Ghana is weighing a shift in control of Gold Fields Ltd.’s Tarkwa mine, set to expire next April. The move aims to boost local ownership and capture a larger share of gold‑price gains. Gold Fields shares fell 8 % after the news, marking the steepest drop in three months for investors and companies.

If the government proceeds, local firms must submit bids for evaluation. Authorities also weigh extending leases for Gold Fields. Ghana, Africa’s top gold producer, recently raised bullion royalties from 5 % to 12 % and restricted bids to domestic companies. The Tarkwa mine produced 475,000 ounces last year in 2023 and contributing to national revenue.

The loss of Tarkwa would hit Gold Fields hard, as the mine accounted for one‑fifth of its 2023 output of 2.5 million ounces. Shares fell 8 % by 10:44 a.m. in Johannesburg, the biggest intra‑day drop in over three months. Gold Fields has filed an early renewal application for the lease to maintain operations and investments.

President Mahama’s government faces pressure after xenophobic protests in South Africa. It will evaluate bids on environmental, employment and infrastructure commitments. Transferring Tarkwa could create jobs for Ghanaian engineers, suppliers and entrepreneurs. Gold Fields’ 20‑year plan for the mine, outlined by CEO Michael Fraser, underscores the mine’s strategic importance for the nation.