Gold Fields to hand over Damang Mine to govt in Apr 2026 after 163% profit surge
The Group Chief Executive, Mike Fraser, disclosed this today, August 22, 2025, on a conference call with investors and Journalists on their half-year financial performance.
Mr. Fraser said that “This is part of an agreement that we’ve reached with the Government of Ghana after a deal was reached to extend the lease by 12 months and smooth transition to Ghanaian ownership”.
He also revealed that Gold Fields, under the deal, “will continue to manage the mine, but will, however work with a committee looking at how the mining life of Daming can be extended”.
“This arrangement was to ensure proper and safe transition of the mine to a new owner,” the Chief Executive of Gold Fields added.
Asked whether Gold Fields was interested in acquiring the Damang mine, he noted that this is not on the table, because “we had a plan to move the mine to a new owner, because of the current status of its asset quality and a significant amount of value in the Damang mine.”
According to him, Gold Fields is committed to working with the Ghana Government to ensure a successful transition of the asset in 2026.
The Chief Executive of Goldfields, however, rejected assertions that it agreed to let go of Damang, so that the government would extend the mining lease for Tarkwa when the current lease expires.
Tarkwa Operations
On the Tarkwa operations and expected lease, he revealed that the government has asked his outfit to come to the table, adding, “We are committed to that process to ensure that it is realised”.
“We have done a lot of work to ensure that the life span of the mine is extended for a long time, “Mr. Fraser added.
The Chief Executive of Gold Fields also expressed commitment to increasing its investment in the Tarkwa mine, as part of efforts to improve returns for shareholders.
Gold Fields in May 2025 , announced that it has agreed to pause the deal with AngloGold Ashanti, relating to the Tarkwa/Iduapriem joint venture, to allow focus on its respective operations on a standalone basis.
Goldfields said, “We are now focused on optimising and extending the life of Tarkwa on a stand-alone basis.”
“We don’t know who will take over the Damang Mine, but that is in the domian of the Ghana Government”, he added.
The CEO of Gold Fields also assured that “we have operated in Ghana over the past 30 years and we look forward to doing more than 30 years, and we are surely committed to that”.
