Gold Fields lifts output 22% and cuts net debt in half

Gold Fields is poised to continue its buying spree as safe-haven demand for gold and operational momentum saw it slashing net debt in half during the September quarter.

The miner has executed a number of mega deals since the appointment of Mike Fraser as CEO at the start of last year, as the soaring price of gold bolsters its balance sheet.

In late 2024 it acquired Canada’s Osisko Mining for $1.45bn, consolidating its ownership of the Windfall Project and the surrounding exploration district in Québec.

Just six months later, the group announced plans to consolidate its ownership of the coveted Gruyere mine in Australia, which it has operated since mid-2019.

The acquisition, which closed in September, gave the company a $1.1bn cash injection as part of the deal and is expected to boost production further in the current quarter.

At the same time, it sold its 19.5% stake in Toronto-listed Galiano Gold, raising C$151.4m (about R1.88bn) in a block trade in September.

“Taking into account the acquisition of Gold Road Resources and the disposal of the Northern Star Resources shares, we remain comfortably below a net debt-ebitda ratio of 1.0x,” said Fraser.

“Net debt decreased by $696m during the quarter to $791m at the end of September 2025, driven by strong cash generation.”

Fraser said the group was on track to reach the upper end of full-year guidance of between 2.25-million ounces and 2.45-million ounces after gold production rose 6% quarter on quarter and 22% from a year prior.

All-in sustaining costs were 10% lower quarter on quarter at $1,557/oz, it said.

The stand-out performer was again the Chilean Salares Norte mine, where a ramp-up in production continues to bear fruit. It produced 112,000oz in the third quarter, up 53% quarter on quarter.

Production from the mine is expected to continue rising in the fourth quarter, ultimately producing 550,000oz-580,000oz a year from 2026.

Cost guidance was also maintained.