Latest news with #GoldFields
Zawya
6 days ago
- Business
- Zawya
Goldfields Joins Mining in Motion as Bronze Sponsor
South African-based global mining firm Goldfields has confirmed its participation at the upcoming Mining in Motion Summit – Ghana's premier gathering for mining stakeholders, scheduled for June 2 – 4, 2025 in Accra – as a bronze sponsor. As one of the world's largest gold producers and a key player in Ghana's mining landscape, Gold Fields' involvement signals its deep commitment to the country's mining sector. Under the theme Sustainable Mining&Local Growth – Leveraging Resources for Global Growth, the summit brings together leading mining firms like Gold Fields, government officials and international stakeholders to shape the future of gold mining in Ghana. As a bronze sponsor, Gold Fields will engage in high-level panel discussions, exclusive networking sessions, and project showcases - demonstrating its long-term vision and alignment with Ghana's goal of using the mining sector as a driver of economic growth. In April 2025, Gold Fields received a 12-month renewal of its mining license for the Damang Mine, allowing the company to further invest in infill drilling aimed at extending the mine's operational life and production capacity. Gold Fields also operates the Tarkwa Mine - Africa's largest open-pit gold mine and a pillar of Ghana's gold sector - which produces over 551,000 ounces of gold annually. As the company targets a global production range of 2 to 3 million ounces per annum over the next decade, Ghana remains a central hub in achieving that ambition. Mining in Motion 2025 provides an invaluable platform for Gold Fields to deepen its engagement with Ghanaian government officials, forge new strategic partnerships, and strengthen existing relationships within the mining ecosystem. The firm's participation highlights its ongoing role in supporting Ghana's sustainable development, economic resilience, and leadership in global gold production. Organized by the Ashanti Green Initiative – led by Oheneba Kwaku Duah, Prince of Ghana's Ashanti Kingdom – in collaboration with Ghana's Ministry of Lands and Natural Resources, World Bank, and the World Gold Council, with the support of Ghana's Ministry of Lands and Natural Resources, the summit offers unparalleled opportunities to connect with industry leaders. Distributed by APO Group on behalf of Energy Capital&Power. For sponsorship opportunities or delegate participation, contact: Sales@ About Mining in Motion Summit: Stay informed about the latest advancements, network with industry leaders, and engage in critical discussions on key issues impacting small-scale miners and medium- to large-scale mining in Ghana. Secure your spot at the Mining in Motion 2025 Summit by visiting
West Australian
26-05-2025
- Business
- West Australian
Shire of Coolgardie to consider lowering proposed 2025-26 mining rates hike following backlash
The Shire of Coolgardie will consider lowering its proposed sky-high mining rates hike for 2025-26 after a severe backlash from mining companies, prospectors and community members. The shire had proposed to jack up its annual mining rates by 119 per cent to inject an extra $8.7 million into its finances. But it received 21 submissions objecting to the extraordinary increase from mining companies, junior explorers and community members during the ratepayer consultation period. Among the companies operating in the shire who objected was South African giant Gold Fields, which has the St Ives mine south of Kambalda, and Australia's second-largest ASX-listed gold miner Evolution Mining, which operates the newly expanded Mungari gold mine. Andrew Forrest-backed Wyloo, Chris Ellison-led Mineral Resources and Tim Goyder-chaired Minerals 260 also formally protested, along with smaller producers and explorers such as Auric Mining, FMR Investments and WIN Metals. The Eastern Goldfields Prospectors Association has come out hard against the move, too, calling for ministerial intervention to restore public confidence. The shire's proposed differential rates put out for public comment included an unimproved value mining proposed rate-in-the-dollar of 0.520300 and minimum payment of $514. However, Tuesday's meeting agenda revealed the shire was proposing a slight reduction to 0.468270 while retaining the minimum payment amount. The shire's UV mining rate in the 2024-25 financial year had a rate-in-the dollar of 0.236670, with a minimum payment of $476. Councillors will now consider the submissions and adjusted differential rates at Tuesday's council meeting. In a submission to the shire, Gold Fields St Ives general manager Vince De Carolis estimated the mining giant would shell out at least $3.9m under the proposed rates increase, compared to $1.6m in 2024-25. 'In the event of such considerable increases, there is a possibility that mining operations in the shire will become economically unviable for St Ives and other miners and explorers,' he said. Minerals 260 managing director Luke McFadyen said the rate hike would 'deter investment' and 'reduce exploration'. Wyloo Kambalda asset president Zoran Seat said the increase was a clear effort by the shire to dig itself out of a deep financial hole. 'We have serious concerns that the proposed rate hike is being implemented to raise funds to address the shortfall in finances the shire is facing, rather than as part of a fair or sustainable fiscal strategy or cost recovery for services provided to ratepayers,' he said. Prospector Ferdinand Gere labelled the 119 per cent increase as 'unrealistic and scandalous', while Widgiemooltha resident Jan McLeod noted the downturn in the region's nickel industry. 'Mining cannot sustain this increase. Only gold has increased its value,' Ms McLeod said in her submission. Association of Mining and Exploration Companies chief executive Warren Pearce called on the shire to 'reconsider' the move which 'undeniably places an undue financial burden on all operations' in the shire. Mr Pearce also raised concern about the 'one-size-fits-all approach' which placed both mining and mineral exploration in the same differential rating category. Tuesday meeting's agenda report said a rates hike would help the shire 'raise sufficient yield to try and maintain current services and future infrastructure renewal'. It said the revised estimated rate revenue yield for the shire was $20.57m, down from $21.4m, which would contribute to capital works, services and interest repayments. This was still $7.86m higher than the 2024-25 rates revenue yield of $12.71m. These included road renewal ($10.48m), landfill and waste facilities ($2.9m), interest repayments on loan and lease facilities ($1.58m), and finalisation of Bluebush Village stage two ($1.40m), among others. The shire said while it would receive $3.93m in funding towards the proposed road renewal program, there was a deficit of $6.45m. The report said a 30 per cent concession for prospectors and 25 per cent concession for mining explorers had been applied, which would reduce rate revenue by more than $480,000. It comes after a budget blowout of more than $6 million was revealed two months ago. A report at March's council meeting revealed the shire's 2024-25 budget closing deficit would not be $627,000 as initially forecast but almost $6.64m.
