Under the deal, Gold Fields’ subsidiary Abosso Goldfields Limited will receive a new 12-month mining lease, permitting the safe restart of open-pit operations during the handover period while preserving jobs and advancing feasibility studies.

Central to the agreement is the creation of a joint asset transition team, comprising government and company representatives, to oversee the eventual transfer of the mine to Ghanaian ownership. This move aligns with broader efforts to boost domestic participation in the mining sector, a priority for Ghana’s resource governance framework.

“This collaboration between government and industry reflects a shared commitment to transparency and sustainable development,” said Ahmed Dasana Nantogmah, Acting CEO of the Ghana Chamber of Mines. “Such partnerships strengthen investor confidence and ensure mining benefits extend to communities and the national economy.”

The Chamber also highlighted proactive discussions between stakeholders to renew the lease for Gold Fields’ Tarkwa Mine, set to expire in 2027. Early engagement on license renewals, it noted, is critical to maintaining stability in a sector contributing over 10% of Ghana’s GDP and 40% of export earnings.

Ghana’s mining industry has faced scrutiny in recent years over revenue-sharing models and environmental accountability. The Damang Mine agreement signals a shift toward structured transitions that prioritize local stakes without disrupting production a balance neighboring countries like Burkina Faso and Mali have struggled to achieve amid resource nationalism debates.

With gold prices hovering near record highs, the Chamber urged sustained dialogue among stakeholders to reinforce Ghana’s reputation as a top mining investment destination. As Nantogmah concluded: “Inclusive frameworks are key to unlocking long-term value for all Ghanaians.”