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Tarkwa produced 192,000 ounces of gold in H1 2026, down 18%.
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Gold Fields warns the mine could miss its full-year production target.
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Key mining leases expire in April 2027, with renewal talks still unresolved.
Gold Fields’ Tarkwa mine produced 18% less gold in the first half of 2026, adding an operational challenge to uncertainty over the future of one of Ghana’s largest gold mines as key mining leases approach their April 2027 expiry.
The mine produced 192,000 ounces in the six months through June, South African operator Gold Fields reported on Aug. 25. The decline extends a slowdown that began last year, while the company continues talks with the Ghanaian government over renewing the concessions needed to keep the mine operating.
Tarkwa, one of the largest gold mines in Ghana and Africa, produced 474,500 ounces in 2025, down from 537,200 ounces a year earlier. Gold Fields attributed the latest decline partly to lower ore grades at the processing plant and unfavorable weather that disrupted loading operations during the period.
The company expects conditions to improve in the second half of the year, helped by better ore availability. But the recovery may not be enough to make up for the first-half shortfall.
Gold Fields said Tarkwa may be unable to recover the lost production and could therefore miss its full-year target. The weaker performance adds an operational concern to negotiations with Accra over the mine’s future. Gold Fields submitted a commercial proposal to the Ghanaian government in July to support the renewal of its mining leases but has yet to receive a formal response.
The company said there is no confirmed timeline for a government response or for completing the negotiations. As a result, uncertainty remains over when an agreement could be reached, its outcome and the terms under which Tarkwa’s leases might be renewed.
Progress in the talks will determine the conditions under which Gold Fields can continue operating Tarkwa beyond the current leases. The mine’s production performance in the second half will also show whether it can recover from the latest decline.
Both issues carry added weight with gold prices well above their levels a year ago and Ghana seeking greater benefits from its largest export industry.
Aurel Sèdjro Houenou
