Ghana and Gold Fields Ghana Limited have announced that they have reached an amicable agreement regarding the transition arrangements for the Damang Mine.
The development signifies a collaborative effort towards a smooth handover and eventual Ghanaian ownership of the viable mining operation.
According to a statement released today by Felix Kwakye Ofosu, Minister for Government Communications, the agreement entails the issuance of a new 12-month mining lease to Abosso Goldfields Limited, a subsidiary of Gold Fields.
This interim lease is pending parliamentary ratification, expected in May 2025.
Under this transitional arrangement, Gold Fields will resume open-pit mining activities, a move that is expected to safeguard existing jobs.
Simultaneously, the company will undertake feasibility studies aimed at further defining Damang’s reserves and its potential mine life.
Furthermore, the processing of existing stockpiles at the Damang Mine will continue under the oversight of a joint management team.
This team will comprise representatives from both the Government of Ghana and Gold Fields, highlighting the commitment of both parties to a successful transition.
The ultimate goal is the eventual transfer of a viable and operational mine to Ghanaian ownership.
The statement also revealed that the Government of Ghana and Gold Fields have agreed to proactively engage in discussions concerning the renewal of the lease for the Tarkwa mine, which is due in 2027.
Both parties have pledged to work collaboratively to enhance Ghana’s mining sector and position the nation as an attractive destination for investment.
