Gold Fields Slams Ghana Over 'Easy Target' Mining Policies

Gold Fields CEO Mike Fraser expressed concern over Ghana's mining policies during an earnings call on Tuesday, stating that the government is treating miners as 'an easy target' for revenue.

The company is facing uncertainty regarding the renewal of its Tarkwa gold mine leases, which are set to expire in April 2027. Despite submitting a detailed technical study and commercial proposal in November and July respectively, Gold Fields has yet to receive a formal response from the government.

Fraser noted that recent changes to Ghana's royalty regime could make it less attractive for investment, adding that the country is 'under some financial stress' and is thus targeting the mining sector. He contrasted Ghana with Western Australia, where he said royalty rates have remained stable despite movements in the gold price.

Gold Fields has been lobbying against measures it argues could undermine long-term investment, and has seen its shares underperform by around 10% over the past six months due to uncertainty surrounding Tarkwa. The company is holding back on growth spending at the mine until the leases are resolved.