Gov't, Goldfields reach transitional deal on Damang Mine

The Government and Goldfields Ghana Limited have reached an agreement for the Damang Mine.

This agreement allows for renewed operations and possible Ghanaian ownership.

Minister of Government Communications, Felix Kwakye Ofosu, announced this in a statement.

Goldfields' subsidiary, Abosso Goldfields Limited, will receive a new 12-month mining lease.

This lease will allow open-pit mining operations to continue.

It is pending parliamentary ratification in May 2025.

The goal is to protect jobs and conduct feasibility studies on the mine’s reserves and lifespan.

According to the April 23 document, Goldfields will resume open-pit mining during this transition.

This will help safeguard jobs and assess Damang's reserves and mine life.

Existing stockpiles will be processed by a joint management team.

This team includes representatives from both the government and Goldfields.

Both parties are committed to ensuring a smooth transition.

They aim for the eventual transfer of a viable mining operation to Ghanaian hands.

The deal also prepares for negotiations on renewing the Tarkwa Mine lease, which expires in 2027.

Both sides are optimistic about strengthening Ghana’s position in Africa’s mining sector.