OPERATIONS •
We must find a way, as a global industry, to support those companies that do not yet have the resources to meet ESG standards.
SM: I believe Gold Fields is already supporting the junior sector while exploring for the future, by incrementally investing in junior mining as a greenfields strategy going forward.
MF: We are. Within the three pillars of our strategy, while we don’ t need to continually grow production, we do need to continually replace reserves. We achieve this in three ways: through brownfield exploration around our existing operations and landholdings; through mergers and acquisitions; and through our reinvigorated greenfield exploration strategy, which includes partnering with junior exploration companies.
Although we have strong in-house geological teams, our approach increasingly focuses on enabling juniors by funding drilling programmes and providing technical support. The aim is to unlock innovation, creativity and new thinking at the earliest stages of exploration. When juniors succeed, the industry benefits and through their success, we are able to share in that value.
We currently have partnership programmes in Canada, South America and Australia, and will continue to pursue collaborative models that strengthen both our pipeline and the broader exploration ecosystem.
SM: Africa obviously is highly prospective too, but more high risk than elsewhere, particularly in light of the current trend of resource nationalism, notably in West Africa. Despite this trend, however, Gold Fields has managed to negotiate extremely well in the latest Damang 1 and current Tarkwa lease renewal applications due in Ghana. There was a question asked at the London Indaba 2025 around the protection and dispute mechanisms offered by investment treaties. You offered an interesting potential suggested solution – can you take us through your thought processes?
MF: It’ s important to emphasise that this is only an idea at this stage. Resource nationalism is not unique to Africa, it also exists in long-established mining jurisdictions. One of the traditional tools used to protect investment in higher-risk environments is an international arbitration mechanism. Most agreements include arbitration clauses that refer disputes to international courts, often in London.
My question is whether Africa could, within the spirit of building a more self-sufficient continent, design its own dispute mechanism. It could sit under the African Union, which already has an interest in the extractive sector and in shaping standards and regulatory alignment across the industry. Such a framework could feel more legitimate, more grounded and perhaps more aligned with regional aspirations. It could also contribute to improving governance, stability and investor confidence – elements that Africa needs to become a more competitive investment destination.
Gold Fields has been investing and creating shared value in Ghana’ s gold industry for more than 30 years. All our agreements are currently protected by international treaties, and we are having constructive discussions with the Government of Ghana on the renewal of the Tarkwa lease. We strongly believe that Gold Fields will continue to contribute to government, host communities and other stakeholders in Ghana for decades to come.
Africa is immensely prospective, but the challenges in operating across the continent are often driven by competing pressures around value, particularly when addressing social priorities such as poverty alleviation, infrastructure gaps and inequality. These needs drive contestation. Success depends on finding a balance that delivers shared value while ensuring the region remains attractive to foreign investment. The countries that strike this balance generally demonstrate good governance, economic discipline, investment in people and innovation, and a stable, predictable regulatory environment.
Gold Fields’ operations in Ghana and South Africa account for around 30 % of our annual production. As in all our operating jurisdictions, we have worked hard to build strong relationships based on trust, contribution and responsible stewardship.
I believe that companies like ours have a critical role to play. We are socially and environmentally responsible, we develop local communities, and we set standards that others aspire to. But we can only continue doing this if governments work with us to balance short-term needs with long-term stability.
The Damang lease, granted in April 2025 and ratified by parliament in July 2025, gives us 12 months to continue operating while finalising a feasibility study aimed at extending the mine life by a further eight to ten years. At the end of this
Success depends on finding a balance that delivers shared value while ensuring the region remains attractive to foreign investment. www. africanmining. co. za African Mining Publication African Mining African Mining • January 2026 • 61