Goldfields Ghana Limited finalise agreement on Damang Mine transition

The government of Ghana and Goldfields Ghana Limited have finalised an amicable agreement on transitional arrangements for the Damang Mine, ensuring continued operations and job security while paving the way for eventual Ghanaian ownership.

Under the new plan, Goldfields’ subsidiary, Abosso Goldfields Limited, will be granted a 12-month mining lease for Damang, subject to parliamentary ratification in May 2025.

During this period, Goldfields will resume open-pit mining while conducting feasibility studies to assess the mine’s reserves and long-term viability.

A joint management team, comprising representatives from the government and Goldfields, will oversee the processing of existing stockpiles and ensure a smooth transition. Both parties have committed to working in good faith to secure a successful handover of a sustainable mine to Ghanaian control.

The agreement also sets the stage for discussions on the renewal of Goldfields’ lease for the Tarkwa Mine, which expires in 2027. The government and Goldfields reaffirmed their commitment to strengthening Ghana’s mining sector as an attractive destination for investment.

A statement by Spokesperson to the President and Minister of State in charge of Government Communications, Felix Kwakye Ofosu, described the deal as a win-win for Ghana’s economy and mining communities.