<\/p>\n
Ghana is preparing its first sweeping overhaul of mining legislation in two decades, slashing the length of time companies can operate mines in Africa\u2019s largest gold producer without renewing their rights.<\/p>\n
The draft law, approved by cabinet and expected to be submitted to parliament in the coming weeks, would limit mining lease renewals to a maximum of 10 years, people with knowledge of the matter said. The current law allows for a 30 year extension.<\/p>\n
Read:
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ConCourt slams door on zero Vat for second-hand gold<\/p>\n
If approved, the new rules could stymie plans of companies including Gold Fields, which has its biggest mine in the West African nation. The South Africa company in November applied for a 20-year extension of its leases, which expire in April 2027, at the Tarkwa mine. The operation produced 475 000 ounces of the precious metal in 2025, or nearly a fifth of the company\u2019s combined output.<\/p>\n
The country\u2019s current mining law has been in place since 2006.<\/p>\n
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If enacted, the new rules will also reduce the maximum term for new mining leases to 20 years from 30 years, the Ministry of Lands and Natural Resources said in a statement on its website. A spokesperson at the ministry declined further comment.<\/p>\n
Ghana is pushing to benefit more from high bullion prices and increase the participation of local firms in its gold industry. Earlier this year, the government hiked royalties on the precious metal to as much as 12% from 5% and restricted bids for a former Gold Fields mine to companies wholly owned by citizens of the country.<\/p>\n
That tender was won by Engineers and Planners, a firm that belongs to President John Mahama\u2019s brother. E&P already held a mining contract at the asset it acquired and continues to do so at Tarkwa.<\/p>\n
The nation has also weighed transferring control of the Tarkwa mine to a consortium of Ghanaian firms once the leases expire as Mahama\u2019s administration faces domestic pressure to act against South African firms following a wave of xenophobic protests in the continent\u2019s biggest economy, Bloomberg reported last month.<\/p>\n
Read:
Ghana is weighing local control of Gold Fields\u2019 biggest mine
SA companies face backlash over anti-immigrant protests<\/p>\n
Discussions between the company and the government are continuing, the people said, who asked not to be identified because they\u2019re not authorised to speak publicly about the details. They added that authorities intend to pass the new mining law before concluding a review of pending lease-renewal applications, meaning Gold Fields\u2019s request could be assessed under the revised legal framework.<\/p>\n
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The new law will also abolish stability and development agreements, which allow mining companies to lock in fiscal terms such as taxes and royalties for fixed periods, replacing them with a capital-recovery framework, the people said.<\/p>\n
Read:
South Africa targets key mining registry by end of March
Revised plan aimed at reversing deindustrialisation in SA<\/p>\n
Existing stability accords with major operators, including Newmont, AngloGold Ashanti Plc and Gold Fields would remain in force until they expire in 2027 before being phased out under the new regime, they said.<\/p>\n
Other key proposals contained in the new law include:<\/p>\n
Automatic renewal of mining leases would be eliminated, giving the sector minister broader discretion to determine lease extensions.
\nProspecting licenses would be shortened to between seven and nine years.
\nA new tier of mining firms known as medium-scale mining companies will be created, which would require at least 60% Ghanaian ownership.<\/p>\n
NOTE: Ghana mining firms are currently categorised into small-scale and large-scale activity.<\/p>\n
Mining companies would be required to sign community development agreements that allocate a fixed percentage of gross mineral sales to development projects in host communities.<\/p>\n
\u00a9 2026 Bloomberg<\/p>\n
#Ghana #mining #law #revamp #complicate #Gold #Fields #lease #renewal<\/p>\n","protected":false},"excerpt":{"rendered":"
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