The Government of Ghana and Gold Fields Ghana Limited have reached an amicable agreement on a transitional plan for the Damang Mine, following the expiration of the company’s 30-year mining lease on April 18.
The agreement allows Gold Fields’ subsidiary, Abosso Goldfields Limited, to continue operations under a new 12-month mining lease, pending parliamentary ratification in May 2025.
In a statement signed on Wednesday, April 23, Felix Kwakye Ofosu, Spokesperson to the President and Minister in charge of Government Communications, said, “Under the new arrangement, Goldfields will resume open-pit mining during the transition period, safeguarding jobs and conducting feasibility studies to establish Damang’s reserves and mine life.
At the same time, the processing of existing stockpiles will continue under the supervision of a joint management team composed of representatives from the Government of Ghana and Goldfields. The two parties will work in good faith to secure a successful transition and eventual transfer of a viable mine to Ghanaian ownership.
The statement added that both parties have agreed to advance discussions in good faith.
Both parties have agreed to advance discussions in good faith on the renewal of the lease for the Tarkwa mine, due in 2027, and pledged to work together to enhance Ghana’s potential in the mining sector as a favourable investment destination,” the statement said.
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