olivLaw · US equity research
Gold Fields Ltd GFI
Gold and Silver Ores · SIC 1040 · Vertical: Gold and Silver Ores (SIC 1040)
Gold Fields Limited is a South African gold mining company producing gold and gold equivalent from operations in Australia, South Africa, Ghana, Peru and Chile. Its geographic spread of output, reported for fiscal 2025, matters for investors tracking how a gold producer diversifies country-level risk.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Gold Fields Ltd (GFI) stock was 36.75 USD (+6.34% on the day), with market capitalisation 32.9 bn USD, P/E 26.6 on diluted EPS of 1.38 USD over the last 12 months, dividend yield 1.06%, beta 0.82, 52-week range 31.25–61.51 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 50.9
- neutral
- Bollinger (20, 2)
- 33.65 – 38.02
- in the upper half of the band · %B 0.71 · band width 12.2%
- SMA 50 / 200
- 39.63 / 42.44
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.98 / -1.18
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +3.0% | −1.1% | +4.1 pp | — |
| 3 months | −1.4% | −0.5% | −1.0 pp | — |
| 6 months | −20.5% | +4.4% | −24.8 pp | — |
| Year to date | −15.8% | +12.3% | −28.1 pp | — |
| 1 year | +3.0% | +13.5% | −10.5 pp | −9.2% |
| 3 years | +162.9% | +76.4% | +86.5 pp | +144.6% |
| 5 years | +293.9% | +63.7% | +230.2 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 83 percentile of its own 6-quarter history (min 9.6, median 12.9, max 34.7; quarters with earnings only).
Fiscal years
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2.8 bn | 2.6 bn | 3.0 bn | 3.9 bn | 4.2 bn | 4.3 bn | 4.5 bn | 5.2 bn |
| Revenue YoY | +3.6% | −6.7% | +15.1% | +31.2% | +7.8% | +2.2% | +5.0% | +15.6% |
| Net income | -18.7 m | -348.2 m | 161.6 m | 723.0 m | 789.3 m | 711.0 m | 703.3 m | 1.2 bn |
| Net income YoY | −111.8% | unavailable | unavailable | +347.4% | +9.2% | −9.9% | −1.1% | +77.0% |
| Diluted EPS | unavailable | -0.42 | 0.19 | 0.81 | 0.88 | 0.78 | 0.77 | 1.38 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | +326.3% | +8.6% | −11.4% | −1.3% | +79.2% |
| net % | -0.7% | -13.5% | 5.4% | 18.6% | 18.8% | 16.6% | 15.6% | 23.9% |
| Free cash flow | -101.6 m | -245.5 m | 232.5 m | 527.7 m | 141.5 m | 309.9 m | 138.1 m | 423.6 m |
Reported results vs expectations
Loading…
Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 860.2 m USD
- Financial debt
- 2.5 bn USD
- Net debt
- 1.6 bn USD
- Equity
- 5.4 bn USD
- Total assets
- 10.1 bn USD
- Debt / equity
- 0.46x
- Current ratio
- unavailable
- ROE
- 24.9%
- ROA
- 13.6%
- FCF margin
- 8.1%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 3.0 bn | 3.9 bn | 4.2 bn | 4.3 bn | 4.5 bn | 5.2 bn | SEC (XBRL)· 27 Mar 2025verified |
| Cost of revenue | 2.0 bn | 2.2 bn | 2.4 bn | 2.6 bn | 2.7 bn | 2.8 bn | SEC (XBRL)· 27 Mar 2025verified |
| Gross profit | 933.6 m ≈ | 1.7 bn ≈ | 1.8 bn ≈ | 1.7 bn ≈ | 1.8 bn ≈ | 2.4 bn ≈ | SEC (XBRL)· 27 Mar 2025derived |
| Depreciation & amortisation | 610.0 m | 661.3 m | 713.2 m | 844.3 m | 795.3 m | 627.4 m | SEC (XBRL)· 27 Mar 2025verified |
| Interest expense | 102.2 m | 126.7 m | 100.9 m | 72.5 m | 62.9 m | 50.4 m | SEC (XBRL)· 27 Mar 2025verified |
| Pre-tax income | 350.3 m | 1.2 bn | 1.3 bn | 1.2 bn | 1.2 bn | 2.0 bn | SEC (XBRL)· 27 Mar 2025verified |
| Income tax | 175.6 m | 432.5 m | 424.9 m | 442.1 m | 465.1 m | 697.1 m | SEC (XBRL)· 27 Mar 2025verified |
| Net income | 161.6 m | 723.0 m | 789.3 m | 711.0 m | 703.3 m | 1.2 bn | SEC (XBRL)· 27 Mar 2025verified |
| Diluted EPS | 0.19 | 0.81 | 0.88 | 0.78 | 0.77 | 1.38 | SEC (XBRL)· 27 Mar 2025verified |
| Weighted average diluted shares | 839.2 m | 889.8 m | 893.5 m | 893.9 m | 895.0 m | 895.5 m | SEC (XBRL)· 27 Mar 2025verified |
| Dividend per share | 0.05 | 0.16 | 0.36 | 0.34 | 0.41 | 0.39 | SEC (XBRL)· 27 Mar 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue.
