Gold Fields Gets One-Year Extension at Damang Mine in Ghana
Gold Fields Ltd. said it will be given a 12-month lease to continue operating the Damang mine in Ghana, after the government initially rejected its application to extend the rights.
The Johannesburg-listed firm will 'take all reasonable steps' to restart open pit mining at Damang, which it halted in 2023, Gold Fields said in a statement on Thursday. The subsidiary that owns the asset will be allowed to resume the processing of surface stockpiles, it said.
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Ongoing macroeconomic uncertainty could also make it difficult for BP to sell Castrol at an attractive valuation, he added. This could subsequently have a negative effect on BP's valuation, making it a cheaper proposition for any possible suitor. Thirdly, Carulli cited the level of cost and revenues that another energy firm could extract from the purchase, adding that the sale of Castrol is unlikely to substantially affect BP given that it is a small part of its overall business. 'Point of maximum weakness' BP, which reported weaker-than-expected first-quarter profit, has faced renewed pressure from activist investors in recent months. In late April, for instance, U.S. hedge fund Elliott Management went public with a stake of more than 5% in the company. Elliott was first reported to have assumed a position in BP back in February, driving a share price rally amid expectations that its involvement could pressure the firm to shift gears back toward its oil and gas businesses. 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