Gold Fields has announced that it will officially hand over ownership and operational control of the Damang Mine on April 18, 2026, following a government decision for the asset to transition into Ghanaian ownership.
This move concludes a 12-month lease extension that was granted after the mine’s initial lease expired in April 2025. According to the company, the extension was intended to guarantee a “safe and seamless” transfer of operations while negotiations over the mine’s future were ongoing.
Addressing journalists at a media roundtable on the company’s 2025 full-year results on Thursday, Chief Executive Officer Mike Fraser revealed that Gold Fields had sought a lease renewal after its expiration, but the government chose an alternative path.
“Our lease expired in April 2025. We applied for an extension, but the government indicated a preference for the asset to transition to Ghanaian ownership, which we accepted and thought made sense,” he said.
Mr Fraser further explained that from July 2025, a transition team appointed by the sector minister has been working closely with Gold Fields’ on-site management to oversee the handover process. However, he noted that the company has not received any official communication on who will take over long-term operations after its exit.
Under the current arrangement, the transition team is expected to take on interim “leadership and operatorship” responsibilities from April 19, 2026, until the government appoints a substantive operator.
“We do not have any clear insights into what the minister’s intentions are post that. A new operator would need to be appointed and issued with a mining lease to continue operations — a process that could require parliamentary approval,” he said.
Source: Graphic Online
