Gold Fields Limited has reaffirmed its long-term commitment to Ghana, declaring that its Tarkwa Mine is not only one of the company’s cornerstone assets but also central to its future strategy.
The Johannesburg-listed gold giant has pledged significant investment in Tarkwa, setting the mine on course to remain a key contributor to both its global portfolio and Ghana’s mining industry for at least the next two to three decades.
Speaking during a virtual media engagement on the company’s half-year results, Executive Vice-President for Strategy, Planning and Corporate Development, Chris Gratias, stressed that Tarkwa’s importance goes beyond its ore body.
“This is a very significant long-life asset. We have been very good stewards and operators of that resource for the benefit of Ghana and the host community of Tarkwa for a very long time, and our goal is to continue for another 20 to 30 years at least,” he said.
A premier asset with national significance
Tarkwa Mine, though a low-grade operation, remains one of the most important contributors to Ghana’s economy and Gold Fields’ portfolio.
The mine constitutes 20% of the company’s global assets and stands as one of the largest open-pit gold operations in West Africa.
Gold Fields currently owns a 90% stake in Tarkwa, with the Government of Ghana holding the remaining 10% through a free-carried interest.
Beyond being a shareholder, the state also plays a critical role as regulator, making the lease renewal process a matter of national interest.
According to Gratias, the government has demonstrated strong commitment to securing Tarkwa’s future by engaging the company early in renewal talks, recognizing its pivotal role in sustaining Ghana’s standing as a top gold producer.
“The government has been very keen to ask Gold Fields to come to the table very early on the Tarkwa lease renewal. They are fully aware of our commitment to Ghana and to Tarkwa,” Gratias explained.
30 years of partnership, 30 more ahead
Having operated in Ghana for over three decades, Gold Fields insists that its focus is on building a sustainable future for Tarkwa rather than short-term gains.
Investments currently underway aim to extend the mine’s life by another generation, securing jobs, royalties, and taxes for the country.
The company is working on efficiency improvements and operational enhancements at the site.
“We are doing significant work at Tarkwa to ensure we still have a mine in 20 to 25 years from now. That requires us to become more efficient and improve some of our practices on site. Ultimately, that will unlock further value,” Gratias said.
Relationship with govt strengthened
Gold Fields’ relations with the Government of Ghana have not always been without challenges.
However, in March this year, differences emerged around the company’s operations in Damang.
However, Gratias noted that those differences have now been resolved and relations have improved “very materially” in recent months.
“I think we weren’t finding each other earlier in the year, but over the last four or five months, progress has been exceptional. We are now in a very good position,” he remarked.
The company has also welcomed the ongoing national conversations around mining regulations, particularly regarding local ownership requirements.
While there has been speculation about possible changes, Gratias indicated there has been no concrete proposal suggesting a shift from the current arrangement, and therefore expects the government’s 10% participation in Tarkwa to remain unchanged.
AngloGold and the Iduapriem connection
Gold Fields and AngloGold Ashanti signed a Memorandum of Understanding in 2023 to explore combining their adjacent Tarkwa and Iduapriem mines.
Although the partnership was conceived under different circumstances, both parties are still evaluating how best to optimize their assets independently before revisiting the combination concept.
Gratias described the synergy potential as sound but emphasized that the present focus is on strengthening Tarkwa on its own. “The strategic logic of the combination absolutely continues to make sense. But right now, our focus—and probably the same for AGA—is on making each asset the best it can be,” he said.
A strong financial performance fuels confidence
Gold Fields’ optimism about Tarkwa comes against the backdrop of a record-breaking financial performance in the first half of 2025.
The company’s headline earnings surged to $1.027 billion in the six months to June 30, compared with $320.7 million a year earlier, representing a 220% jump.
This profitability was driven by record gold prices and higher production across its global operations.
Gold Fields realized an average gold price of $3,281 per ounce in the first half of 2025, up 40% from the previous year, while group attributable production rose 24% to 1.136 million ounces.
The company’s Chilean mine, Salares Norte, made a strong debut, producing 123,600 gold-equivalent ounces in the first half. It is expected to ramp up to 550,000–580,000 ounces annually by 2026.
Dividends, efficiency, and the future
Bolstered by its performance, Gold Fields declared an interim dividend of 700 cents per share, more than doubling the 300 cents declared in the same period of 2024.
Adjusted free cash flow reached $952 million, a sharp turnaround from a $58 million outflow in the prior year.
The group reaffirmed its full-year guidance of 2.25 million to 2.45 million ounces of gold production, with all-in sustaining costs expected between $1,500 and $1,650 per ounce.
Sustaining capital expenditure for 2025 is forecast to remain between $940 million and $970 million.
Sustaining Ghana’s status
Gratias concluded that Tarkwa Mine is critical not only to Gold Fields but also to Ghana’s global reputation as a leading gold producer.
“What gives Ghana credibility as a significant gold-producing nation is the presence of major companies like ourselves, AngloGold Ashanti, and Newmont, who set operating standards and scale. Tarkwa is central to that,” he said.
For Gold Fields, the path forward is clear: extend Tarkwa’s life, deepen efficiency, and continue creating shared value for Ghana, its communities, and its shareholders.
With its lease renewal under discussion and long-term investments underway, Tarkwa is set to remain a bedrock of both Gold Fields’ business and Ghana’s mining industry for decades to come.
