Gold Fields (NYSE:GFI) may retain control of the Tarkwa Gold Mine after Ghana’s mining minister indicated that established operations requiring substantial capital could remain under international ownership.
Lands and Natural Resources Minister Emmanuel Armah-Kofi Buah made the comments in an interview with Bloomberg.
Buah says the government is not seeking to transfer established mines indiscriminately to domestic operators.
“It’s not a policy of government to go and take a mine from any foreign companies,” he says.
The comments provide a further indication that Gold Fields could secure renewed leases for Tarkwa, although no final decision has been announced.
Five of the mine’s six leases expire in April 2027. The company applied for their renewal in November 2025, with the Ghanaian Government previously stating that any extension would follow a review rather than occur automatically.
The lease negotiations are continuing alongside a US$740 million ($1.05 billion) arbitration with Ghanaian mining contractor Engineers & Planners (E&P).
Gold Fields disclosed that E&P is claiming US$474.9 million in relation to Tarkwa and US$264.7 million concerning the former Damang operation.
The miner disputes both claims and says, based on legal advice, that they lack merit. Gold Fields also says it holds contractual set-off rights relating to outstanding loans and advances.
E&P is owned by businessman Ibrahim Mahama, the younger brother of Ghanaian President John Mahama. The company was selected in April to take over Damang after Gold Fields transferred the operation to the government.
Gold Fields owns 90% of Tarkwa, with the Ghanaian Government holding the remaining 10%.
Write to France Pinzon at Mining.com.au
Main image: Gold Fields
