On June 23, Gold Fields fell 5.43% in pre-market trading, trading at $33.14/share, with turnover of $505,500. The stock continued to decline following reports that the Ghanaian government is seriously evaluating a plan to transfer control of the company's flagship Tarkwa gold mine to domestic enterprises when its mining lease expires in April 2027.

Tarkwa is Gold Fields' most critical asset, producing approximately 427,000 to 475,000 ounces in 2025, representing roughly one-fifth of the company's total annual gold output. Losing operational control of the mine would constitute a severe blow to the company's production profile. According to sources familiar with the matter, if the government proceeds, Ghanaian mining companies would be required to submit bids for evaluation, with authorities prioritizing commitments in environmental remediation, local employment, and community infrastructure development. However, the government is also reportedly weighing the option of extending Gold Fields' lease.

The broader gold sector also faced selling pressure, with AngloGold Ashanti down 5.17%, Newmont Mining down 3.57%, Alamos down 3.18%, Agnico Eagle Mines down 2.91%, and Coeur Mining down 2.4%.

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