Equity Accounted Investees (Tables)

12 Months Ended

Dec. 31, 2024

Investees in equity accounted [abstract]


		United States Dollar
	Figures in millions unless otherwise stated	2024	2023	2022

	Investment in joint ventures	—	538.6
(a)	Far Southeast Gold Resources Incorporated (“FSE”)	—	—
(b)	Asanko Gold	—	—
(c)	Windfall Project	—	538.6
	Investment in associates	12.6	10.0
(d)	Other associates	12.6	10.0

	Total equity accounted investees	12.6	548.6
	Share of results of equity accounted investees, net of taxation recognised in the consolidated income statement are made up as follows:
(a)	Far Southeast Gold Resources Incorporated (“FSE”)	(1.5)	(1.3)	(1.0)
(b)	Asanko Gold – earnings	—	28.0	13.0
(b)	Asanko Gold – impairment	—	(46.9)	—
(c)	Windfall Project	(47.5)	(28.4)	—
(d)	Other associates	(4.6)	(2.9)	(1.9)
	Share of results of equity investees, net of taxation	(53.6)	(51.5)	10.1
	Asanko Gold – recognised as a discontinued operation	—	18.9	(13.0)
	Total share of results of equity investees, net of taxation	(53.6)	(32.6)	(2.9)

(a)

Summary of equity method investment in joint venture - Far Southeast Gold Resources Incorporated ("FSE")

Investment in joint venture consists of:


	United States Dollar
Figures in millions unless otherwise stated	2024	2023

Unlisted shares at cost	230.0	230.0
Equity contribution	100.6	99.1
Impairment – prior years	(230.0)	(230.0)
Share of accumulated losses brought forward	(99.1)	(97.8)
Share of loss after taxation1	(1.5)	(1.3)
Total investment in joint venture2	—	—

1Gold Fields’ share of loss after taxation represented exploration and other costs, including work completed on a scoping study, which was fully funded by Gold

Fields as part of their equity contribution.

2FSE had no revenues or significant assets or liabilities. Assets included in FSE represented the rights to explore and eventually mine the FSE project.

Summary of financial information and carrying amount of the group interest in Asanko

The following table summarises the financial information and the carrying amount of the Group’s interest in Asanko up to

the date it was classified as held for sale:


	United States Dollar
Figures in millions unless otherwise stated	2024	2023

Initial investment at cost	—	86.9
Share of accumulated profit brought forward	—	87.9
Share of profit after taxation before impairment	—	28.0
Cumulative impairment3	—	(149.2)
Recognised as an asset held for sale	—	(53.6)
Carrying value at 31 December	—	—

Notes to the consolidated financial statements continued

for the year ended 31 December 2024

18.Equity accounted investees continued

(b)Asanko Gold continued

The Group’s interest in the summarised financial statements of Asanko on a combined basis after fair value adjustments

as determined at acquisition was as follows:


	United States Dollar
Figures in millions unless otherwise stated	2024	2023

Statement of financial position – Asanko
Non-current assets1	—	218.0
Current assets2	—	202.8
Non-current liabilities	—	(82.6)
Current liabilities	—	(37.7)
Net assets	—	300.5
Less: Shika redeemable preference shares	—	(186.4)
Net assets attributable to ordinary shareholders	—	114.1
Group's share of net assets	—	53.6
Reconciled as follows:
Cash consideration paid	—	165.0
Less: Consideration allocated to the redeemable preference shares (note 17)	—	(129.9)

Consideration paid for equity portion	—	35.1
Gain on acquisition	—	51.8
Share of accumulated losses brought forward	—	87.9
Share of profit after taxation before impairment	—	28.0
Impairment3	—	(149.2)
Carrying amount of interest in joint venture	—	53.6

Income statement – Asanko
Revenue	—	256.5
Production costs	—	(155.6)
Depreciation and amortisation	—	(13.7)
Other expenses	—	(10.4)
Royalties	—	(14.6)
Profit for the year before impairment	—	62.2
Group's share of profit before impairment	—	28.0
Group's share of impairment3	—	(46.9)
Group's share of total comprehensive income after impairment	—	(18.9)

1At 31 December 2023, included impact of fair value adjustment, amounting to US$39.6 million, to property, plant and equipment of the Asanko Gold mine as

determined at acquisition and impairment as discussed below.

