Government, Goldfields reach agreements on transition arrangements for Damang Mine

The government and Goldfields Ghana Limited have reached an amicable agreement on a transitional plan for the Damang Mine.

The operational modalities of the transition involve issuing a new 12-month mining lease to Goldfields’ subsidiary, Abosso Goldfields Limited, pending parliamentary ratification in May 2025.

Under the new arrangement, Goldfields would resume open-pit mining during the transition period, a statement issued by Mr Felix Kwakye Ofosu, the Presidential Spokesman and Minister of State in-charge of Government Communications, said on Wednesday.

That would help safeguard the jobs and conduct feasibility studies to establish Damang’s reserves and mine life, it said.

“At the same time, the processing of existing stockpiles will continue under the supervision of a joint management team composed of representatives from the Government of Ghana and Goldfields,” the statement, copied to the Ghana News Agency, noted.

It said: “The two parties will work in good faith to secure a successful transition and eventual transfer of a viable mine to Ghanaian ownership.”

Both parties had agreed to advance discussions in good faith on the renewal of the lease for the Tarkwa mine, due in 2027, and pledged to work together to enhance Ghana’s potential in the mining sector as a favourable investment destination.

Source: GNA

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