Ghana is considering transferring control of Gold Fields Ltd.'s Tarkwa mine to local companies when the operation's leases expire in April 2027, according to people familiar with the matter.

The preliminary discussions also include the option of extending the leases for the South Africa-based miner.

The Tarkwa mine produced 475,000 ounces of gold in 2025, accounting for approximately one-fifth of Gold Fields' total output. The loss of the asset would be a significant blow to the company, which operates mines across Africa, Australia and South America.

Gold Fields has "submitted an early application for the renewal of the Tarkwa mining leases," the company said. "These constructive engagements are continuing". CEO Michael Fraser said last month that the company is working on a 20-year operations and investment plan for Tarkwa.

Should the transfer proceed, Ghanaian miners would need to submit bids for government evaluation. The administration would assess commitments around environmental rehabilitation, local employment, and infrastructure development in host communities. Officials argue that local ownership would create more job opportunities for Ghanaian engineers, suppliers, and entrepreneurs.

The move is part of a broader push by President John Mahama's administration to increase Ghanaian control over its gold industry and capture more proceeds from high bullion prices. Ghana, Africa's largest gold producer, has already raised royalties on bullion to as much as 12% from 5% under a sliding-scale system introduced in March 2026.

The government previously rejected Gold Fields' lease renewal for its Damang mine in April 2025, transferring operational control to local firm Engineers and Planners Co—a company owned by President Mahama's brother that previously held mining contracts at both Tarkwa and Damang.

The Ministry of Lands and Natural Resources declined to comment on the Tarkwa proposal.