Gold Fields says preparations to hand over its Damang Mine to the Government of Ghana are progressing as scheduled, ahead of the planned transfer in April 2026 following the non-renewal of its lease.

The South African mining firm noted that the transition—supported by a 12-month lease extension granted in April 2025—is aimed at ensuring uninterrupted operations and a smooth transfer of ownership. Mining activities at the site resumed in May 2025, while key technical studies have been completed to support the mine’s future under state control.

In a statement, the company said it has continued to invest in the Damang Mine, including the completion of a detailed feasibility study submitted to the government in December 2025, which outlines prospects for extending the mine’s lifespan.

Gold Fields indicated that it has worked closely with government and its transition team over the past year to prepare the asset for handover, with both parties focused on maintaining the mine’s viability, protecting jobs, and sustaining benefits for host communities and the broader economy.

The development comes as government intensifies efforts to maximise value from Ghana’s mineral resources, alongside proposed reforms in the mining sector aimed at increasing state returns, including adjustments to the mineral royalties regime. However, no official government update has been issued on the latest developments surrounding the Damang transition.

The company emphasised that while ownership will be transferred to the state in line with existing laws and agreements, final decisions on the mine’s future will rest with government. It added that it remains committed to supporting a stable and well-managed transition.

Gold Fields reaffirmed Ghana’s importance within its global portfolio, highlighting that it has invested approximately $5 billion in its Damang and Tarkwa operations since 2000, and contributed about $2.9 billion to the state through taxes, royalties, and dividends.

The company also underscored its local impact, noting that it employs more than 7,000 people in Ghana—99 percent of whom are nationals—and has invested over $100 million in community development projects across health, education, and infrastructure.

Chief Executive Officer Mike Fraser stated that the company remains committed to maintaining strong relationships within Ghana’s mining sector and supporting the transition process.

A recent feasibility study by Gold Fields suggests the Damang Mine could continue operations for an additional nine years, with an estimated capital investment of about $600 million. The study projects annual production of around 150,000 ounces, although the company noted that these figures are based on its own assumptions and could differ under a new operator.