ACCRA, Mar 31 – Ghana has limited the sale of the Damang gold mine to companies fully owned by its citizens, as the government moves to take control of the asset from Gold Fields.
According to a tender notice issued by the Ministry of Lands and Natural Resources, only firms that are 100% Ghanaian-owned are eligible to submit bids, with the deadline set for late March. The restriction forms part of a broader push to increase local participation in the country’s mining sector.
The Damang mine, which has been in operation for nearly 30 years, produced about 88,000 ounces of gold in 2024, significantly below its peak output recorded two decades ago. Gold Fields is expected to transfer ownership of the asset to the government on April 18, following the expiration of its lease.
Although the company had previously considered selling the mine, authorities declined to renew its lease last year. A temporary 12-month extension was granted instead, requiring a transition plan to ensure eventual ownership by Ghanaian stakeholders.
The government is now seeking a new operator capable of sustaining the mine’s operations. Interested bidders must demonstrate experience in open-pit mining, commit to running the asset for at least 10 years, and secure more than $500 million in funding for development.
The move highlights a wider trend across resource-rich African countries, including Mali and Zimbabwe, where governments are pursuing greater control over natural resource revenues.
In Ghana, major gold assets are still largely controlled by multinational firms. Recent transactions highlight the scale of investment in the sector, including the $1 billion agreement by Zijin Mining to acquire the Akyem mine from Newmont in 2024.
