Gold Fields buys Osisko Mining for C$2.16bn to own Windfall outright

Gold Fields announced on 12 August 2024 that it would acquire Toronto-listed Osisko Mining for C$2.16bn in cash, or roughly R28.6bn. Moneyweb, carrying Bloomberg's report, put the value at about $1.6bn. The two companies were already partners: in 2023 Gold Fields had paid C$600m for half of Osisko's Windfall project.

The prize

Windfall, in Quebec, is one of Canada's largest gold deposits and among the ten highest-grade globally, with a resource estimated at 6.4 million ounces at 9.6g/t. The mine is expected to produce about 300,000 ounces a year for a decade. Gold Fields said full ownership would simplify decision-making and give it more flexibility over development and operation.

Price and criticism

The deal was the first big move by Mike Fraser, who became chief executive in January 2024, and he chose cash rather than shares. Some investors questioned the 55% premium Gold Fields paid for the second half of the project. Gold Fields funded it from cash, undrawn facilities and a $750m liquidity facility arranged in October 2024. Because it already owned half of Windfall, reports at completion put the cost of the Osisko acquisition itself at about $1.39bn.

Completion and since

Osisko shareholders approved the transaction in October 2024, and Gold Fields completed the takeover on 25 October, becoming the sole owner of Windfall. The project has since faced delays with environmental permitting. In August 2026 Gold Fields said it still expected first gold in 2029. For South Africa's second-largest gold producer, Windfall is a key part of a growth pipeline that now sits mostly outside the country.

Sources

• Daily Maverick: Gold Fields to acquire Canada's Osisko Mining for R29-billion to assume control of Windfall project, 12 Aug 2024
• Moneyweb: Gold Fields buys Canada's Osisko in R29bn takeover, 12 Aug 2024
• Miningmx: Gold Fields says financial position secure as seals Osisko deal, 28 Oct 2024
• GlobeNewswire (Gold Fields): Gold Fields Completes Acquisition of Osisko Mining, 25 Oct 2024
• Mining Technology: Gold Fields completes $1.39bn acquisition of Osisko Mining, 28 Oct 2024
• Miningmx: Gold Fields sticks to 2029 Windfall target despite permit delay, 25 Aug 2026