Mike Fraser

FOR the foreseeable future Mike Fraser’s attention will be firmly fixed on delivery, delivery, delivery. Vying to top the list is Salares Norte, which has experienced several delays and hurdles, exacerbated by the relocation of endangered chinchillas.  

The early onset of winter in Chile caused the mine’s processing pipes to freeze. But by the third quarter last year, after missing production guidance, the mine’s ramp-up resumed. The full-scale construction at the Windfall project in Canada’s Quebec province, where Gold Fields recently acquired 100% control at a big premium, is another meaty task. Windfall is “a lot for Gold Fields to chew on”, says Fraser. The target is to bring the mine into production and understand the other possibilities in the land package. A third task is bringing stability to South Deep. 

After several years of production improvements, the mine ran into backfill issues last year, which raises questions again about this rich but fickle deposit. Finally, Fraser must finalise a joint venture with AngloGold Ashanti to combine its Iduapriem mine in Ghana with Gold Fields’ Tarkwa, first announced in early 2023. Clearly this is not entirely in Fraser’s hands as Ghana has so far withheld its approval. But if the JV gets the parliamentary nod, the merger will extend the combined property’s life of mine to at least 18 years and unlock higher grades. 

Fraser does not completely dismiss further M&A but says his priority is to grow cash flow per share, especially as Gold Fields failed to capitalise on the gold price’s amazing run last year.