Balance sheet · USD
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 515.0 m | 886.8 m | 524.7 m | 769.4 m | 648.7 m | 860.2 m | SEC (XBRL)· 27 Mar 2025verified |
| Receivables | 136.0 m | 240.1 m | 263.7 m | 198.0 m | 251.4 m | 337.8 m | SEC (XBRL)· 27 Mar 2025verified |
| Inventories | 417.8 m | 521.6 m | 627.6 m | 759.0 m | 827.9 m | 699.3 m | SEC (XBRL)· 27 Mar 2025verified |
| Current assets | 1.1 bn | 1.7 bn | — | — | — | — | SEC (XBRL)· 31 Mar 2021verified |
| Property, plant & equipment, net | 4.7 bn | 4.8 bn | 5.1 bn | 4.8 bn | 5.1 bn | 7.3 bn | SEC (XBRL)· 27 Mar 2025verified |
| Goodwill | 0 | — | — | — | — | — | SEC (XBRL)· 06 Apr 2020verified |
| Total assets | 6.6 bn | 7.5 bn | 7.3 bn | 7.3 bn | 8.2 bn | 10.1 bn | SEC (XBRL)· 27 Mar 2025verified |
| Accounts payable | 466.8 m | 550.6 m | 577.7 m | 600.7 m | 643.9 m | 651.1 m | SEC (XBRL)· 27 Mar 2025verified |
| Short-term debt | — | — | — | 0 | 583.1 m | 719.1 m | SEC (XBRL)· 27 Mar 2025verified |
| Long-term debt | 1.2 bn | 1.4 bn | 1.1 bn | 1.1 bn | 653.4 m | 1.8 bn | SEC (XBRL)· 27 Mar 2025verified |
| Current liabilities | 1.4 bn | 916.5 m | 822.4 m | 785.4 m | 1.5 bn | 1.7 bn | SEC (XBRL)· 27 Mar 2025verified |
| Total liabilities | 3.7 bn | 3.6 bn | 3.2 bn | 3.0 bn | 3.6 bn | 4.8 bn | SEC (XBRL)· 27 Mar 2025verified |
| Equity | 2.9 bn | 3.8 bn | 4.1 bn | 4.3 bn | 4.6 bn | 5.4 bn | SEC (XBRL)· 27 Mar 2025verified |
| Shares outstanding at year end | 828.6 m | 883.3 m | 887.7 m | 891.4 m | 893.5 m | 895.0 m | SEC (XBRL)· 27 Mar 2025verified |
Cash flow · USD
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 845.0 m | 1.1 bn | 1.2 bn | 1.4 bn | 1.2 bn | 1.6 bn | SEC (XBRL)· 27 Mar 2025verified |
| Capex | 612.5 m | 583.7 m | 1.1 bn | 1.1 bn | 1.1 bn | 1.2 bn | SEC (XBRL)· 27 Mar 2025verified |
| Free cash flow | 232.5 m ≈ | 527.7 m ≈ | 141.5 m ≈ | 309.9 m ≈ | 138.1 m ≈ | 423.6 m ≈ | SEC (XBRL)· 27 Mar 2025derived |
| Investing cash flow | -446.8 m | -607.4 m | -1.1 bn | -1.1 bn | -1.4 bn | -2.6 bn | SEC (XBRL)· 27 Mar 2025verified |
| Financing cash flow | -104.6 m | -139.8 m | -510.5 m | -56.9 m | 82.4 m | 1.2 bn | SEC (XBRL)· 27 Mar 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
- score weight coverage: 47.9% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 32.9 bn USD
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
48% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 5.13 – 44.48 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)5.66 – 9.86 (Mid 7.27)WACC 8.9% · starting FCFF 456.3 m USD · terminal value share of EV 74%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: no growth between −30% and +40% justifies the price
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E18.90 – 44.48 (Mid 22.06)17 companies used · median multiple 16.0x · quartiles 13.7x – 32.2xAEM, AG, AGI, ARIS, AU, B, CDE, EGO, EQX, FNV, IDR, KGC, MUX, NAMM, NEM, PAAS, VOXR
- Dividend discount (DDM)5.13 – 6.89 (Mid 5.88)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 47.9% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 23.9% | 56 (vs peers) | 13% |
| FCF conversion · Quality | 34.0% | 6 (on a fixed band) | 13% |
| Revenue CAGR 3Y · Growth | 7.4% | 62 (on a fixed band) | 17% |
| EPS CAGR 3Y · Growth | 16.2% | 100 (on a fixed band) | 17% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | 26.6x | 33 (vs peers) | 22% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 1.3% | 16 (on a fixed band) | 17% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partialunavailable · 0/3 factors with a value
- Growth81/100 · 2/2 factors with a value
- Quality31/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation26/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Gold Fields Limited (GFI). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: revenue 5.2 bn USD in 2024; YoY growth 15.6%; net margin 23.9%; ROE 25.7%.
