Ghana evaluates local bids to revive Damang gold mine

Ghana is currently evaluating three bids from local investors to take over the Damang gold mine, an asset that requires an investment of up to $1 billion to fully revive. This move comes nearly a year after the government took control of the mine from GOLD FIELDS LTD. The decision to transition the asset to local ownership aligns with a broader national strategy to increase domestic participation in the mining sector.

Authorities previously rejected a lease-renewal application from the South Africa-based miner in April, ending a period of routine extensions. Officials stated the takeover was prompted by the company's inability to declare verifiable reserves and a desire to ensure gold assets provide more direct value to the local economy. While the company continues to operate the nearby Tarkwa mine, its 12-month temporary lease for Damang is set to expire on April 18 and will not be renewed.