ACCRA, April 8 – Ghana has selected Engineers & Planners Ltd to take over the Damang gold mine, previously operated by Gold Fields, as part of a broader strategy to increase local ownership in the mining sector.
The decision follows the government’s rejection of Gold Fields’ lease renewal and subsequent takeover of the asset last year, marking a shift away from the long-standing practice of automatic extensions for foreign operators.
According to Mines Minister Emmanuel Armah-Kofi Buah, the country’s Minerals Commission recommended Engineers & Planners as the preferred bidder after evaluating proposals from local investors.
The company demonstrated access to $505 million in financing, meeting the government’s minimum requirement of $500 million, while also scoring highly on technical expertise, operational capacity, safety standards and local content commitments.
The Damang gold mine is expected to require up to $1 billion in investment to restore and sustain operations. Authorities say the transition aims to keep the mine running, protect jobs and deepen domestic participation in a sector that remains central to Ghana’s economy.
Gold Fields, which operated the mine for over two decades, had previously indicated plans to divest the asset, citing limited remaining reserves and declining economic viability. The company has since said it is working to ensure a smooth handover to the new operator.
The move underscores a growing trend among resource-rich African nations seeking to retain more value from their natural resources by prioritising local investors and operators in strategic sectors.