The estimated value range is 5.66–9.86 USD per share (median of 3 methods, agreement: medium); assumptions are illustrative. Against the central value of 7.27 USD, the price of 36.75 USD leaves a potential of -80.2% (value / price − 1) and a margin of safety of -405.2% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 47.9% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- EPS CAGR 3Y: 16.2%
What contradicts it
- FCF conversion: 34.0%
- FCF yield: 1.3%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, Net debt / EBITDA, Interest coverage, Current ratio, EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Gold and Silver Ores (SIC 1040) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| NEMNewmont Corporation | 122.7 bn | 13.7 | 26.8% | 34.7% | +21.3% | +30% / +194% |
| AEMAgnico Eagle Mines Limited | 91.7 bn | 20.7 | 19.6% | 37.5% | +43.7% | +5% / +242% |
| BBarrick Mining Corp | 67.2 bn | 13.7 | 19.6% | 29.4% | +31.2% | −3% / +128% |
| FNVFRANCO NEVADA Corp | 46.7 bn | 42.0 | 16.3% | 61.0% | +63.7% | +15% / +116% |
| AUAngloGold Ashanti plc | 44.4 bn | 17.0 | 43.1% | 32.1% | +70.8% | +3% / +357% |
| GFIGold Fields Limited | 32.9 bn | 26.6 | 25.7% | 23.9% | +15.6% | +3% / +163% |
| KGCKinross Gold Corp | 25.7 bn | 11.0 | 31.0% | 33.9% | +36.9% | −24% / +264% |
| PAASPan American Silver Corp. | 17.5 bn | 16.2 | 16.8% | 27.1% | +28.4% | −9% / +165% |
| CDECoeur Mining, Inc. | 14.9 bn | 16.0 | 10.3% | 19.2% | +96.4% | −16% / +378% |
| AGIAlamos Gold Inc. | 12.6 bn | 14.3 | 22.1% | 49.0% | +34.3% | −20% / +103% |
| HMYHarmony Gold Mining Company Limited | 10.4 bn | — | — | — | +25.8% | −17% / +163% |
| EQXEquinox Gold Corp. | 8.9 bn | 32.2 | 4.8% | 12.2% | +99.1% | −19% / +106% |
| AGFirst Majestic Silver Corp. | 7.6 bn | 45.3 | 8.0% | 13.1% | +124.3% | +1% / +158% |
| EGOEldorado Gold Corp | 6.7 bn | 13.6 | 12.4% | 27.9% | +37.5% | +7% / +155% |
| CGAUCenterra Gold Inc. | 4.3 bn | — | -4.7% | -7.4% | +28.8% | +61% / +249% |
| ARISAris Mining Corp | 3.2 bn | 38.3 | 7.0% | 8.4% | +81.7% | +12% / +396% |
| NGNovagold Resources Inc. | 2.7 bn | — | -32.8% | — | unavailable | −40% / +45% |
| AAUCAllied Gold Corporation | 2.5 bn | — | -13.8% | -3.9% | +82.3% | −3% / unavailable |
| EXKEndeavour Silver Corp. | 2.1 bn | — | -22.4% | -25.5% | +114.8% | −21% / +259% |
| HYMCHycroft Mining Holding Corporation | 1.6 bn | — | -72.3% | — | −100.0% | +49% / +716% |
| IAUXi-80 GOLD CORP. | 1.2 bn | — | -81.9% | -202.7% | +89.1% | +18% / −15% |
| NEWPNew Pacific Metals Corp. | 952.3 m | — | -2.8% | — | −19.1% | +101% / +181% |
| MUXMcEWEN INC. | 916.1 m | 12.8 | 13.5% | 32.5% | +13.2% | −20% / +94% |
| MTAMetalla Royalty & Streaming Ltd. | 732.0 m | — | -1.7% | -36.1% | +99.6% | +6% / +145% |
| GROYGold Royalty Corp. | 648.9 m | — | -0.7% | -26.5% | +54.5% | −34% / +86% |
1- and 3-year price returns: for GFI from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 22.54 Total return -38% · Per year -38% | 39.80 Total return 9% · Per year 9% | 59.87 Total return 64% · Per year 64% |
| 3 years | 23.18 Total return -34% · Per year -13% | 45.93 Total return 29% · Per year 9% | 75.68 Total return 111% · Per year 28% |
| 5 years | 23.85 Total return -31% · Per year -7% | 53.01 Total return 51% · Per year 9% | 95.66 Total return 169% · Per year 22% |
- Exit P/E± 11.48
- Net margin± 8.04
- Annual revenue growth± 6.42
- Annual dilution± 0.68
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 30 Mar 2026; since then the company filed 6-K (02 Nov 2026), 6-K (28 Sept 2026), 6-K (26 Aug 2026), 6-K (11 Aug 2026), 6-K (24 Jun 2026), 6-K (22 Jun 2026).
