Gold Fields CEO, Mike Fraser
Gold Fields has announced plans to officially exit as the owner and operator of the Damang Mine on April 18, 2026, following the government’s decision to handover the mine to Ghanaian ownership.
Chief Executive Officer (CEO) of Gold Fields, Mike Fraser who made this known during a round table discussion with the media said the company applied for lease renewal but the government has expressed its interest to take over the mine.
The exit of Gold Fields ends a 12-month lease extension which was granted after the mine’s original lease expired in April 2025.
He stated, “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. The extension of lease will help facilitate a safe and seamless handover”.
Mr. Fraser also indicated that the government has also appointed a ministerial transition team which has been working with Goldfields management since 2025 to coordinate the handover.
He added that Gold Fields has not received official communication from the government regarding the entity that will take full ownership of the firm after its exit.
He mentioned that Gold Fields expects the transition team to assume interim “leadership from April 19, 2026 while the government appoints a substantive operator.
“We do not have any clear insights into what the minister’s intentions are post that. A new operator would need to be appointed and issued with a mining lease to continue operations, a process that requires parliamentary approval,” Mr. Fraser noted.
Gold Fields has already completed a feasibility study on Damang Mine and submitted its report to the sector Minister as part of its commitment to the extension granted to the company in 2025.
The company’s assessment indicated that the Damang Mine could support at least nine additional years of operations, with projected annual production of between 100,000 and 150,000 ounces of gold.
The feasibility study also estimates that sustaining this extended mine life would require capital investment of US$500 million to US$600 million.
It is also expected that the Damang Mine will continue to be profitable provided price of gold in the market remain high.
The Chief Executive further stated that both the government and the transition team are collaborating well on the transition to help prevent disruptions in operations.
“Failure would occur if we don’t see a continuation of the asset. The lease extension was designed to prevent disruptions that could affect workers, contractors, and host communities.
Damang Mine employs about 500 people with an estimated 1,000 to 1,500 subsidiary roles linked to mining, services, and energy supply while sustaining the livelihoods of over 1,500 people.
By Ebenezer K. Amponsah