Ghana Government Supports Gold Fields' Continued Operation of Tarkwa Gold Mine

en.Wedoany.com Reported - On October 22, Ghana's Minister of Lands and Natural Resources Emmanuel Armah-Kofi Buah stated that the government will not uniformly reclaim mining rights to mature mines held by foreign companies, and that for large mines requiring sustained substantial capital investment, a comprehensive assessment will be made of the existing operator's investment and operational capabilities. The Tarkwa Gold Mine owned by South African gold producer Gold Fields is therefore expected to continue operating under its current owner. The mine's five mining rights will expire in April 2027, and renewal applications remain in the government review and negotiation stage.

Gold Fields holds a 90% interest in the Tarkwa Gold Mine through a local subsidiary, with the Ghanaian government holding the remaining 10%. The company submitted renewal applications for the five mining rights along with supporting technical reports in November 2025, and related discussions cover the mine's future development plans, mining right terms, and fiscal terms. The Ghanaian government has previously made clear that mining right renewals must undergo technical review and evaluation by the competent authorities and cannot be automatically extended under existing terms.

Tarkwa is a key gold production asset for Gold Fields, with gold output of approximately 427,000 ounces in 2025. The company has submitted a long-term mine development plan to the Ghanaian government seeking to continue mine operations. The Ghanaian government recently indicated that for large mines with high capital requirements and long development cycles, arrangements for continued investment and operation by foreign mining companies will still be considered.

During the mining right renewal negotiations, Gold Fields is also involved in an arbitration dispute of approximately US$740 million with Ghanaian mining contractor Engineers & Planners, of which claims related to the Tarkwa Gold Mine amount to approximately US$474.9 million, with another approximately US$264.7 million relating to the Damang Gold Mine. Gold Fields disputes the claims and has stated that it will handle the dispute in accordance with contractual and legal procedures.