Ghana’s cabinet approved a draft bill to overhaul national mining laws and alter operating conditions. The proposed legislation reduces the maximum term for new mining leases from 30 years to 20 years. It also caps all future lease renewals at a maximum of 10 years.
The new legal framework intends to abolish stability agreements that currently lock in fiscal terms. These changes create significant uncertainty for Gold Fields and its Tarkwa mine operations.
Gold Fields applied for a 20-year extension for the Tarkwa lease. This current lease is set to expire in April 2027. The Tarkwa mine accounts for nearly 20% of the company's total gold production.