Gold Fields to cede Damang mine to the Government in April 2026

Gold Fields Ghana will formally hand over control of the Damang Mine to the Government of Ghana in April 2026, when its transitional lease expires.

The company’s Group Chief Executive Officer, Mike Fraser, confirmed the move during a half-year financial results presentation to investors and journalists. He explained that the handover was part of an agreement with the government to guarantee a “safe and orderly transition” of the mine’s operations.

“We will continue to manage Damang during the lease period but are also engaging with a government-appointed committee to examine potential options for extending the life of mine. Gold Fields itself does not plan to retain the asset,” Mr Fraser noted.

No Deal Linked to Tarkwa Lease

The CEO dismissed suggestions that the Damang exit was tied to negotiations over Tarkwa. While confirming that discussions with the government on the future of Tarkwa were ongoing, he stressed that Gold Fields intends to deepen investment at Tarkwa as a standalone project after suspending its proposed joint venture with AngloGold Ashanti earlier this year.

“Our relationship with government has improved significantly, and we are committed to sustaining long-term operations in Ghana,” Fraser added.

Parliament’s Non-Renewable Approval

Parliament had earlier granted a one-year transitional lease for Damang, running from April 2025 to April 2026. The agreement explicitly bars any extension, transfer, or renewal of rights once it expires.

Financial Performance

Gold Fields also reported a 24% increase in attributable production to 1,136koz in the first half of 2025, with zero fatalities recorded across its operations. The company expects to meet its full-year output guidance, with commercial production set for the third quarter and steady-state throughput projected in the fourth.