Ghana is assessing three bids from local investors to take \u200cover Gold Fields\u2019 Damang gold mine, which requires up to $1 billion of investment to revive, the mining regulator told Reuters, nearly a year after the government seized control of \u200bthe asset.<\/p>\n
Ghana, which is seeking to boost local ownership in its mining sector, \u200brejected Johannesburg-based Gold Fields\u2019 lease\u2011renewal bid and\u00a0took control of Damang mine in \u2060April, breaking with years of automatic extensions.<\/p>\n
Authorities said the move followed the \u200bcompany\u2019s failure to declare verifiable reserves and formed part of a tougher push \u200bto ensure gold assets deliver greater value to Ghanaians.<\/p>\n
The South African miner was issued a\u00a012-month lease\u00a0to resume open-pit mining and establish reserves.<\/p>\n
Gold Fields, which continues to operate the \u200bnearby Tarkwa mine, did not immediately respond to a request for comment.<\/p>\n
‘UP \u200bTO $1 BILLION NEEDED TO REVIVE MINE’<\/strong><\/p>\n Isaac Tandoh, acting head of the Minerals Commission, Ghana’s mining regulator, told \u200cReuters \u2060on Monday that Gold Fields’ Damang lease, which expires April 18, would not be renewed.<\/p>\n Mining contractors Engineers & Planners (E&P) and BCM International, and consortium Vortex Resources, have applied to own the mine, Tandoh said, and the regulator was \u200bassessing which bidder could \u200bmeet its challenges.<\/p>\n E&P, \u2060BCM and Vortex confirmed their bids but declined to comment further.<\/p>\n A source familiar with the bidding process said E&P, \u200bDamang’s current contractor, was a leading contender, having operated \u200bthere for \u2060about 25 years.<\/p>\n \u201cA decision is expected as soon as possible,” Tandoh said, adding that reviving the mine would require “$600 million to $1 billion.”<\/p>\n Ghana, Africa’s top gold producer, is key \u2060to \u200bGold Fields, with output from Tarkwa and Damang \u200bunderpinning its\u00a0strong 2025 earnings.<\/p>\n Ghana introduced a\u00a0sliding\u2011scale\u00a0royalty regime this month to capture more revenue from surging \u200bcommodity prices.<\/p>\n","protected":false},"excerpt":{"rendered":" Ghana is assessing three bids from local investors to take \u200cover Gold Fields\u2019 Damang gold mine, which requires up to $1 billion of investment to revive, the mining regulator told Reuters, nearly a year after the government seized control of \u200bthe asset. Ghana, which is seeking to boost local ownership in its mining sector, \u200brejected […]<\/p>\n","protected":false},"author":1,"featured_media":20111,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":7,"jnews-multi-image_gallery":[],"jnews_single_post":{"format":"standard","override":[{"template":"1","parallax":"1","fullscreen":"1","layout":"right-sidebar","sidebar":"default-sidebar","second_sidebar":"default-sidebar","sticky_sidebar":"1","share_position":"top","share_float_style":"share-monocrhome","show_featured":"1","show_post_meta":"1","show_post_author_image":"1","show_post_date":"1","post_date_format":"default","post_date_format_custom":"Y\/m\/d","show_post_reading_time":"0","post_reading_time_wpm":"300","post_calculate_word_method":"str_word_count","show_zoom_button":"0","zoom_button_out_step":"2","zoom_button_in_step":"3","show_post_tag":"1","show_comment_section":"1","number_popup_post":"1","show_post_related":"1","show_inline_post_related":"1"}],"image_override":[{"single_post_thumbnail_size":"crop-500","single_post_gallery_size":"crop-500"}],"trending_post_position":"meta","trending_post_label":"Trending","sponsored_post_label":"Sponsored by","disable_ad":"0","source_name":"Reuters","subtitle":""},"jnews_primary_category":[],"jnews_social_meta":[],"jnews_override_counter":{"view_counter_number":"0","share_counter_number":"0","like_counter_number":"0","dislike_counter_number":"0"},"footnotes":""},"categories":[2362,3028,27],"tags":[4954,158],"class_list":["post-20200","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-mining","category-west-africa","tag-damang-gold-mine","tag-ghana"],"_links":{"self":[{"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/posts\/20200","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/comments?post=20200"}],"version-history":[{"count":1,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/posts\/20200\/revisions"}],"predecessor-version":[{"id":20201,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/posts\/20200\/revisions\/20201"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/media\/20111"}],"wp:attachment":[{"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/media?parent=20200"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/categories?post=20200"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/tags?post=20200"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}