The decision follows the government’s move not to renew the mine’s lease after its expiration in April 2025. Instead, authorities opted for the asset to revert to state ownership, in line with Ghana’s mining laws, which provide the government full discretion over the future of mining assets once leases expire.
The Damang mine is best known as one of Ghana’s major open-pit gold mines and a long-standing contributor to the country’s position as Africa’s leading gold producer. Operated by South Africa’s Gold Fields since the 1990s, it has produced millions of ounces of gold and played a key role in Ghana’s mining economy.
Gold Fields was granted a 12-month extension to continue operations during the transition period, a measure the company said was designed to ensure a “safe and seamless” handover while authorities prepared to assume control.
Transition team prepares to assume control
Speaking during a media roundtable on the company’s 2025 full-year results, CEO Mike Fraser confirmed that Gold Fields had applied to renew the lease but accepted the government’s decision after it indicated a preference for 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,” Fraser said.
However, the company said it has not received formal communication regarding the appointment of a long-term operator. Any future operator would need to be selected by the government and granted a new mining lease, a process that could require parliamentary approval.
Its transfer to state control highlights Ghana’s growing willingness to assert greater authority over its gold sector, as the country seeks to maximize national benefit from its position as Africa’s leading gold producer.
Gold Fields’ exit makes it the first major foreign miner in recent years to relinquish a producing asset following lease expiry, underscoring a broader shift in resource governance that could reshape the operating landscape for international mining firms in Ghana.
