Finance

Gold Fields sues government over termination of Damang Mine lease

Reports from the Africa Centre for Energy Policy (ACEP) indicate that Abosso Goldfields Limited, a subsidiary of mining giant Gold Fields Limited, has taken legal action against the Government of Ghana following the termination of its mining lease for the Damang site.

The legal move follows the government’s decision not to renew the company’s 30-year lease, a stance reportedly influenced by pressure from local youth who have accused the company of failing to contribute meaningfully to community development.

With the lease set to expire on Friday, April 18, 2025, the government has assumed operational control of the Damang Mine.

In an official statement, the government cited the company’s inability to declare verifiable mineral reserves as a critical reason for rejecting Abosso Goldfields Limited’s lease renewal application.

Gold Fields Limited, one of the world’s leading gold producers, operates two major mining sites in Ghana: the Tarkwa Mine, managed by Gold Fields Ghana, and the Damang Mine, operated by Abosso Goldfields Limited.

The company gained full operational control of the Damang Mine in 2011 after acquiring IAMGold’s remaining shares.

Currently, Gold Fields holds a 90% ownership stake in the Damang Mine, while the Government of Ghana retains the remaining 10%.

Ogyem Solomon

Solomon Ogyem – Media Entrepreneur | Journalist | Brand Ambassador Solomon Ogyem is a dynamic Ghanaian journalist and media entrepreneur currently based in South Africa. With a solid foundation in journalism, Solomon is a graduate of the OTEC School of Journalism and Communication Studies in Ghana and Oxbridge Academy in South Africa. He began his career as a reporter at OTEC 102.9 MHz in Kumasi, where he honed his skills in news reporting, community storytelling, and radio broadcasting. His passion for storytelling and dedication to the media industry led him to establish Press MltiMedia Company in South Africa—a growing platform committed to authentic African narratives and multimedia journalism. Solomon is the founder and owner of Thepressradio.com, a news portal focused on delivering credible, timely, and engaging stories across Ghana and Africa. He also owns Press Global Tickets, a service-driven venture in the travel and logistics space, providing reliable ticketing services. He previously owned two notable websites—Ghanaweb.mobi and ShowbizAfrica.net—both of which contributed to entertainment and socio-political discussions within Ghana’s digital space. With a diverse background in media, digital journalism, and business, Solomon Ogyem is dedicated to telling impactful African stories, empowering youth through media, and building cross-continental media partnerships.

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