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

The South African miner said the transition, backed by a 12-month lease extension granted in April 2025, is intended to ensure continuity of operations and a smooth transfer of ownership – with mining activities already restarted and technical studies completed to support the mine’s future under state control.

“As part of the commitment to sustain ongoing operations at Damang, mining activities were successfully restarted in May 2025. Gold Fields has continued to invest in the mine, including by completing and providing to the Government of Ghana a detailed feasibility study in December 2025 – setting Damang up for an extended life of mine,” a statement issued by the company said.

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Gold Fields said it has worked closely with government and its transition team over the past year to prepare the asset for transfer, with both sides maintaining a shared focus on ensuring the mine remains viable beyond the handover while sustaining jobs, host community development and broader economic contributions.

The update comes at a time when government has been pushing for greater value addition from the country’s mineral resources alongside proposed reforms in the mining sector, including adjustments to the mineral royalties regime aimed at increasing state returns from extractive assets.

However, government has yet to issue any formal communication on the latest developments regarding the Damang transition.

The company noted that while ownership will ultimately be transferred to the state in line with the country’s mining laws and agreed arrangements, final decisions on the mine’s future rest with government.

Gold Fields said it remains committed to supporting the transition process, describing Ghana as a cornerstone jurisdiction in its portfolio and reiterating its long-standing presence in the country.

It highlighted that since 2000 it has invested approximately US$5billion in its Damang and Tarkwa operations and contributed about US$2.9billion to the Ghanaian state through taxes, royalties and dividends.

The South African miner also pointed to its broader local footprint, including the employment of more than 7,000 people in the country, 99 percent of whom are nationals, and investments in local skills development and procurement from Ghanaian businesses.

It added that it has committed over US$100million to community-focused initiatives spanning health, education and infrastructure.

Gold Fields Chief Executive Officer (CEO) Mike Fraser said the company’s priority is to support a stable and well-managed transition while maintaining its relationships in the country’s mining sector.

“We remain committed to contributing in Ghana’s mining sector and maintaining solid relationships with our stakeholders,” Fraser said, adding that the company looks forward to its continued presence in the country.

A recent feasibility study conducted by the company, confirmed by its CEO, said the Damang mine could continue producing for another 9 years with an estimated capital injection of roughly US$600million.

According to Gold Fields, the feasibility studies submitted to the Minerals Commission and Ministry of Lands and Natural Resources at end-2025 projected annual production of around 150,000 ounces (oz).

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However, Gold Fields stressed that these figures reflect the company’s own operational assumptions and cautioned that any new operator could take a different view.