Lagos — Gold Fields is preparing to cease operations at its Damang mine after an application to extend its lease was rejected by the Ghanian government.
The gold miner said Monday that its application to extend the lease was rejected by the Minerals Commission of Ghana and that it has been instructed to vacate the lease area by April 18.
Gold Fields said it had engaged extensively with authorities since receiving the rejection notice to confirm that its lease extension application met all the statutory requirements for such an extension.
The miner said it continues to engage with the Ghanian government to secure the best outcome for all parties.
It will update the market on future material developments as the situation evolves, it said. The developments at Damang don’t affect operations at Tarkwa, which remain ongoing, the miner added.
*Adam Whittaker, adam.whittaker@wsj.com – WSJ
