"Having established a beachhead presence in Québec and in Canada in general, Gold Fields will be remiss not to remain open to opportunistic value accretive opportunities that may arise."

Elenor Siebring

JV MANAGER, GOLD FIELDS

June 07, 2024

What are the main updates from the Windfall project JV in recent months? 

Our Windfall project, which is a 50:50 JV with Canada’s Osisko Mining, is a unique growth opportunity for Gold Fields to partner with Osisko Mining to develop a world-class orebody in a sought-after, Tier 1 mining jurisdiction. The project’s environmental impact assessment (EIA) study was submitted to the regulator in March 2023, with an addendum published in December 2023. 

The EIA project review process by the COMEX is ongoing, and Windfall is expecting to receive the first round of questions in the coming months.  Should a positive recommendation be granted, Windfall will then proceed with applying for the other authorizations required to begin the construction of, and operations at, the Windfall site. Gold Fields will also then settle the C$300 million balance of the acquisition price.

Since January 2024, the Windfall project site has been powered by hydroelectricity. The move away from diesel power generation for the camp and underground mine will reduce both power costs and greenhouse gas emissions at the site. The power line is owned and operated by a wholly-owned corporation of the Cree First Nation of Waswanapi (CFNW), on whose traditional land the project is located. We are working towards entering into an Impact and Benefits Agreement with CFNW and the Cree Nation government this year. 

Can you discuss Gold Fields’ long-term approach to investing in Québec? 

Long-term, we are very excited about moving the Windfall project forward, through construction into sustainable production.  It was calculated in the EIA that the Windfall project will create 17,120 full-time equivalent jobs in Québec by 2036 (cumulatively through construction, both direct and indirect). It is an exciting project to be at the forefront of with a lot of work ahead of us.  

It is worth noting that, as part of the Osisko partnership, Gold Fields has also acquired a 50% interest in Osisko’s highly prospective Urban Barry and Quévillon district exploration tenements, which total approximately 2,400 km2. These will be co-explored and co-developed with Osisko, with Gold Fields funding the first C$75 million in regional exploration for the first seven years of the partnership, after which time exploration spend will be shared on a 50:50 basis. This is a very exciting longer-term opportunity for Gold Fields in Québec.

Of course, having established a beachhead presence particularly in Québec and in Canada in general, Gold Fields will be remiss not to remain open to opportunistic value accretive opportunities that may arise.

How does Québec compare as a top-tier mining jurisdiction, compared with South Africa for instance? 

In the historical context, Québec and South Africa have a lot in common. Gold mining is an important part of the history and the future of both jurisdictions. South Africa has a long and extensive history of underground gold mining and Gold Fields has been part of that history for over 120 years. We feel we can bring this experience to bear at Windfall, together with the expertise of the Osisko team. The weather is unfortunately not very similar, I do wish we were a little more like South Africa in that regard! 

What will be the main priorities for Gold Fields in Québec in 2024?  

Supporting the Windfall JV through the EIA project review is the main priority for Gold Fields in Québec in 2024. The Windfall management team will also continue doing all the preparatory work to ensure that the project is ready to commence construction should the EIA be approved.  

INTERVIEWS MORE INTERVIEWS

"Our ability to provide quick turnaround times for sample analysis is crucial, especially in exploration. For instance, we can report results within 48 to 72 hours, which is essential for decision-making in exploration projects."
"Our key priorities include supporting Namibia's transition into an oil-producing nation by participating in the development of producing assets, while further strengthening NAMCOR’s technical, operational, and commercial capabilities."
"A symbiotic relationship between the private sector and academia is key to ensuring a strong mining workforce for the future."
"Chile meets all the requirements to lead in technology and has all the basic conditions to seize the opportunities for adapting mining to the modern world."

RECENT PUBLICATIONS

Latam North and Caribbean Mining 2025

The Latam North and Caribbean Mining 2025 report adopts a regional formula to promote cross-border investment. Each country is given room to shine individually, while also being woven into broader narratives.

MORE PREVIOUSLY PUBLISHED

MACIG

"We expanded our business in West Africa and built our largest mine to date at a time when the markets were risk averse. Being counter-cyclical takes both discipline and guts, but it pays off and we are now reaping the benefits."

SUBSCRIBE TO OUR NEWSLETTER