The Government of Ghana and GoldFields Ghana Limited have reached a transitional agreement for the operation of the Damang Mine.
The agreement was announced in a statement signed by the Minister for Government Communications and Spokesperson to the President, Felix Kwakye Ofosu.
It stated that under the new arrangement, a 12-month mining lease will be issued to GoldFields’ subsidiary, Abosso Goldfields Limited, while awaiting parliamentary ratification, which is expected in May 2025.
During this period, GoldFields will resume open-pit mining activities to safeguard jobs and conduct feasibility studies to assess the mine’s reserves and future viability.
In addition to mining, the processing of existing stockpiles will continue under the supervision of a joint management team made up of representatives from both the government and GoldFields.
The two parties have committed to working in good faith to ensure a smooth transition and the eventual transfer of a viable mine to Ghanaian ownership.
The agreement also includes plans to advance discussions on the renewal of GoldFields’ lease for the Tarkwa Mine, which expires in 2027.
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