Gold Fields, a South African gold producer, will cease operations at its Damang mine in Ghana after the government rejected its application to extend the lease, which expires on Friday. The South African gold producer stopped mining at Damang in 2023 and has been processing stockpiles only. The government has instructed Gold.
Fields to vacate the lease area by April 18, and the company is preparing to safely and responsibly cease operations. Damang is the smaller of Gold Fields’ two mines in Ghana, after Tarkwa, the country’s largest open-pit gold operation The company is reviewing the future of its smaller operations, including Damang and the Cerro.
Gold Fields, a Johannesburg-based mining company, has announced the cessation of operations at its Damang mine in Ghana after the government denied the renewal of its mining lease, set to expire on April 18, 2025. The Ghanaian government has commissioned Salares Norte mine in instructed the company to vacate the lease.
Background and Operational Details
Mining activities at Damang concluded in 2023, with the company subsequently processing stockpiles as part of its end-of-life plan. In 2024, the mine produced approximately 135,000 ounces gold, accounting for about 6% of Gold Fields’ total output of 2.15 million ounces Chile and the Windfall project in Canada.
Government’s Rationale
The Minerals Commission of Ghana defended its decision, citing that Gold Fields failed to meet the necessary requirements for lease renewal as stipulated under Section 44 of the Minerals and Mining Act, 2006 (Act 703). The Commission noted that all key exploration targets at Damang had been tested, with low potential for.
Strategic Shift and Future Plans
Gold Fields has been reassessing its portfolio, focusing on larger, more strategic assets. The company recently commissioned the Salares Norte mine in Chile and is advancing the Windfall project in Canada. Additionally, Gold Fields is evaluating the sale of smaller operations, including Damang and the Cerro Corona mine in Peru.
Commitment to Responsible Closure
In response to the lease denial, Gold Fields emphasized its commitment to a safe and responsible cessation of operations at Damang. The company stated it is years of mine life remaining preparing to ensure the safety and security of its personnel and facilities during the closure process This development marks a significant.
Gold Fields, a Johannesburg-based mining company, has announced it will cease operations at its Damang mine in Ghana after the government rejected its application to extend the mining lease, which is set to expire on April 18, 2025. The Ghanaian Minerals Commission instructed the company to vacate the lease area by that date.
Background and Operational Details
Mining activities at Damang concluded in 2023, with the company subsequently processing stockpiles as part of its end-of-life plan. In 2024, the mine produced approximately 135,000 ounces of gold significant new discoveries, and no Additionally, Gold Fields is evaluating the exploration activities were planned for 2024.
Government’s Rationale
The Minerals Commission defended its decision, citing that Gold Fields failed to meet the necessary requirements for lease renewal as stipulated under Section 44 of the Minerals and Mining Act, 2006 (Act 703). The Commission noted that all key exploration targets at Damang had been tested, with low potential for significant.
Strategic Shift and Future Plans
Gold Fields has been reassessing its portfolio, focusing on larger, more strategic assets. The company recently commissioned the Salares Norte mine in Chile and is advancing the Windfall project in Canada. Additionally, Gold Fields is evaluating the sale of smaller operations, including Damang and the Cerro Corona mine in Peru.
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