Gold Fields has confirmed it will formally relinquish ownership and operational control of the Damang Mine on April 18, 2026, following a government decision for the asset to transition to Ghanaian ownership.
The exit brings to a close a 12-month lease extension granted after the mine’s original lease expired in April 2025. The company said the extension was designed to ensure a “safe and seamless” transfer of the operation while discussions on its future were concluded.
Speaking during a media roundtable on the company’s 2025 full-year results on Thursday, Chief Executive Officer Mike Fraser disclosed that Gold Fields had applied for a renewal when the lease expired but the government opted for a different course.
“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,” he said.
Mr Fraser explained that since July 2025, a transition team appointed by the sector minister has been working alongside Gold Fields’ management at the site to coordinate the handover process. However, he indicated that the company has not received formal communication regarding who will assume long-term operatorship once it exits.
