Accra: The Government and Goldfields Ghana Limited have reached an amicable agreement on a transitional plan for the Damang Mine. The operational modalities of the transition involve issuing a new 12-month mining lease to Goldfields' subsidiary, Abosso Goldfields Limited, pending parliamentary ratification in May 2025.

According to Ghana News Agency, under the new arrangement, Goldfields would resume open-pit mining during the transition period, a statement issued by Mr. Felix Kwakye Ofosu, the Presidential Spokesman and Minister of State in-charge of Government Communications, said on Wednesday. This resumption is intended to safeguard jobs and allow for feasibility studies to determine Damang's reserves and mine life.

The statement further noted that the processing of existing stockpiles will continue under the supervision of a joint management team, which includes representatives from the Government of Ghana and Goldfields. This collaborative approach aims to ensure a successful transition and eventual transfer of a viable mine to Ghanaian ownership.

Both parties have also agreed to advance discussions on the renewal of the lease for the Tarkwa mine, which is due in 2027. They have pledged to work together to enhance Ghana's standing as a favorable investment destination in the mining sector.