Business Insider
25-05-2025
- Business
- Business Insider
Analysts Conflicted on These Materials Names: Gold Fields (GFI), OceanaGold (OtherOCANF) and IAMGOLD (IAG)
Analysts have been eager to weigh in on the Materials sector with new ratings on Gold Fields (GFI – Research Report), OceanaGold (OCANF – Research Report) and IAMGOLD (IAG – Research Report). Confident Investing Starts Here: Gold Fields (GFI) In a report issued on May 7, Raj Ray from BMO Capital maintained a Hold rating on Gold Fields, with a price target of $20.00. The company's shares closed last Friday at $23.09. According to Ray is a 5-star analyst with an average return of 24.1% and a 71.5% success rate. Ray covers the Basic Materials sector, focusing on stocks such as Anglogold Ashanti PLC, Sibanye Stillwater, and Centerra Gold. Gold Fields has an analyst consensus of Moderate Buy, with a price target consensus of $21.89, implying a -4.8% downside from current levels. In a report issued on May 7, Scotiabank also maintained a Hold rating on the stock with a $23.00 price target. OceanaGold (OCANF) BMO Capital analyst Brian Quast maintained a Buy rating on OceanaGold on May 7 and set a price target of C$6.50. The company's shares closed last Friday at $4.38. According to Quast is a 5-star analyst with an average return of 15.0% and a 58.0% success rate. Quast covers the Basic Materials sector, focusing on stocks such as Northern Star Resources Ltd, Evolution Mining, and Eldorado Gold. Currently, the analyst consensus on OceanaGold is a Strong Buy with an average price target of $4.91, implying a 13.9% upside from current levels. In a report issued on April 22, Jefferies also maintained a Buy rating on the stock with a C$6.00 price target. IAMGOLD (IAG) In a report issued on May 7, Matt Murphy from BMO Capital maintained a Buy rating on IAMGOLD, with a price target of C$12.00. The company's shares closed last Friday at $6.73. According to Murphy is a 5-star analyst with an average return of 20.3% and a 69.1% success rate. Murphy covers the Basic Materials sector, focusing on stocks such as Wheaton Precious Metals, First Quantum Minerals, and Pan American Silver. Currently, the analyst consensus on IAMGOLD is a Moderate Buy with an average price target of $8.51, which is a 25.1% upside from current levels. In a report issued on May 7, Bank of America Securities also maintained a Buy rating on the stock.
Business Insider
22-05-2025
- Business
- Business Insider
Gold Fields (GFI) Gets a Buy from RBC Capital
RBC Capital analyst Josh Wolfson maintained a Buy rating on Gold Fields (GFI – Research Report) on May 20 and set a price target of $25.00. The company's shares closed yesterday at $22.02. Confident Investing Starts Here: Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions Receive undervalued, market resilient stocks straight to you inbox with TipRanks' Smart Value Newsletter According to TipRanks, Wolfson is a 5-star analyst with an average return of 9.4% and a 65.83% success rate. Wolfson covers the Basic Materials sector, focusing on stocks such as Agnico Eagle, Newmont Mining, and Royal Gold. Currently, the analyst consensus on Gold Fields is a Moderate Buy with an average price target of $21.60. Based on Gold Fields' latest earnings release for the quarter ending December 31, the company reported a quarterly revenue of $3.08 billion and a net profit of $856 million. In comparison, last year the company earned a revenue of $2.23 billion and had a net profit of $264.4 million
Yahoo
19-05-2025
- Business
- Yahoo
Barminco secures new $320m Agnew gold mine contract
Perenti has announced that its underground mining subsidiary, Barminco, has secured a new contract to continue its underground operations at the Agnew gold mine, owned by Gold Fields, under a contract valued at approximately A$500m ($320m). The contract commenced on 1 January 2025 and spans 36 months, with an option to extend for an additional 12 months. The scope of the contract encompasses underground development, production and related mining services. This agreement reaffirms Barminco's decade-long presence at the site, where it has provided underground mining services since 2010. Perenti managing director and CEO Mark Norwell said: 'We are very pleased to be extending our relationship with Gold Fields at the Agnew Gold Mine. Gold Fields is one of our most long-standing and valued clients, with history of more than 30 years working alongside the various Perenti businesses. 'Our Australian operations are important for Barminco to deliver enduring value and certainty for our clients and shareholders. Maintaining long-term contracts with high-calibre clients such as Gold Fields supports continued delivery of reliable earnings for the business.' The Agnew gold mine, located near Leinster, Western Australia, comprises multiple underground operations. The mine's current ore sources include the Kim, Main and Rajah Lodes at the Waroonga underground complex. Barminco employs more than 300 individuals at the mine, contributing significantly to the local economy. Perenti Contract Mining president Gabrielle Iwanow said: 'Barminco has successfully ramped up development and production at Agnew in recent years. We very much value the relationship with Gold Fields and we look forward to continuing to deliver safe and productive underground services through our highly capable team in Australia.' Last month, Barminco announced that it will cease operations at MMG's Khoemacau Copper Mine in Botswana after its current contract is completed in June 2025. "Barminco secures new $320m Agnew gold mine contract" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
