Gold Fields has reaffirmed its commitment to Ghana, announcing plans to operate its Tarkwa mines for another 30 years while preparing to relinquish the Damang mines to government by April 2026.
Speaking at a media engagement, Chief Executive Officer Mike Fraser said the company, which has been in Ghana for over three decades, will inject fresh investments into Tarkwa to extend its lifespan. He added that Gold Fields does not rule out the possibility of developing another mine in the future.
The decision to hand over the Damang mines follows an agreement with government after initial tensions earlier this year. Gold Fields’ request to renew its Damang mining lease had been rejected, but the company was granted a one-year transition period to prepare for the transfer. Government intends to allocate the mine to a Ghanaian investor as part of its policy to promote local ownership of natural resources.
Meanwhile, Gold Fields has reported strong results for the first half of 2025, buoyed by higher gold production, stronger cash flow, and increased shareholder dividends. The company produced 1.136 million ounces of gold in the first six months — a 24% increase compared to the same period last year. The boost was largely driven by improved output at the Salares Norte mine in Chile, which is expected to begin commercial production in the third quarter and reach stable output by year-end.
Gold Fields posted a profit of US$1.03 billion (US$1.15 per share), up sharply from US$389 million (US$0.43 per share) in 2024. Free cash flow rose to US$952 million, compared to an outflow of US$58 million a year earlier. Normalised earnings climbed 181% year-on-year to US$998 million.
In line with its dividend policy, the company declared an interim dividend of 700 South African cents per share, more than double last year’s payout and equivalent to 34% of normalised earnings.
