Quebec issues environmental certificate for Gold Fields' $1.9bn Windfall gold project

The certificate

The certificate was issued by Quebec's Ministry of the Environment. It completes Windfall's environmental and social impact assessment under the province's Environment Quality Act and allows construction and full project development, subject to applicable conditions, commitments and regulatory requirements, Gold Fields said. It is the project's principal environmental authorisation. Gold Fields has yet to make a final investment decision.

The approval followed the Uukiimau Agreement, signed in June 2026 with the Cree First Nation of Waswanipi, the Cree Nation Government and the Grand Council of the Crees. The impact and benefit agreement sets training, employment, business, environmental monitoring and financial participation commitments for Windfall's operating life, the company said.

Windfall lies about 115 km east of Lebel-sur-Quevillon, on the traditional territory of the Cree First Nation of Waswanipi. Windfall Mining Group, a wholly owned Gold Fields subsidiary, is developing the deposit.

Restart after permit lapse

Underground development stopped at the end of August 2026, when the bulk-sample exploration permit expired. Gold Fields said it will remobilise personnel and equipment. Underground activities will resume progressively, and early civil works and camp construction are expected to begin shortly.

The halt mattered because Windfall was already under environmental review, limiting Gold Fields' ability to change the project's scope without resetting the approval process. The company's priority is to build the initial mine before pursuing expansions, CEO Mike Fraser said at the time, according to Mining.com. Fraser did not revise the 2029 first-production target when the stoppage was announced. The halt leaves less room for further delays, Mining.com reported.

Costs and schedule

Gold Fields expects to publish an updated construction schedule, development capital estimate and mineral resources and reserves with its 2026 provisional results in February 2027. It will progress the Final Investment Decision, subject to board approval. Gold Fields has previously indicated project expenditure could be near the upper end of its US$1.7-1.9 billion guidance. The proposed mine has been described as a $1.9 billion (C$2.7 billion) project.

Gold Fields gained full ownership in October 2024 through its C$2.16 billion takeover of Osisko Mining, after paying C$300 million for an initial 50% stake in May 2023. The takeover price equals about 80% of the C$2.7 billion construction cost.

Windfall is expected to produce about 300,000 ounces of gold a year once ramped up. Canadian regulatory documents outline an approximate 10-year mine life and ore capacity of 4,950 tonnes per day, Mining.com.au reported. Gold Fields expects first production from 2029.

What happens next

Gold Fields intends to finalise its execution plan before making a construction commitment, it said. Construction remains dependent on outstanding permits and the investment decision.