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GFI cut net debt sharply while boosting free cash flow on stronger output and efficiencies.
CDE posted record Q3 production and advanced a deal to acquire New Gold to expand its portfolio.
Gold Fields Limited (GFI - Free Report) and Coeur Mining, Inc. (CDE - Free Report) operate with distinct business models and asset portfolios that shape their competitive positions in the precious-metals landscape.
Gold Fields is a globally diversified gold producer with large-scale, long-life assets spread across Africa, Australia and the Americas. Its operations emphasize consistent production, disciplined cost management and a pipeline of growth projects focused on strengthening reserve life and lowering all-in sustaining costs.
Coeur Mining, on the other hand, maintains a North American-centric portfolio with operations across the United States and Mexico. CDE is more heavily exposed to silver, though gold has grown in contribution, and the company continues to prioritize operational optimization, mine-life extensions and margin improvement through technology-driven efficiency initiatives.
The Case for GFI
Gold Fields delivered a notably strong third quarter, underscoring a compelling operational case driven by higher gold production, attractive realized pricing and meaningful project progress. The company’s attributable gold output surged to around 621,000 ounces, marking a 22% year-over-year increase, with the ramp-up of the Salares Norte mine serving as a key contributor.
It alone produced about 112,000 ounces equivalent in the quarter, a 53% increase from the previous quarter and supporting steady production gains across the broader portfolio.
Gold Fields realized an average gold price of roughly $3,468 per ounce, which, combined with a significant reduction in all-in sustaining costs to about $1,557 per ounce, sharply expanded margins during the quarter.
Gold Fields’ Tarkwa mine in Ghana remains one of its largest and most strategic assets. The mine delivered around 123,000 ounces of gold in the third quarter of 2025 and historically produces more than 500,000 ounces per year, reinforcing its status as a long-life cornerstone operation. In Australia, the Gruyere mine, now fully owned by Gold Fields after the acquisition of Gold Road Resources, has produced more than 1.5 million ounces since commissioning and generated 287,000 ounces in 2024, with 2025 guidance of 325,000–355,000 ounces.
The company currently offers a dividend yield of about 1.60%. It has increased its dividends six times in the last five years.The 5-year annualized dividend growth is 17.51%. Gold Fields paid an interim dividend of ZAR 7.00 per share (roughly 40 cents per share) on Sept. 25, 2025.
At the end of September 2025, GFI’s net debt was $791 million, a significant decrease of $696 million from $1,487 million in the second quarter. The debt to capital was 34.8% and the debt-to-capital ratio was 0.35. Free cash flow in the third quarter was about $166 million, driven by higher production, better prices and improved cost efficiencies.
The Case for CDE
Coeur Mining delivered a strong third-quarter 2025, marked by record-level production, robust realized prices and bolstered financial strength. In the quarter, gold production was 111,364 ounces, up 3% quarter over quarter and 17% year over year. The company realized an average gold price of $3,148 per ounce, up from the preceding quarter, helping drive margin expansion.
Coeur Mining has taken a transformative step by striking a definitive agreement to acquire New Gold Inc. This deal, if completed, would create one of the largest all–North American precious-metals producers. The combined entity is projected to produce roughly 900,000 ounces of gold, 20 million ounces of silver and substantial copper output in 2026.
Coeur Mining is aggressively advancing exploration and mine-life extension across several operations. Its exploration spend is sizable, targeting expansions and infill drilling at key sites, including enhancing inferred-resource pipelines at its Mexico assets, exploring higher-grade zones at its Nevada and Alaska mines, and extending the life of its U.S. operations, such as Wharf and Rochester.
At the end of September 2025, CDE’s cash and cash equivalents were around $266 million, higher than $77 million a year ago. The debt to capital was10.5%. Free cash flow in the third quarter was about $189 million.
GFI and CDE: Price Performance & Valuation
GFI stock is up 227.4% year to date compared to CDE's rise of 183.1% over the same period.
Price Performance of GFI vs. CDE
Image Source: Zacks Investment Research
GFI is currently trading at a forward 12-month sales multiple of 5.87. CDE is currently trading at a forward 12-month sales multiple of 3.85, below GFI.
Image Source: Zacks Investment Research
How the Zacks Consensus Estimate Compares for GFI & CDE
The Zacks Consensus Estimate for GFI’s fiscal 2025 sales implies year-over-year growth of 81%. The same for EPS suggests a 140.2% year-over-year rise.
Image Source: Zacks Investment Research
EPS estimates for GFI's fiscal 2025 have been trending higher over the past 60 days.
Image Source: Zacks Investment Research
The consensus estimate for CDE’s fiscal 2026 sales and EPS implies a year-over-year rise of 90% and 406%, respectively.
Image Source: Zacks Investment Research
EPS estimates for CDE's fiscal 2025 have been trending northward over the past 60 days.
Image Source: Zacks Investment Research
GFI or CDE: Which Stock Holds the Edge
Gold Fields benefits from a materially larger production base, delivering more than 2 million ounces of gold annually. Coeur Mining, on the other hand, progressed rapidly with its projects, giving it stronger operational leverage, but lags due to a lesser diversity. GFI’s cost structure is also more competitive, with lower all-in sustaining costs and wider operating margins supported by long-life Tier-1 assets such as Tarkwa and Gruyere. GFI’s reserve base is significantly higher, providing multi-year visibility and reduced replacement risk, while the ramp-up of Salares Norte adds incremental low-cost ounces and future upside. In contrast, CDE remains more exposed to cost volatility, mine-specific variability and integration risks tied to its expansion moves.
