Ibrahim Mahama (M) with some officials during the handing over ceremony
Engineers & Planners Limited (E&P) has assured the public that it will continue to invest in the Damang Mine, which it recently acquired from Gold Fields Limited following a competitive bidding process.
Speaking at the official handover ceremony in the Western Region on Saturday, the Chief Executive Officer (CEO) of E&P, Ibrahim Mahama, said the company’s planned investments would be undertaken with the support of all stakeholders.
He outlined several proposed investment projects, including infrastructural developments such as the construction of a road from Damang to Cape Coast, sports facilities, and the development of an airport to boost economic activity in the area.
“We have applied for the mine to have an airport, and within six months, Damang will have one, making it easier to fly to Accra,” he said.
“In the next two years, we will be able to drive from here to Cape Coast on a concrete or asphalt road. This is not political talk; this is real. If we all put our minds together, this will be a success story. The plan I have for Damang Mine is not a joke. I just want to prove that we can invest in ourselves in this country,” he added.
Mr. Mahama explained that the opportunity to acquire the Damang Mine was initiated by Gold Fields Ghana Limited as part of its plans to exit the area when its lease expires.
“Point of correction: I didn’t just decide to own the mine. Gold Fields indicated in 2022 that it intended to close the mine and wanted us to take over,” he explained.
He said initial sale discussions later evolved into broader negotiations involving government, regulatory approvals and technical assessments to ensure the mine’s continued operation.
According to him, Engineers & Planners conducted feasibility and financial assessments, including a bankable study, and secured financing commitments from lenders.
“We did a bankable study and realised we could undertake the project. We approached a number of banks; one has committed $650 million, and another $600 million,” he emphasised.
Mr. Mahama noted that the move was driven not only by business considerations but also by a national objective to promote Ghanaian participation in large-scale mining, sustain jobs and improve livelihoods.
He also expressed gratitude to former President Nana Akufo-Addo for supporting the process, noting that government played a key role in facilitating the takeover.
The Minister for Lands and Natural Resources, Emmanuel Armah Kofi-Buah, who officially handed over the mine, urged the company to make significant investments to benefit surrounding communities and the country.
He cautioned, however, that the acquisition is a lease arrangement and not an outright sale, stressing that the mineral resource remains the property of the state.
“Engineers and Planners, you are not just taking over a mine; you are carrying a nation’s confidence. This is only a leasing right, not a sell-off. The Republic of Ghana remains the owner of this mineral asset, and the lease will be reviewed when its term expires,” he stated.
The government announced on April 7, 2026, that Engineers & Planners Limited had emerged as the preferred bidder to take over the Damang Mine following a tender process supervised by the Ministry of Lands and Natural Resources and the Minerals Commission.
According to the Ministry, only E&P and Heath Goldfields Limited met the mandatory requirements, including proof of Ghanaian ownership and valid statutory clearances, out of four companies that submitted their bids.
Engineers & Planners Limited ultimately met all technical and financial criteria, demonstrating access to $505 million in financing from Absa Bank and Stanbic Bank, exceeding the minimum requirement for the project.
By Ebenezer K. Amponsah