Gold Fields secures agreement for Damang mine in Ghana

Gold Fields Limited (JSE: GFI) announced it has reached an agreement with the Government of Ghana regarding the Damang mine. Ghana will grant a new 12-month mining lease, subject to parliamentary ratification, allowing Gold Fields to safely recommence mining activities. During this period, the company will focus on restarting open pit mining operations, processing surface stockpiles, and finalizing a bankable feasibility study to extend the Damang mine's lifespan. Gold Fields is committed to continuing with infill exploration drilling programs to improve Mineral Resource confidence at the mine. In line with the government's objective to increase local participation, a joint asset transition team will be formed to facilitate the transfer of ownership of the asset to the people of Ghana. The company noted that developments at Damang do not affect operations at Tarkwa mine, which continues to operate as normal. Gold Fields will commence preparation of applications for the Tarkwa mine lease extensions, which are due for renewal in 2027.