Government is making steady progress in the competitive tender process to select a new operator for the Damang Mine.
The process, which officials describe as transparent, is to increase Ghanaian participation in the mining sector.
Government is seeking to identify a company with the technical and financial capacity to manage the mine efficiently, while ensuring long-term value for the country.
Lands and Natural Resources Minister, Emmanuel Armah Kofi Buah expects indigenous firms to take on a more dominant role in an industry that has long been controlled by foreign players.
“The government, as part of its broader objective of empowering Ghanaians in the mining sector, has really stated that the plan for this mine would be to basically usher in Ghanaians experience with technical financial capacity as a springboard for empowering Ghanaians to take the commanding height of the mining sector. The government, in following up on the commitment we’ve made, have triggered a process of competitive transparent tender process to select that company that we believe have the capacity to run the mine.”
While acknowledging that significant work remains, he maintains that the tender process is on track and aligned with its long-term objective of strengthening local ownership in the sector.
“I did not go into the details of what is important and why we made this decision. But we are also aware that there’s a lot of work to be done. I can tell you that the process of the tender is going very well. I can also tell you that our commitment for whoever is going to operate is mine”, the Minister added.
The Damang Mine holds an estimated 3.55 million ounces of gold resources valued at a benchmark price of $2,300 per ounce. And this is the scale of assets shifting into state control.
For government, its immediate roadmap spans 2026 to 2036, targeting 1.85 million ounces of output from about 391 million tonnes of material.
While the current plan is set for 11 years, there is a significant full cutback option that could extend the mine’s life to 30 years – a development which means extra national revenue in future.
