Gold Fields Eyes Multi-Decade Life Extension for Tarkwa Mine Amid Pause in AngloGold Merger Talks

Gold Fields Eyes Multi-Decade Life Extension for Tarkwa Mine Amid Pause in AngloGold Merger Talks

Senior Vice President and Managing Director of Gold Fields Ghana, Elliot Twum, has disclosed the mining giant’s renewed focus on extending the life of its Tarkwa Mine through strategic redesign and resource conversion, as gold prices remain elevated.

Speaking to NorvanReports in an interview on the sidelines of the 2025 West African Mining and Power Expo (WAMPEX) in Accra, themed “The Mining and Power Hub: Driving Sustainable Investment Opportunities in West Africa”, Mr Twum noted that Gold Fields is positioning the Tarkwa Mine as a “multi-decade asset” capable of delivering long-term value to both shareholders and the Ghanaian economy.

“In a buoyant gold price environment, what you want to do is take advantage of that price and see how you can convert more resources into reserves to extend the life of the mine,” he said. “Our current life of mine runs until 2034, but the current environment gives us the opportunity to relook our pit designs and push that horizon out by another 30 years.”

Mr Twum explained that the company is prioritising operational discipline and business improvement initiatives to support the transformation of Tarkwa, which has been in operation for three decades.

Tarkwa-AngloGold Merger Paused

On the proposed joint venture between Gold Fields and AngloGold Ashanti—which sought to combine the Tarkwa and Iduapriem mines to create one of Africa’s largest gold mining operations—Mr Twum confirmed the process has been paused. He attributed the decision to favourable standalone valuations of the assets under the current gold price regime.

“The update that went to the market is that the merger discussions have been paused,” he said. “At these gold prices, both companies find significant value in their standalone projects. We are now working on strategic options to position Tarkwa as a long-life foundation asset.”

He added that extensive re-engineering efforts are underway to manage increased waste stripping requirements as the ore body deepens, with a view to making operations safer and more cost-efficient.

“We’re looking at redesign and optimisation. It’s about repositioning Tarkwa as a transformed operation for the future,” Mr Twum emphasised.

Damang Mine Under State Control

Commenting on recent developments at the Damang Mine, Mr Twum revealed that Gold Fields is still engaged in discussions with the Government of Ghana following the state’s assumption of full operational control of the mine on April 19, 2025.

The government, through the Ministry of Lands and Natural Resources and the Minerals Commission, took over operations after the expiration of the 30-year mining lease held by Abosso Gold Fields Limited (AGL), a Gold Fields subsidiary. The move, backed by Section 23 of the Minerals and Mining Act, 2006 (Act 703), is part of a wider policy shift to maximise national benefits from the country’s mineral resources.

Mr Twum noted that although the initial bid to renew the lease was unsuccessful, Gold Fields is still engaging government stakeholders on a path forward.

“We are finalising the transition team and continuing feasibility work. A pre-feasibility study has already been completed in some areas, and now we are moving towards full feasibility studies to increase geological confidence and optimise our financial models,” he stated.

He expressed optimism about the potential of Damang, indicating that the company’s technical and financial assessments will support options for a longer life of mine, irrespective of future ownership structures.

Strategic Refocus

As Gold Fields Ghana recalibrates its strategy amidst high commodity prices, it is clear the mining giant is committed to unlocking deeper value from its assets through efficiency, redesign, and disciplined capital allocation.

With both the Tarkwa and Damang mines at the centre of its long-term plans, the company appears poised to maintain its footprint in Ghana’s gold sector despite evolving market dynamics and regulatory shifts.