Gold Fields Limited and the Government of Ghana have agreed to establish a joint asset transition team that will oversee the eventual transfer of the Damang gold mine to Ghanaian ownership, a move that underscores the country’s push for greater local participation in its mining sector.
The decision forms part of a broader agreement announced on April 23, 2025, in which Gold Fields was granted a new 12-month mining lease for the Damang mine. During this period, the company will recommence open-pit mining operations while continuing to process surface stockpiles, safeguarding existing jobs and creating new ones in the process.
A central pillar of the agreement is the plan to form a collaborative body to guide the transition. A government statement said: “In support of the Government of Ghana’s objective to increase meaningful local participation and ownership in the Ghanaian mining industry, Gold Fields and the Government of Ghana will each appoint representatives to a joint asset transition team, who will appoint advisors and will work collaboratively to ensure the successful transition of the asset to ownership by the people of Ghana. Gold Fields and the Government of Ghana commit to the principles of transparency, sound governance, and open engagement throughout this process.”
The new lease is subject to ratification by Parliament when it reconvenes on May 16, 2025. During the lease period, Gold Fields will also complete a detailed bankable feasibility study on extending the life of the mine, while continuing its infill exploration programme to improve resource confidence.
Chairman of the Gold Fields Board, Yunus Suleman, reaffirmed the company’s commitment to Ghana, noting its three-decade-long presence in the country.
“Gold Fields has been operating in Ghana for more than 30 years and has developed a strong and positive track record of economic and social contribution to the country.
“We remain committed to operating in Ghana, and to continue contributing to the country’s mining expertise, development and shared prosperity for many years to come. The agreement with the Government is welcomed and is an opportunity for Damang mine to continue creating value and making a sustainable economic contribution to the communities surrounding Damang, under future ownership of the people of Ghana.”
Gold Fields also confirmed that preparations are underway for future lease extensions at its Tarkwa mine, which continues normal operations and remains unaffected by the Damang developments.
