Tarkwa Gold Mine Production Update: $226M NPV Over a 17-Year Mine Life
Gold Fields Limited's Tarkwa Gold Mine in South-western Ghana, West Africa (approximately 300 km by road west of Accra) has a production guidance outlining a pre-tax NPV of $226M. The proposed mine plan runs 17 years.
Gold Fields Limited's Tarkwa Gold Mine has reported production guidance results for the gold project in South-western Ghana, West Africa (approximately 300 km by road west of Accra). The study headlines a pre-tax net present value of $226M at a 11% discount rate. It reflects Gold Fields Limited's (GFI) latest disclosed economics for the asset.
Economics. The pre-tax NPV is $226M using a 11% discount rate. Economics are based on Mineral resources based on gold price of $2,300/oz; mineral reserves based on gold price of $2,000/oz.
Production and mine plan. The project envisions an open-pit operation. Life of mine is 17 years. Average head grade is 1.0 g/t Au (total mineral reserves).
Resources and ownership. The company holds a 90% interest in the project. Royalties and streams: Development Agreement linked statutory royalty (sliding scale), 4% applied based on average gold price for LOM mineral reserve period; new Minerals and Mining (Royalties) Regulations 2025 increase rate from 3-5% to 5-12% (not applicable to Tarkwa until after April 2027). No other third-party royalty or similar interests..
These figures are extracted from Gold Fields Limited's technical disclosures and reflect the most recent Production Update on file. Compare this project against other developers and producers in our project economics database, and always verify the numbers against the original technical report before making any investment decision.
Reserves & Resources
| Category | Tonnage | Grade | Contained |
|---|---|---|---|
| Proven | 33,774 kt | 1.3 g/t Au | 1,431 koz Au |
| Probable | 117,009 kt | 1.1 g/t Au | 4,230 koz Au |
| Proven & Probable | 150,784 kt | 1.2 g/t Au | 5,660 koz Au |
| Proven | 11,464 kt | 0.7 g/t Au | 263 koz Au |
| Probable | 53,964 kt | 0.4 g/t Au | 694 koz Au |
| Proven & Probable | 65,429 kt | 0.5 g/t Au | 957 koz Au |
| Total Proven | 45,238 kt | 1.2 g/t Au | 1,694 koz Au |
| Total Probable | 170,974 kt | 0.9 g/t Au | 4,924 koz Au |
| Total Proven & Probable | 216,212 kt | 1.0 g/t Au | 6,617 koz Au |
| Category | Tonnage | Grade | Contained |
|---|---|---|---|
| Measured | 4,254 kt | 1.6 g/t Au | 221 koz Au |
| Indicated | 55,776 kt | 1.2 g/t Au | 2,205 koz Au |
| Measured & Indicated | 60,030 kt | 1.3 g/t Au | 2,426 koz Au |
| Inferred | 14,490 kt | 1.6 g/t Au | 735 koz Au |
| Total Measured | 4,328 kt | 1.6 g/t Au | 222 koz Au |
| Total Indicated | 55,776 kt | 1.2 g/t Au | 2,205 koz Au |
| Total Measured & Indicated | 60,104 kt | 1.3 g/t Au | 2,426 koz Au |
| Total Inferred | 14,490 kt | 1.6 g/t Au | 735 koz Au |
Our Analysis
- NPV pre-tax
- $226M
higher than 32% of 192 projects we track
- Mine life
- 17yrs
- Study price assumption
- Mineral resources based on gold price of $2,300/oz; mineral reserves based on gold price of $2,000/oz
- Spot gold today
- $4,216.30/oz
This is no longer a study. The earlier feasibility numbers have given way to operating-mine figures, and that shift in status matters more than any single line item: the project is now producing, with a long mine life behind it. For a gold asset in south-western Ghana, west of Accra, that length of reserve life is the durable part of the story. It is not a short, high-graded sprint that leaves the mill idle in a decade.
The financials, though, are more modest than the promotion of a production-stage asset might suggest. The pre-tax NPV ranks higher than only a minority of the gold projects we track, which places it in the lower-middle of that peer set. Against the company's market cap, the NPV is well below the company's value, even allowing for rough currency adjustment. That gap has two readings: either a single mine of this size is simply immaterial inside a diversified portfolio of tracked projects, or the market is discounting something the headline NPV does not capture. The company is large enough that this asset will never be the reason to own it.
The price assumptions are where the optimism sits. Resources are modelled at a gold price well under today's live spot, and reserves at a lower figure again, leaving real headroom if spot holds. That also means the reported NPV is not stretched to get there. The question that decides this project is whether a long operating life in this jurisdiction can be converted into cash flows the parent company actually needs, or whether it remains a solid asset that never moves the equity.
Our take, benchmarked against the project economics in the Mining Stocks database. Figures are estimates drawn from company technical reports — not investment advice; always verify against the source filing.
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