Gold Fields Halts Quebec Gold Project Work After Permit Expires

Gold Fields has paused underground development at its Windfall gold project in Quebec. An exploration work permit expired at the end of August, leaving the proposed $1.9 billion (C$2.7 billion) mine awaiting separate provincial environmental approval.

CEO Mike Fraser said the permit bottleneck delays work. Gold Fields expects Windfall, located 415 km northwest of Quebec City, to produce 300,000 ounces a year starting in 2029. This project is key to the company’s growth plans.

The delay weighs on Gold Fields’ valuation, Fraser noted. Shares in Gold Fields fell 1% to $36.10 on Wednesday afternoon, valuing the company at $32 billion. Gold Fields also faces uncertainty over mining lease renewals for its Tarkwa mine in Ghana, which expire in April 2027.

The company is also pursuing a rejected A$38.7 billion takeover proposal for Northern Star Resources. Gold Fields aims for annual production of about 3 million ounces by 2031. It also plans at least $4 billion in asset sales after a completed deal.