In May 2025, Gold Fields announced it had agreed to pause its joint venture deal with AngloGold
The Group Chief Executive of Gold Fields Ghana, Mike Fraser, has announced that the company will hand over the Damang Mine to the government in April 2026, following the expiration of the one-year lease extension.
He made this known during a conference call with investors and journalists on Gold Fields’ half-year financial performance on August 22, 2025.
“This is part of an agreement we reached with the Government of Ghana after a deal was concluded to extend the lease by 12 months and allow for a smooth transition to Ghanaian ownership,” he said.
Fraser also revealed that, under the deal, Gold Fields will work with a committee to explore options for extending the life of the Damang Mine.
Parliament-extends-Gold-Fields-Damang-lease-to-2026-1994277″>Parliament extends Gold Fields’ Damang lease to 2026
“We will continue to manage the mine but will also work with a committee looking at how Damang’s lifespan can be extended. This arrangement ensures a proper and safe transition of the mine to a new owner,” he added.
Gold Fields Ghana’s interest in the Damang site
Fraser explained that Gold Fields had always planned to transfer the mine to a new owner, considering the current status of its assets and the significant remaining value in Damang Mine.
He stressed that the company remains committed to working with the government to ensure a smooth transition of the asset in 2026.
However, he rejected claims that Gold Fields agreed to give up Damang in exchange for an extension of the Tarkwa mining lease when it expires.
Tarkwa mines and the pending lease
Fraser revealed that the government has invited the company to the negotiating table, and Gold Fields is committed to the process with optimism for a positive outcome.
“We are committed to that process to ensure it is realised. We have done a lot of work to ensure the lifespan of the mine is extended for many years,” he noted.
He further expressed the company’s commitment to increasing investment in the Tarkwa mine as part of efforts to boost returns for shareholders.
In May 2025, Gold Fields announced that it had agreed to pause its joint venture deal with AngloGold Ashanti regarding the Tarkwa/Iduapriem project, to allow both companies to focus on their respective operations on a standalone basis.
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The Group Chief Executive added that relations with the government have improved significantly after some initial challenges, and Gold Fields is now looking forward to expanding its operations in Ghana.
SP/MA
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