Uncertainty over the renewal of Gold ​Fields' mining leases in Ghana is weighing on the company's valuation, its CEO said on Tuesday, ‌as the South African miner posted an 81% jump in half-year profit, driven by higher gold prices and output.

Gold Fields' Tarkwa mine leases in Ghana expire in April 2027, and the company said it had yet to receive a formal response to its renewal application submitted in November 2025.

It said on Tuesday, "There remains uncertainty as to the timing, outcome, and terms ​of any negotiated agreement to renew the Tarkwa leases."

CEO Mike Fraser said the uncertainty was ⁠affecting how investors value Gold Fields, whose shares he said were trading at a discount to its peers ​as a result.

"We think that the market has largely discounted that asset now in our portfolio," Fraser told Reuters.

"We've ​certainly been making the point very clearly that an early resolution would be better for everybody," Fraser said, adding that there were "a lot of influences" in the decision-making process, without elaborating.

The company said it was considering all available options, including exercising its legal rights under the leases.

"This is the last option that we will pursue, but we needed to make it very ​clear to our shareholders that if required, we certainly would take those pathways in order to try and protect value," Fraser said.

Officials at Ghana's mines ministry and the Minerals Commission, the mining sector regulator, did not immediately respond to Reuters' requests for comment.

In May, the commission's CEO, Isaac Andrews Tandoh, denied that the government was delaying the lease renewals, saying officials had held meetings with Gold Fields that month.

He ruled out an automatic extension of the leases, saying the company must first present its development plans to the commission's technical committee and ministers.

Tarkwa was Gold Fields' second-largest gold producer in the first half of 2026, behind Salares Norte in Chile, with its 192,000 ounces accounting for about 15% ​of the group's total output.

EARNINGS RISE

The Johannesburg-based miner reported headline earnings per share ​of $2.08 for the ⁠six months to June 30, up from $1.15 a year earlier. It said it would pay a dividend of 16.25 rand ($1.01) per share, an increase of 132% on last year's interim payout.

Gold prices have been supported by safe-haven buying and more ⁠recently a ​weaker dollar.

Gold Fields' gold output was 12% higher at 1.267 million ​ounces during the first half of 2026, compared with the prior period. It maintained its full-year gold production guidance of 2.4 million to 2.6 ​million ounces.