South African mining giant Gold Fields announced on Tuesday that it has formed a joint venture with Canada’s Osisko Mining (TSX:OSK) to develop the Windfall gold mining project in Canada. This strategic partnership marks Gold Fields’ long-awaited entry into the Canadian mining sector.

Stay informed with the latest in the precious metals industry In order to acquire a 50% stake in the Windfall project, Gold Fields will initially invest C$300 million ($220.85 million), with an additional C$300 million due once the Canadian government grants construction and operating permits. The company has financed the initial C$300 million through existing cash reserves and debt facilities.

Gold Fields’ attempt to enter the Canadian market faced a setback last November when its bid to acquire Yamana Gold was outmaneuvered by Agnico Eagle and Pan American Silver Corp. Despite the setback, Gold Fields continued to explore various opportunities in the Abitibi region of Canada before ultimately choosing Windfall.

Interim CEO of Gold Fields, Martin Preece, expressed his enthusiasm for the partnership in a statement, saying, “We are very pleased to be partnering with Osisko to bring the high-quality Windfall Project into production and believe that this will be the first mine of several in this partnership in a highly prospective region.”

According to a feasibility study conducted by Gold Fields, the Windfall project is expected to have an initial mine life of 10 years, producing an average of 294,000 ounces of gold annually. This level of production could potentially rank it among Canada’s top 10 largest gold mines.

On March 16, Gold Fields and AngloGold Ashanti revealed plans to merge their adjacent Tarkwa and Iduapriem mines in Ghana, creating the largest gold mine in Africa.

After its unsuccessful attempt to acquire Yamana, Gold Fields has shifted its strategy away from pursuing major mergers and acquisitions. The company will instead focus on incremental growth through targeted asset purchases.