In brief
Gold Fields Limited is a South African gold mining company producing gold and gold equivalent from operations in Australia, South Africa, Ghana, Peru and Chile. Its geographic spread of output, reported for fiscal 2025, matters for investors tracking how a gold producer diversifies country-level risk 1.
SWOT
Strengths
- Geographic diversification across several jurisdictions, with eight mining operations, reduces reliance on any single country.
- Detailed reporting of mineral reserves and resources gives transparency about the asset base.
- Consolidated financial statements prepared under IFRS make comparison over time easier.
Weaknesses
- Exposure to several local currencies can make margins sensitive to exchange rate movements.
- Environmental rehabilitation obligations and related provisions could rise and reduce profit.
- The non-IFRS measures the company uses cannot be compared directly with those of other producers.
Opportunities
- Growth projects and non-sustaining capital investment could expand production in the coming years.
- Full consolidation of the Gruyere mine from September 2025 could improve reported volumes.
- Capturing gold equivalent from other metals could add value to existing production.
Threats
- Changes in mining regulation in South Africa could raise costs at local operations.
- A fall in the gold price could reduce revenue and margins, especially at higher-cost mines.
- Political and fiscal risks in operating countries could affect production plans.
Risks
- Currency exposuremedium
Costs and revenues are denominated in different currencies, and exchange rate movements can change margins. The report includes a sensitivity analysis, which shows the risk is monitored.
- Gold pricehigh
Revenue depends directly on the metal price, which can fluctuate significantly. If the price falls, the profitability of higher-cost operations could be affected.
- Environmental obligationsmedium
Land rehabilitation and mine closure provisions could increase. Cost estimates are subject to review, and changes could affect profit.
- Regulation in operating countriesmedium
Operations across several jurisdictions are subject to different and changing rules. Legislative changes could affect costs and permits.
- Operational and safety risksmedium
Mining involves safety and ground stability risks, and incidents could interrupt production. The report describes measures to manage these risks.
Investment thesis
What would need to be true (bull case)
- Geographic diversification of production across several jurisdictions could support continuity if one region is affected.
- Growth projects and planned investment could expand production if they are completed on time.
- Transparent reporting of reserves and resources for each mine could make the asset base easier to assess.
What would break the thesis
- Exposure to the gold price and exchange rates could compress margins if market conditions worsen.
- Environmental rehabilitation obligations could grow and absorb part of the cash flow.
- Regulatory changes in several countries could raise costs and complicate operational planning.
What to watch
- Development of managed gold-equivalent production in each country2026
- Production and cost guidance for 2026 from the outlook section of the report2026
- Full integration of the Gruyere mine into volume reporting2026
- Changes in environmental rehabilitation provisions and closure obligationsnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 30 Mar 2026; since then the company filed 6-K (02 Nov 2026), 6-K (28 Sept 2026), 6-K (26 Aug 2026), 6-K (11 Aug 2026), 6-K (24 Jun 2026), 6-K (22 Jun 2026).
The business
Gold Fields Limited is a South African company that prepares its consolidated financial statements in U.S. dollars under IFRS. Its 20-F shows that the business runs eight mining operations, with managed gold-equivalent production split 42% in Australia, 23% in Ghana, 16% in Chile, 12% in South Africa and 7% in Peru for fiscal 2025 1. The company also uses non-IFRS measures such as all-in sustaining costs (AISC) and all-in costs (AIC), which the report says should not be compared directly with those of other companies 1.
