Mineração Indaba (Cidade do Cabo): Conferência Anual Primária
• Conferências participaram: 7 Conferências Internacionais de Mineração em 2023
• Reuniões diretas de investidores: 42 durante os eventos da conferência

Gold Fields Limited (GFI) - Modelo de negócios: segmentos de clientes

Investidores institucionais e instituições financeiras

O Gold Fields Limited atende a investidores institucionais com portfólios significativos de investimento em ouro. A partir de 2023, a base de investidores institucionais da empresa inclui:

Tipo de investidor	Porcentagem de propriedade	Valor de investimento
Fundos de pensão	22.5%	US $ 487 milhões
Fundos mútuos	18.3%	US $ 396 milhões
Fundos de hedge	12.7%	US $ 275 milhões

Comerciantes de metais preciosos

O Gold Fields tem como alvo os comerciantes profissionais de metais preciosos com as seguintes características do mercado:

• Volume de negociação anual: 1,2 milhão de onças de ouro
• Tamanho médio da transação: 5.000 a 10.000 onças
• Plataformas de negociação global: Londres, Nova York, Xangai

Fundos de investimento global

Os fundos de investimento global representam um segmento crítico de clientes com o seguinte profile:

Categoria de fundo	Investimento total	Alocação de ouro
Fundos soberanos de riqueza	US $ 215 bilhões	7.5%
Fundos globais de commodities	US $ 98 bilhões	12.3%
Fundos de mercado emergentes	US $ 67 bilhões	5.9%

Fabricantes de jóias

Gold Fields fornece ouro cru para os fabricantes internacionais de jóias com a seguinte quebra do mercado:

• Fornecimento anual total de ouro ao setor de joias: 350.000 onças
• Mercados primários: Índia, China, Estados Unidos
• Valor médio do contrato: US $ 42 milhões por ano

Consumidores de metais industriais

Os clientes industriais utilizam o ouro dos campos de ouro para várias aplicações tecnológicas:

Setor da indústria	Consumo de ouro	Demanda anual
Eletrônica	15.2%	78.000 kg
Tecnologia médica	7.5%	38.500 kg
Aeroespacial	4.3%	22.000 kg

Gold Fields Limited (GFI) - Modelo de Negócios: Estrutura de Custo

Altos gastos de capital para infraestrutura de mineração

Em 2023, a Gold Fields Limited registrou despesas totais de capital de US $ 1,2 bilhão em suas operações globais de mineração. O colapso dos investimentos de capital é o seguinte:

Região	Despesas de capital ($ m)
África do Sul	368.5
Austrália	276.3
Peru	212.7
Gana	198.6
Chile	144.9

Custos operacionais em vários locais internacionais

As despesas operacionais totais da Gold Fields em 2023 foram de US $ 3,85 bilhões, distribuídas em locais internacionais:

• Operações sul -africanas: US $ 1,24 bilhão
• Operações australianas: US $ 892 milhões
• Operações peruanas: US $ 673 milhões
• Operações ganenses: US $ 612 milhões
• Operações chilenas: US $ 429 milhões

Investimento em tecnologia e equipamento

Os investimentos em tecnologia e equipamentos para 2023 totalizaram US $ 456,7 milhões, incluindo:

Categoria de tecnologia	Investimento ($ m)
Equipamento de mineração autônomo	187.3
Tecnologias de mineração digital	124.5
Sistemas de eficiência energética	89.2
Tecnologias de exploração	55.7

Despesas de conformidade ambiental e sustentabilidade

Os custos ambientais e de sustentabilidade de 2023 totalizaram US $ 215,6 milhões, compreendendo:

• Programas de redução de emissões: US $ 76,4 milhões
• Iniciativas de gerenciamento de água: US $ 58,3 milhões
• Planejamento de reabilitação e fechamento: US $ 45,9 milhões
• Conservação da biodiversidade: US $ 35,0 milhões

Custos de gerenciamento de mão -de -obra e força de trabalho

As despesas totais de mão -de -obra em 2023 foram de US $ 1,67 bilhão, com a seguinte distribuição:

Categoria	Custo ($ m)
Trabalho direto	1,124.5
Benefícios dos funcionários	342.8
Treinamento e desenvolvimento	86.7
Programas de segurança da força de trabalho	116.0

Gold Fields Limited (GFI) - Modelo de negócios: fluxos de receita

Vendas de ouro em mercados internacionais

A Gold Fields Limited reportou a produção de ouro de 2,24 milhões de onças em 2022. A receita total do ouro no ano foi de US $ 4,1 bilhões, com um preço médio realizado em ouro de US $ 1.800 por onça.

Região	Produção de ouro (onças)	Contribuição da receita
África do Sul	403,000	US $ 725 milhões
África Ocidental	621,000	US $ 1,1 bilhão
Austrália	416,000	US $ 748 milhões
América latina	399,000	US $ 718 milhões

Comércio de metais preciosos

Em 2022, os campos de ouro geraram receita adicional da negociação de metais preciosos, incluindo metais em grupo de prata e platina.

• Produção de prata: 16.000 onças
• Receita de prata: US $ 384.000
• Receita de metais em grupo de platina: US $ 42 milhões

Vendas minerais de subproduto

As vendas de minerais de subproduto contribuíram com US $ 87 milhões para a receita da empresa em 2022.

Mineral de subproduto	Volume de vendas	Receita
Cobre	12.500 toneladas	US $ 52 milhões
Zinco	5.200 toneladas	US $ 21 milhões
Outros minerais	N / D	US $ 14 milhões

Contratos de investimento de longo prazo

Os campos de ouro garantiram acordos de transmissão de metais preciosos de longo prazo, avaliados em US $ 350 milhões em 2022.

Receita de dividendos de operações de mineração

Os campos de ouro declararam um dividendo total de 286 centavos sul -africanos por ação no ano financeiro de 2022, representando um pagamento total de dividendos de aproximadamente US $ 214 milhões.

Tipo de dividendo	Valor por ação	Pagamento total de dividendos
Dividendo intermediário	143 centavos	US $ 107 milhões
Dividendo final	143 centavos	US $ 107 milhões

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.