2At 31 December 2023, current assets included cash and cash equivalents amounting to US$138.6 million.

3During 2022, there were no changes in status with respect to the completion of the technical and economic work required to generate a Reserve and Resources

estimate based on a LoM. Taking this into consideration, management utilised the LoM developed for the 2022 impairment calculation and this resulted in no

impairment for the year ended 31 December 2022. As a result of the sale transaction, the investment in Asanko was classified as an asset held for sale at 31

December 2023 and the investment was required to be measured at the lower of carrying value or fair value less costs to sell. Management determined the fair

value less costs to sell based on the consideration to be received per the sale agreement, which resulted in an impairment of US$46.9 million for the year ended

31 December 2023. Refer notes 14 and 15 for further details.

The following table summarises the financial information and the carrying amount of the Group’s interest in the

Partnership:


	United States Dollar		Canadian Dollar
Figures in millions unless otherwise stated	2024	2023	2024	2023

Opening balance 1 January	538.6	—	713.6	—
Cash considerations
C$300.0 million cash payment	—	221.5	—	300.0
C$33.8 million pre-closing paid amounts	—	25.6	—	33.8
C$93.0 million cash calls	65.3	69.1	89.0	93.0
Contingent and exploration considerations
C$300.0 million contingent consideration
– Initial fair value	—	190.8	—	258.4
– Net change in fair value	8.0	7.3	10.9	9.9
C$75.0 million exploration consideration
– Initial present value	—	39.1	—	52.9
– Unwinding of discount rate	4.8	2.9	6.6	3.9
Share of loss1	(47.5)	(28.4)	(64.9)	(38.3)
Derecognition of Windfall Project joint venture2	(519.3)	—	(723.5)	—
Derecognition of 50% exploration consideration2	(22.8)	—	(31.7)	—
Translation adjustment	(27.1)	10.7	—	—
Carrying value at 31 December	—	538.6	—	713.6

1The Windfall Project share of loss for 2024 and 2023 relates mainly to exploration expenses.

2Derecognised at 25 October 2024, the acquisition date of the transaction.

Notes to the consolidated financial statements continued

for the year ended 31 December 2024

Summary of financial information and carrying amount of the group interest in Windfall

The following table summarises the financial information and the carrying amount of the Group’s interest in Asanko up to

the date it was classified as held for sale:


	United States Dollar
Figures in millions unless otherwise stated	2024	2023

Initial investment at cost	—	86.9
Share of accumulated profit brought forward	—	87.9
Share of profit after taxation before impairment	—	28.0
Cumulative impairment3	—	(149.2)
Recognised as an asset held for sale	—	(53.6)
Carrying value at 31 December	—	—

Notes to the consolidated financial statements continued

for the year ended 31 December 2024

18.Equity accounted investees continued

(b)Asanko Gold continued

The Group’s interest in the summarised financial statements of Asanko on a combined basis after fair value adjustments

as determined at acquisition was as follows:


	United States Dollar
Figures in millions unless otherwise stated	2024	2023

Statement of financial position – Asanko
Non-current assets1	—	218.0
Current assets2	—	202.8
Non-current liabilities	—	(82.6)
Current liabilities	—	(37.7)
Net assets	—	300.5
Less: Shika redeemable preference shares	—	(186.4)
Net assets attributable to ordinary shareholders	—	114.1
Group's share of net assets	—	53.6
Reconciled as follows:
Cash consideration paid	—	165.0
Less: Consideration allocated to the redeemable preference shares (note 17)	—	(129.9)

Consideration paid for equity portion	—	35.1
Gain on acquisition	—	51.8
Share of accumulated losses brought forward	—	87.9
Share of profit after taxation before impairment	—	28.0
Impairment3	—	(149.2)
Carrying amount of interest in joint venture	—	53.6

Income statement – Asanko
Revenue	—	256.5
Production costs	—	(155.6)
Depreciation and amortisation	—	(13.7)
Other expenses	—	(10.4)
Royalties	—	(14.6)
Profit for the year before impairment	—	62.2
Group's share of profit before impairment	—	28.0
Group's share of impairment3	—	(46.9)
Group's share of total comprehensive income after impairment	—	(18.9)