Operations are grouped by geography, and each mine has its own production and cost profile. The report includes a detailed property section covering the mineral resources and reserves of each mine, along with capital expenditure split between sustaining and non-sustaining spending 1. Production data covers both underground and surface mining, including operations where the company holds interests alongside non-controlling shareholders 1.
The integrated annual report and financial statements also describe environmental obligations, such as rehabilitation of land after mining, which appear on the balance sheet as provisions 1. These obligations are part of the business model and can influence long-term results, particularly at older operations.
Segments
Australia
The Australian operation, which includes the Gruyere mine, is the largest share of the group's managed production at 42% in fiscal 2025 1. The report notes that from 26 September 2025 Gruyere is consolidated at 100%, which changes how volumes are reported.
Ghana
Ghana hosts the Damang and Tarkwa mines and accounts for 23% of the group's managed production in fiscal 2025 1. The report includes these operations in consolidated production data at 100%.
Market context
The report describes the gold market as dependent on global metal prices and production costs, and the company benchmarks its metrics against industry standards set by the World Gold Council (WGC) 1. Market data in the report comes from industry surveys and publications that the company considers reliable but has not independently verified 1. Gold equivalent, the unit used for reporting, converts other metals such as copper into gold amounts at current prices 1.
Group results are presented in U.S. dollars, but a significant part of costs is paid in South African rand, Australian dollars and Ghanaian cedi, so exchange rates can affect margins 1. The report includes a foreign currency sensitivity analysis, which shows that these movements are monitored on an ongoing basis 1.
Trends
- Gold price and exchange ratesmixed
Revenue and margins depend on the gold price and on exchange rates against the U.S. dollar. If local currencies strengthen against the dollar, operating costs expressed in dollars could rise, which would compress margins.
- Mining regulation in South Africaheadwind
The report notes that operations are subject to rules set by the South African Department of Mineral Resources and Energy, which oversees the local mining sector. Changes in regulation could affect costs and the operating plans for the South Deep mine.
- Environmental rehabilitation and closure obligationsheadwind
Provisions for environmental rehabilitation tend to grow with expanding activity and with changes in estimates, which implies higher future spending. If cost estimates change, provisions could be revised in later reports.
- Investment in growth projectstailwind
The company separates sustaining from non-sustaining capital expenditure, and investment in new projects can support long-term production. If these projects are completed on schedule, they could improve the group's production profile.
Competitive position
The report does not describe direct competitors in detail, but the company operates in a gold producer sector with activities across several countries. Gold Fields benchmarks its cost and production metrics against the industry through WGC standards, which allows comparison on common definitions 1. Differences in definitions between companies can, however, limit direct comparisons, according to the report 1.
Competitive position depends on production costs, reserve quality and the ability to manage geographic risk. Diversification across five countries can reduce reliance on a single jurisdiction, but each country brings its own regulation and operating risks 1.
- Other gold producers in the industry
The report refers to the gold industry as a whole without naming specific competitors.
- Companies operating in Australia and South Africa
Competition comes from companies working in the same jurisdictions, which affects access to resources and labour.
- Producers with operations in Ghana and Peru
Companies active in the same regions can compete for projects and permits.
- Gold producers in Latin America
Operations in Chile and Peru face competition from other producers active in the region.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- BHP Sells Shuttered Australian Nickel Plant to Gold FieldsBloomberg Markets · 06 Oct 2026 · EN
- Gold Fields Said to Weigh Sweetening Northern Star Bid With CashBloomberg Markets · 29 Sept 2026 · EN
- Gold Fields (GFI) Rides A Gold Price Surge To Record Cash FlowYahoo Finance — News · 27 Aug 2026 · EN
- Gold Fields H1 Earnings Call HighlightsYahoo Finance — News · 25 Aug 2026 · EN
- Ghana Is Weighing Local Control of Gold Fields’ Biggest MineBloomberg Markets · 19 Jun 2026 · EN
The latest news item in our archive is from 06 Oct 2026; the newest SEC filing is from 02 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report (foreign issuer)02 Nov 2026
- Current report (foreign issuer)28 Sept 2026
- Current report (foreign issuer)26 Aug 2026
- Current report (foreign issuer)11 Aug 2026
- Current report (foreign issuer)24 Jun 2026
- Current report (foreign issuer)22 Jun 2026
- Current report (foreign issuer)03 Jun 2026
- Current report (foreign issuer)26 May 2026
- Current report (foreign issuer)07 May 2026
- Current report (foreign issuer)02 Apr 2026
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / Gold Fields Ltd · 30 Mar 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.