Building trust, creating value: Gold Fields CEO Mike Fraser on Windfall’s next chapter

Gold Fields is moving closer to a final investment decision on the Windfall gold project in Quebec following the signing of a landmark impact benefit agreement (IBA) with the Cree First Nation of Waswanipi, the Cree Nation Government and the Grand Council of the Crees. The agreement marks a major milestone for one of Canada’s largest gold projects currently under development and reflects more than a decade of engagement with Indigenous partners.

We spoke with Mike Fraser (MF), CEO of Gold Fields, about his leadership philosophy, the strategic importance of Windfall, the significance of the agreement and what governments can do to improve Canada’s competitiveness as a destination for mining investment.

Impact benefit agreements (IBAs) ensure that affected Indigenous communities share in the wealth generated by resource extraction while mitigating negative consequences. Typically, the terms include the following:
• Financial compensation and revenue sharing: Royalties, profit-sharing formulas, milestone payments and signing bonuses to drive community wealth and self-sustainability.
• Employment and training: Commitments to hire local community members, provide on-the-job training and establish apprenticeships.
• Business opportunities: Contract preferences for Indigenous-owned businesses during mine construction, operation and closure phases.
• Environmental protection: Joint committees that ensure traditional lands are protected beyond baseline government regulations.
• Cultural recognition: Provisions preserving traditional lifestyles, language, and cultural safety, as well as minimizing impacts on local wildlife and subsistence hunting.

Q: Before we discuss Windfall and the recent developments surrounding the project, can you tell us about your career journey and what led you to become CEO of Gold Fields? How have your experiences shaped your leadership approach and vision for the company?

MF: I have been very privileged over the past 25 years in this industry to work with many great leaders and great teams. The most important lesson I have learned is that, when mining is done well, it can have a positive impact on society.

My leadership approach is based on the belief that sustainable performance can only be achieved through relationships built on trust and mutual accountability. That applies to every relationship we have, whether with our host communities, employees, investors or governments.

At Gold Fields, we are focused on creating a high-quality, reliable and trusted gold producer that can deliver sustainable performance over time. The only way to achieve that is through deep relationships built on trust, responsibility and accountability.

Q: The Windfall project has now secured an IBA with the Cree First Nation of Waswanipi, the Cree Nation Government and the Grand Council of the Crees. What does this agreement mean for the project’s development timeline? What key milestones should investors and local communities watch for next?

MF: We are extremely excited about the signing of the agreement. This is a critical first step in moving the project toward approval and represents an important milestone that reflects the strength of the partnerships we have developed over many years.

For us, this demonstrates that large-scale mining projects can be developed through dialogue and engagement with all stakeholders, particularly host communities, while governments and industry work together to enable investment in major projects.

The agreement creates a framework through which shared benefits can be delivered to host communities, governments and providers of capital.

The next key steps include approval of the final environmental review process and a comprehensive review of the project by the Gold Fields board. We are hopeful that the project can reach a final investment decision before the end of the summer.

We are ready to mobilize and are very keen to move into the construction phase. The signing of this IBA is a critical first step because it demonstrates alignment with our host community.

Q: Windfall is one of the largest gold projects currently under development in Canada. From Gold Fields’ perspective, what makes the project strategically important within the company’s global portfolio, and how do you see it contributing to future production growth?

MF: As a global gold mining company, Gold Fields has long sought the opportunity to establish a significant presence in Canada, and particularly Quebec, which is recognized worldwide as a stable mining jurisdiction with strong capabilities, skilled people and excellent geological potential. The opportunity to acquire the Windfall project and advance it toward development has therefore been a significant opportunity for our organization. What we like about the project is that it aligns with many of the key attributes we look for when evaluating our portfolio.

First, it comes with an extensive and highly prospective land package. Second, it is in a jurisdiction with stable and predictable policy frameworks. Third, it provides access to a skilled and experienced workforce.

In addition, Windfall gives us a platform for future growth in Canada. From a strategic standpoint, it checks many of the boxes that are important as we continue to evolve and strengthen our portfolio.

Q: The agreement reflects years of collaboration with Cree leadership and communities. What lessons has Gold Fields learned through this process, and how do you see the relationship between mining companies and Indigenous communities evolving across Canada and globally?

MF: One of the most important points to recognize is that this agreement is the result of more than 10 years of dialogue and collaboration with the Cree Nation. Reaching this stage required us to build a deep level of trust and engagement. It meant listening carefully and, at times, modifying our approach to ensure that community feedback was incorporated into the project.

The agreement also establishes concrete benefits for the Cree Nation through employment opportunities, training initiatives, business opportunities and environmental monitoring programs designed to minimize the impact of mining activities.

In our view, this creates a model for how collaboration should work. It demonstrates how shared benefits can be created for all stakeholders involved in the development of mining projects. The industry has evolved significantly. If we want society to realize the benefits that mining can deliver, then communities, governments, investors and industry must work together to unlock value responsibly. The agreement demonstrates what is possible when relationships are built around the principle of shared value.

Q: Quebec is widely regarded as one of the world’s premier mining jurisdictions. Yet developers continue to face permitting, infrastructure and cost challenges. What more can governments do to ensure Canada remains competitive in attracting investment for major projects such as Windfall?

MF: Quebec consistently ranks among the world’s most attractive mining jurisdictions, and one of the key reasons is the stability and predictability of its mining policies. For investors, that stability is extremely important.

At the same time, mining operates in cyclical commodity markets, and there is a significant opportunity to improve the efficiency of permitting processes and reduce the time required to move projects toward investment decisions.

When studies and permitting processes take too long, circumstances can change before a project reaches the development stage. In some cases, projects are never built because the environment in which they were originally evaluated has changed.

There is an opportunity to bring together all stakeholders — governments, host communities, investors and industry — to find ways of accelerating project development while maintaining rigorous standards. Supporting infrastructure is another important consideration. In some cases, the infrastructure required to support development is not yet in place.

If processes can be simplified and streamlined without cutting corners, Canada’s attractiveness as a mining destination could improve even further.

From our perspective, that is one of the greatest opportunities available today. As we think about the future development of projects such as Windfall, simplifying and smoothing those processes would create meaningful benefits for all participants.

As the company advances Windfall toward a final investment decision, the project demonstrates the value of long-term engagement, trust-based relationships and collaboration among industry, governments and Indigenous communities. With IBA now in place and key approvals still ahead, Gold Fields is positioning Windfall as a cornerstone asset in its Canadian growth strategy and a potential model for responsible mine development.

This article is based exclusively on the interview transcript. Watch a video of the full interview at

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