Ghana government takes control of Gold Fields' Damang mine, mines ministry says
ACCRA, April 16 (Reuters) - Ghana's government has assumed operational control of Gold Fields' (GFIJ.J), opens new tab Damang mine after it rejected an application from the South African company to renew its lease, the mines ministry said on Wednesday.
The Johannesburg-based miner said on Monday that it had unsuccessfully applied to extend the Damang lease, which is due to expire on April 18, and was winding down operations as a result.
It was only processing stockpiles at Damang after ceasing mining operations in 2023, although it had committed to exit the operation in an orderly way as part of its end-of-life plan.
"The Damang Mine's return to state oversight marks a critical step in Ghana's economic reset, ensuring its gold reserves directly benefit citizens," the mines ministry said in a statement.
It said the decision aligned with policy moves to stop the "neo-colonial" automatic renewal of mining licenses in gold-producing Ghana, but reassessing in order to maximise national benefit.
"We are on the lookout for value propositions on the utilisation of our mineral resources that align with the same," the ministry added.
Damang is the smaller of Gold Fields' two mines in Ghana after Tarkwa, the biggest open pit gold mine in the country. Damang produced 135,000 ounces of gold in 2024, about 6% of the group's total output of 2.15 million ounces.
The company has been weighing selling its smaller operations - including Damang and the Cerro Corona mine in Peru, which has less than five years left on its lifespan - as it focuses on its newly commissioned Salares Norte mine in Chile and the Windfall project in Canada.
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