The government has taken a decisive step to assume operational control of the Damang Mine of Abosso Gold Fields Limited (AGL) upon the expiration of the 30-year lease due on April 18, 2025.
This followed the unsuccessful renewal application by AGL, a subsidiary of Gold Fields Limited, which had halted active mining in 2023.
AGL shifted to stockpile processing in 2024, indicating plans to continue this into 2025, with the remaining Life of Mine estimated by AGL at one year. "Damang Mine's return to state oversight marks a critical step in Ghana's economic reset, ensuring its gold reserves directly benefit citizens and fuel long-term prosperity, " a statement issued by the Ministry of Lands and Natural Resources in Accra copied to The Ghanaian Times said.
Signed by the sector minister, Emmanuel Armah-Kofi Buah, the statement said the decision aligned with government's policy shift away from the neo-colonial posturing of automatic renewals of licenses for mining in Ghana, focusing instead on a thorough reassessment of mining licenses to ensure optimal national benefit.
