Tarkwa “strongly supported” by Ghanaian government: Gold Fields
THE Ghanaian government’s intervention in Gold Fields’ Damang mine this month has again raised questions about whether it is pressuring for greater ownership in the proposed JV between Gold Fields’ 90%-held Tarkwa mine and AngloGold Ashanti’s neighbouring 100%-owned Iduapriem mine, both in Ghana.On 18 April, Ghana’s Minister for Lands and Natural Resources Emmanual Armah-Kofi Buah said the government would assume ownership and operation of Damang from Gold Fields after the mine’s licence expired on 17 April. It said Gold Fields had failed to meet conditions for renewal. On 23 April, the government said it had agreed to renew the licence for a further year, subject to certain conditions.A JV at Tarkwa was first mooted in March 2023, with a proposed ownership of 60% Gold Fields, 30% AngloGold Ashanti and 10% government of Ghana. However, there has been no progress in getting approval for the JV, perhaps partly due to the run-up to a national election on 7 December 2024 – which returned the incumbent party.In August last year, Gold Fields CE Mike Fraser said one of the issues under discussion was the government’s final stake in the JV.Ghana does not have a legislated local ownership requirement for mining companies – unlike South Africa, which requires a minimum of 26% local ownership. However, in Francophone West Africa, pressure on mining companies has intensified in the past year, particularly after military coups d’etat. Burkino Faso and Mali have adopted new mining codes and Mali has demanded millions of dollars in back taxes, while detaining employees of companies such as Resolute Mining and Barrick. In Cote d’Ivoire, the government has said it will revise its mining code to increase the state’s share of profits.On Tarkwa, Ghana’s government spokesman, Felix Kwakye Ofusu, said only that both parties would continue “to advance discussions in good faith on the renewal of the lease of the Tarkwa mine”.A Gold Fields spokesman said the Damang agreement was separate from Tarkwa. “There isn’t similar pressure being applied on Tarkwa. In our engagement with government, they have expressed support for continued operations at Tarkwa and asked that we commence the process for extension of the Tarkwa leases that are due for renewal in 2027 as soon as practical, which is encouraging.”AngloGold Ashanti spokesman Stewart Bailey said the group had no further comment to add to its previous statements on the proposed Tarkwa JV.The post Tarkwa “strongly supported” by Ghanaian government: Gold Fields appeared first on Miningmx.Weiter zum vollständigen Artikel bei Mining.com
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