Gold Fields Posts Record $3.57bn Profit
Gold Fields Limited has delivered a sharp rise in earnings for the year ended 31 December 2025, buoyed by stronger production and sustained gains in global bullion prices.
The Group reported attributable profit of US$3.57 billion, up from US$1.25 billion in 2024, reflecting improved operational performance across its portfolio and favourable market conditions for gold.
Gold-equivalent production increased by 18 per cent year-on-year to 2.438 million ounces. The uplift was driven largely by the successful ramp-up of the Salares Norte mine in Chile, which reached commercial production in the third quarter of 2025 and achieved steady-state operations before year-end.
In South Africa, the South Deep mine recorded a 16 per cent rise in output to 309,000 ounces, reinforcing its role as a growing contributor within the Group’s asset base.
In Ghana, the Tarkwa mine remained a core operation, although output declined by 12 per cent as the mine processed lower-grade stockpiles amid an ongoing waste-stripping programme. Despite cost pressures linked to inflation across the industry, Gold Fields maintained cost discipline, reporting All-In Sustaining Costs (AISC) of US$1,645 per ounce.
Improved operating performance translated into stronger cash generation. Adjusted free cash flow surged to US$2.97 billion, compared with US$605 million in 2024.
The enhanced liquidity position enabled the company to pare net debt down to US$1.44 billion, even after completing the US$1.42 billion acquisition of Gold Road Resources in Australia. The transaction strengthens Gold Fields’ footprint in Australia and consolidates its position in the Gruyere asset.
Normalised profit, excluding one-off items and foreign exchange movements, rose significantly, underlining the resilience of underlying earnings. On the back of this performance, the Board declared a total dividend of R25.50 (approximately GH¢17.56) per share, equivalent to 35 per cent of free cash flow before discretionary investments.
Operationally, 2025 marked a significant safety achievement for the Group. For the first time in its history, Gold Fields recorded zero fatalities across its global operations for a full year, reaching six consecutive quarters without a fatal accident.
Chief Executive Officer Mike Fraser said, “while seven serious injuries were recorded, the achievement of zero fatalities remains the most important operational milestone of the year.”
On the environmental front, the company reported no significant environmental incidents and met its freshwater recycling and reuse targets, reinforcing its commitment to responsible mining.
Looking ahead, Gold Fields has issued production guidance of between 2.4 million and 2.6 million ounces for 2026. Capital expenditure is projected at approximately US$2 billion, aimed at sustaining output levels and advancing priority growth projects.
In Ghana, attention will focus on finalising the renewal of mining leases at Tarkwa while driving further cost optimisation. In Canada, the Group is advancing towards a Final Investment Decision on the Windfall Project following environmental approvals. The full acquisition of the Gruyere asset in Australia is also expected to support a more optimised life-of-mine plan.
Gold Fields says it remains anchored to its three-pillar strategy: operating safely and cost-effectively, delivering positive impact for stakeholders, and building a high-quality portfolio capable of generating sustainable long-term returns for shareholders.