GFI is the preferred choice for investors seeking stronger upside potential in the gold sector. GFI currently sports a Zacks Rank of #1 (Strong Buy) while CDE has a Zacks Rank of #3 (Hold). You can see the complete list of today’s Zacks #1 Rank here.
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GFI vs. CDE: Which Gold-Mining Stock is the Better Buy Right Now?
Key Takeaways
Gold Fields Limited (GFI - Free Report) and Coeur Mining, Inc. (CDE - Free Report) operate with distinct business models and asset portfolios that shape their competitive positions in the precious-metals landscape.
Gold Fields is a globally diversified gold producer with large-scale, long-life assets spread across Africa, Australia and the Americas. Its operations emphasize consistent production, disciplined cost management and a pipeline of growth projects focused on strengthening reserve life and lowering all-in sustaining costs.
Coeur Mining, on the other hand, maintains a North American-centric portfolio with operations across the United States and Mexico. CDE is more heavily exposed to silver, though gold has grown in contribution, and the company continues to prioritize operational optimization, mine-life extensions and margin improvement through technology-driven efficiency initiatives.
The Case for GFI
Gold Fields delivered a notably strong third quarter, underscoring a compelling operational case driven by higher gold production, attractive realized pricing and meaningful project progress. The company’s attributable gold output surged to around 621,000 ounces, marking a 22% year-over-year increase, with the ramp-up of the Salares Norte mine serving as a key contributor.
It alone produced about 112,000 ounces equivalent in the quarter, a 53% increase from the previous quarter and supporting steady production gains across the broader portfolio.
Gold Fields realized an average gold price of roughly $3,468 per ounce, which, combined with a significant reduction in all-in sustaining costs to about $1,557 per ounce, sharply expanded margins during the quarter.
Gold Fields’ Tarkwa mine in Ghana remains one of its largest and most strategic assets. The mine delivered around 123,000 ounces of gold in the third quarter of 2025 and historically produces more than 500,000 ounces per year, reinforcing its status as a long-life cornerstone operation. In Australia, the Gruyere mine, now fully owned by Gold Fields after the acquisition of Gold Road Resources, has produced more than 1.5 million ounces since commissioning and generated 287,000 ounces in 2024, with 2025 guidance of 325,000–355,000 ounces.
The company currently offers a dividend yield of about 1.60%. It has increased its dividends six times in the last five years.The 5-year annualized dividend growth is 17.51%. Gold Fields paid an interim dividend of ZAR 7.00 per share (roughly 40 cents per share) on Sept. 25, 2025.
At the end of September 2025, GFI’s net debt was $791 million, a significant decrease of $696 million from $1,487 million in the second quarter. The debt to capital was 34.8% and the debt-to-capital ratio was 0.35. Free cash flow in the third quarter was about $166 million, driven by higher production, better prices and improved cost efficiencies.
The Case for CDE
Coeur Mining delivered a strong third-quarter 2025, marked by record-level production, robust realized prices and bolstered financial strength. In the quarter, gold production was 111,364 ounces, up 3% quarter over quarter and 17% year over year. The company realized an average gold price of $3,148 per ounce, up from the preceding quarter, helping drive margin expansion.
Coeur Mining has taken a transformative step by striking a definitive agreement to acquire New Gold Inc. This deal, if completed, would create one of the largest all–North American precious-metals producers. The combined entity is projected to produce roughly 900,000 ounces of gold, 20 million ounces of silver and substantial copper output in 2026.
Coeur Mining is aggressively advancing exploration and mine-life extension across several operations. Its exploration spend is sizable, targeting expansions and infill drilling at key sites, including enhancing inferred-resource pipelines at its Mexico assets, exploring higher-grade zones at its Nevada and Alaska mines, and extending the life of its U.S. operations, such as Wharf and Rochester.
At the end of September 2025, CDE’s cash and cash equivalents were around $266 million, higher than $77 million a year ago. The debt to capital was10.5%. Free cash flow in the third quarter was about $189 million.
GFI and CDE: Price Performance & Valuation
GFI stock is up 227.4% year to date compared to CDE's rise of 183.1% over the same period.
Price Performance of GFI vs. CDE
GFI is currently trading at a forward 12-month sales multiple of 5.87. CDE is currently trading at a forward 12-month sales multiple of 3.85, below GFI.
How the Zacks Consensus Estimate Compares for GFI & CDE
The Zacks Consensus Estimate for GFI’s fiscal 2025 sales implies year-over-year growth of 81%. The same for EPS suggests a 140.2% year-over-year rise.
EPS estimates for GFI's fiscal 2025 have been trending higher over the past 60 days.
The consensus estimate for CDE’s fiscal 2026 sales and EPS implies a year-over-year rise of 90% and 406%, respectively.
EPS estimates for CDE's fiscal 2025 have been trending northward over the past 60 days.
GFI or CDE: Which Stock Holds the Edge
Gold Fields benefits from a materially larger production base, delivering more than 2 million ounces of gold annually. Coeur Mining, on the other hand, progressed rapidly with its projects, giving it stronger operational leverage, but lags due to a lesser diversity. GFI’s cost structure is also more competitive, with lower all-in sustaining costs and wider operating margins supported by long-life Tier-1 assets such as Tarkwa and Gruyere. GFI’s reserve base is significantly higher, providing multi-year visibility and reduced replacement risk, while the ramp-up of Salares Norte adds incremental low-cost ounces and future upside. In contrast, CDE remains more exposed to cost volatility, mine-specific variability and integration risks tied to its expansion moves.
GFI is the preferred choice for investors seeking stronger upside potential in the gold sector. GFI currently sports a Zacks Rank of #1 (Strong Buy) while CDE has a Zacks Rank of #3 (Hold). You can see the complete list of today’s Zacks #1 Rank here.