OPERATIONS • period, in April 2026, Damang will transition to government ownership, with a completed feasibility study in place to support life extension. This ensures the mine will continue to provide jobs, business opportunities and community investment well beyond Gold Fields’ tenure. Ultimately, it reflects our‘ Purpose: creating enduring value beyond mining’.
As announced in May 2025, Gold Fields and AngloGold Ashanti agreed to pause discussions on the proposed Tarkwa / Iduapriem joint venture to focus on our respective operations on a standalone basis. When we first conceived the combination in 2023, gold prices were just above USD2 000 / oz. Today, they have risen by more than 100 %, altering perceptions of value in the short and long term. We were supportive when AngloGold suggested refocusing on standalone operations.
Our priority now is unlocking long-term value at Tarkwa, by extending mine life and reducing costs. The strategic logic of the combination remains compelling and revisiting it in the future is certainly possible. For now, delivering sustainable value at Tarkwa, independently, is the right strategic path.
SM: Is there a learning here in your West-African negotiations, that can be shared with the industry?
MF: Absolutely. With the new administration in Ghana, there has been a deliberate shift towards greater local participation and a stronger focus on ensuring that more of the value created by mining is retained by Ghanaians. This includes proposed changes to mining legislation, which we are actively and constructively engaging on with government.
This is where partnership becomes essential. When there is alignment on intent, it is possible to have meaningful conversations about how to create win – win outcomes. Contestation for the sake of it is unproductive, it creates‘ noise’ that ultimately deters investment. A collaborative approach builds trust and delivers shared value. mine produces approximately 500 000 ounces annually, with potential to increase to 600 000 ounces. It has 17 years of reserves and 21 years of resources, underscoring its long-term strategic importance to both Gold Fields and Ghana.
SM: Both the Damang and Tarkwa case studies certainly showcase your vision of long-term sustainability and positive social and environmental impact, shared earlier, with Damang transitioning to local ownership and Tarkwa’ s life extension initiative. For an onlooker, Gold Fields is‘ walking the talk’ and leaving behind a sustainable, multi-generational business that is sure to speak for itself in the years to come.
MF: Exactly. What makes this particularly interesting is that the idea of a responsible transition at Damang did not emerge simply because we were in negotiations with the new Government of Ghana. From the outset, when I joined the company 24 months ago, we recognised that Damang, as a mature asset, was not a long-term fit for Gold Fields.
But selling the mine to the highest bidder would not have delivered the outcome we believed was right – for the asset or for the country. Damang presented a unique opportunity for local ownership: a self-sustaining mine run by Ghanaian expertise, generating value directly for Ghanaians.
Yes, the journey has had its complexities, and at times it felt challenging, but I am comfortable with where Gold Fields has landed in our engagement with the Government of Ghana and confident about the future ahead. This approach reflects our‘ Purpose – to create enduring value beyond mining ', and to ensure that what we leave behind continues to benefit communities long after our involvement ends. •
Reference:
1. At the time of the interview in late July 2025.
Gold Fields has maintained a strong connection with the communities around Tarkwa for almost three decades, during which the mine has produced more than 15 million ounces of gold. With the recent life-extension initiative, Tarkwa is now clearly a multi-decade asset, with at least 20 – 25 years of life ahead. The
Damang presented a unique opportunity for local ownership: a self-sustaining mine run by Ghanaian expertise, generating
The future of Gold Fields At the Gold Field’ s inaugural Capital Markets Day held in November 2025, the globally diversified gold producer emphasised its long-term investment strategy and best-in-class production profile within a multi-generational business approach, focusing on improving cash flow per share and predictable, reliable, safe operational performance. For more information visit: https:// bit. ly / 4oHcbzY https:// bit. ly / 4aEVAtl value directly for Ghanaians.
www. africanmining. co. za African Mining Publication African Mining African Mining • January 2026 • 63