Following the expiration of a 12-month lease extension for the Damang Mine, Gold Fields has announced its formal exit from ownership and operation of the mine, effective April 18, 2026. This follows the government’s decision for the asset to revert to state ownership.

Speaking at a media roundtable on the company’s 2025 full-year results on February 19, 2026, CEO Mike Fraser said Gold Fields had applied for a lease renewal, but the government indicated a preference for the mine to transition to Ghanaian ownership.

“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.

Since July 2025, the government has appointed a ministerial transition team to work alongside Gold Fields to coordinate the handover.

Gold Fields Ghana to hand over Damang Mine to government in April 2026

According to Fraser, the company has not received any formal communication from the Lands Minister regarding the next owner following Gold Fields’ exit.

The transition team is expected to assume interim leadership and operatorship from April 19, 2026, while the appointment of a substantive operator will remain a government decision.

Under Ghana’s mining framework, the Damang Mine reverts to the state upon lease expiry, leaving the government to determine future ownership and operating arrangements.

The Damang exit marks a significant shift in Gold Fields’ Ghana portfolio, coinciding with ongoing discussions with authorities regarding the renewal of the Tarkwa mining lease.

SP/MA

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