Gold Fields Limited Updates on Damang Lease Extension: Renewal Rejected, Operations to Cease

The update follows the company’s earlier disclosure in its 2024 Integrated Annual Report, where it confirmed submitting the lease extension request in December 2024. Despite Gold Fields’ assertion that it met all statutory requirements, the government upheld its decision to deny the renewal, prompting immediate preparations to safely halt activities at the site.  

In a statement, Gold Fields reiterated its commitment to dialogue with authorities to resolve the impasse, emphasizing that its Tarkwa mine—Ghana’s largest gold operation—remains unaffected. The closure of Damang raises concerns about local employment and production impacts, though the company assured stakeholders it would prioritize worker safety and responsible shutdown protocols.

As a global producer with nine mines in five countries, Gold Fields reaffirmed its focus on mitigating disruptions while engaging with Ghanaian officials. As discussions progress, further updates will be shared.  

About Gold Fields
The mining giant holds 46.1 million ounces in proven and probable gold reserves and operates under a mandate of safety, integrity, and sustainable value creation.

Source: Nana Esi Brew Monney

DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Space FM.