Gold Fields Ghana to transfer ownership of Damang Mine to government in April 2026

Gold Fields Ghana to transfer ownership of Damang Mine to government in April 2026 

In May 2025, Gold Fields announced it had agreed to pause its joint venture deal with AngloGold

The Group Chief Executive of Gold Fields Ghana,Mike Fraser,has announced that the companywill hand over the Damang Mine to thegovernment in April 2026, following the expirationof the one-year lease extension.He made this known during a conference call withinvestors and journalists on Gold Fields' half-year financial performance on August 22,2025.

“This is part of an agreement we reached with the Government of Ghana after a deal was concluded to extend the lease by 12 months and allow for asmooth transition to Ghanaian ownership,” he said

Fraser also revealed that, under the deal, GoldFields will work with a committee to exploreoptions for extending the life of the Damang Mine.Parliament extends Gold Fields' Damang lease to 2026"We will continue to manage the mine but will alsowork with a committee looking at how Damang'slifespan can be extended. This arrangementensures a proper and safe transition of the mineto a new owner," he added.

Gold Fields Ghana's interest in the Damang site Fraser explained that Gold Fields had always planned to transfer the mine to a new owner,considering the current status of its assets andthe significant remaining value in Damang Mine He stressed that the company remains committedto working with the government to ensure asmooth transition of the asset in 2026.

However, he rejected claims that Gold Fields-agreed to give up Damang in exchange for an extension of the Tarkwa mining lease when it expires.

Fraser revealed that the government has invitedthe company to the negotiating table, and GoldFields is committed to the process with optimism for a positive outcome."We are committed to that process to ensure it isrealised. We have done a lot of work to ensurethe lifespan of the mine is extended for manyyears,"he noted.

He further expressed the company's commitmentto increasing investment in the Tarkwa mine aspart of efforts to boost returns for shareholders.In May 2025,Gold Fields announced that it hadagreed to pause its joint venture deal withAngloGold Ashanti regarding theTarkwa/lduapriem project, to allow both companies to focus on  their respective operations on a standalone basis 

The Group Chief Executive added that relationswith the government have improved significantlyafter some initial challenges, and Gold Fields isnow looking forward to expanding its operations inGhana.

SP/MA

Source Ghanaweb