Government and Goldfields Ghana Limited have reached an amicable agreement on transitional arrangements for the Damang Mine.
This will pave the way for renewed operations and potential Ghanaian ownership.
This was contained in a statement from the Presidency issued by Minister of Government Communications, Felix Kwakye Ofosu.
Per the agreement, Goldfields’ subsidiary, Abosso Goldfields Limited, will receive a new 12-month mining lease to continue open-pit mining operations.
This lease, pending parliamentary ratification in May 2025, is aimed at protecting jobs and conducting feasibility studies to assess the mine’s reserves and future lifespan.
“Under the new arrangement, Goldfields will resume open-pit mining during the transition period, safeguarding jobs and conducting feasibility studies to establish Damang’s reserves and mine life,” portions of the April 23 document read.
The two parties have committed to working in good faith to ensure a smooth transition and the eventual transfer of a viable mining operation to Ghanaian hands.
The deal also sets the stage for upcoming negotiations on the renewal of the lease for the Tarkwa Mine, which expires in 2027.
Both parties expressed optimism about strengthening Ghana’s position as a leading investment destination in Africa’s mining sector.