Government, Goldfields reach agreements on transition arrangements for Damang Mine

The government and Goldfields Ghana Limited have reached an agreement.

This agreement outlines a transitional plan for the Damang Mine.

Goldfields’ subsidiary, Abosso Goldfields Limited, will receive a new 12-month mining lease. This is pending parliamentary ratification in May 2025.

During this transition, Goldfields will resume open-pit mining. This information was shared by Mr. Felix Kwakye Ofosu, the Presidential Spokesman.

The transition aims to protect jobs and conduct feasibility studies. These studies will assess Damang's reserves and mine life.

Processing of existing stockpiles will continue as well. A joint management team will oversee this process. The team includes representatives from both the Government of Ghana and Goldfields.

Both parties are committed to a successful transition. They aim to transfer a viable mine to Ghanaian ownership.

Additionally, they agreed to discuss renewing the Tarkwa mine lease due in 2027. They pledged to work together to enhance Ghana’s mining sector as an investment destination.