Accra, April 23, GNA – The Government of Ghana has announced that it had reached an amicable agreement with Goldfields Ghana Limited 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”, a statement signed by Mr Felix Kwakye Ofosu, Spokesperson to the President and Minister in charge of Government Communications said on Wednesday.
It said, under the new arrangement, Goldfields would resume open-pit mining during the transition period, safeguarding jobs and conducting feasibility studies to establish Damang’s reserves and mine life.
“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 two parties will work in good faith to secure a successful transition and eventual transfer of a viable mine to Ghanaian ownership.
“Both parties have 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”, it concluded.
Earlier, the Government on April 16, 2025 announced that it had taken steps to assume operational control of the Damang Mine of Abosso Gold Fields Limited (AGL), pursuant to Section 23 of the Minerals and Mining Act, 2006 (Act 703).
The move followed the expiration of the AGL’s 30-year lease due on April 18, 2025, and its unsuccessful application renewal, a statement issued by the Public Relations Unit of the Ministry of Lands and Natural Resources, in Accra said, adding that the Damang Mine’s return to state oversight marked a critical step in Ghana’s economic reset.
GNA