Gold Fields ordered to cease operations at Damang mine after lease extension rejected

Gold Fields Limited will stop operations at its Damang mine in Ghana. This decision follows the government's rejection of its lease extension application.

The company applied for an extension of the Damang Main Mining Lease in December 2024. Recently, it received formal notice from the Minerals Commission of Ghana denying this application.

Gold Fields engaged with government authorities to show that its application met all requirements. Despite these efforts, the government ordered the company to cease operations by April 18, 2025. This is when the current lease expires.

In a statement released Monday, Gold Fields said it is preparing to safely end operations. The company aims to ensure the safety and security of its people and high-risk operations.

This decision is significant for the Damang site. However, Gold Fields confirmed that operations at its Tarkwa mine will continue as normal. The company remains committed to ongoing dialogue with the government for a positive outcome for all stakeholders.

Gold Fields has promised to keep shareholders and the market updated on any developments regarding the Damang mine in the coming weeks.