<\/p>\n
Ghana is considering transferring control of Gold Fields Tarkwa mine to local firms when its leases expire next April, part of a push to increase control of its gold industry and capture more of the proceeds from high bullion prices.<\/p>\n
The Ghanaian miners will need to submit bids for evaluation if the government goes ahead with the plan, people with knowledge of the matter said, asking not to be identified as the discussions are preliminary. The authorities are also weighing the option of extending the leases for Gold Fields, they said.<\/p>\n
Ghana, Africa\u2019s biggest gold producer, has moved to increase its share of mining revenue, raising royalties on bullion to as much as 12% from 5% and restricting bids for a former Gold Fields mine to local companies. The loss of its biggest asset will be a blow for the South Africa-based Gold Fields as it accounted for a fifth of the company\u2019s total output last year.<\/p>\n
A spokesperson for the Ministry of Lands and Natural Resources declined to comment.<\/p>\n
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Gold Fields has \u201csubmitted an early application for the renewal of the Tarkwa mining leases. These constructive engagements are continuing,\u201d the company said when asked for comment on the government\u2019s proposed move.<\/p>\n
President John Mahama\u2019s administration is facing pressure to act against South African firms following a wave of xenophobic protests in Africa\u2019s biggest economy. More than 2,700 people from Ghana, Nigeria, Mozambique and Malawi have been assisted to return home from South Africa amid fears that anti-immigrant demonstrations could escalate.<\/p>\n
The administration will look for commitments around environmental rehabilitation, local employment and infrastructure development in host communities when analyzing the bids, the people said. Transferring the ownership of the Tarkwa mine will help create more job opportunities for Ghanaian engineers, suppliers, and entrepreneurs, they said.<\/p>\n
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New Goldfields broom has big plans<\/p>\n
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The mine produced 475 000 ounces of the metal last year. The company is working on a 20-year operations and investment plan for Tarkwa, Chief Executive Officer Michael Fraser said on ChannelOne TV last month.<\/p>\n
Earlier this year, Gold Fields transferred its other Ghanaian operation \u2014 the mature Damang mine \u2014 to the state when its lease expired. The government held a tender to select a new owner for the asset, which was won by Engineers and Planners Co. Ltd., a firm that belongs to Mahama\u2019s brother and held mining contracts at both Tarkwa and Damang.<\/p>\n
Gold Fields, which operates mines across Africa, Australia and South America, produced about 2.5 million ounces of gold last year.<\/p>\n
\u00a9 2026 Bloomberg<\/p>\n<\/p><\/div>\n
#Ghana #weighing #local #control #Gold #Fields #biggest<\/p>\n","protected":false},"excerpt":{"rendered":"
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