Key revelations about Ghana's planned takeover of Damang Mine

Ghana is preparing to assume control of the Damang Mine from Abosso Gold Fields Limited, a move that could reshape the management of one of the country’s key gold assets.

The transition, expected to take place on April 18, 2026, is part of broader efforts by the state to secure stronger long-term returns from Ghana’s mineral resources while ensuring continued production at the mine.

As such, this GhanaWeb Business article highlights key developments surrounding the transition, arranged to reflect the most critical operational and economic elements of the process.

Damang’s massive gold resource

The mine holds an estimated 3.55 million ounces of gold resources as of December 2025. At a benchmark gold price of $2,300 per ounce, the deposit represents a significant asset that the state will inherit once the transition is completed.

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Long-term expansion could extend the mine to 30 years

Beyond the current operational plan, a proposed Full Cutback development scenario could significantly extend the mine’s lifespan. If pursued, the project could unlock up to 5.5 million ounces of resources and support steady annual production of around 180,000 ounces for decades.

Government takeover set for April 18, 2026

Preparations are underway for the official handover scheduled for April 18, 2026. Transition officials say operational teams across departments are working to ensure the changeover occurs without disrupting mining activities.

Output projected to peak in 2035

Production forecasts indicate that Damang’s output will gradually rise in the coming years. Analysts expect production to peak at about 217,000 ounces in 2035, potentially making it one of the mine’s most profitable years.

An 11-year production roadmap already mapped out

The current Life of Mine (LOM) plan covers the period from 2026 to 2036. During this time, the operation is expected to produce approximately 1.85 million ounces of gold while mining about 391 million tonnes of material at a strip ratio of 7.7:1.

Mining activities will focus on five pits

Operations will be carried out across five principal pits: Damang (Full Cutback), Amoanda, Rex, Juno, and Nyame. The Damang Full Cutback pit is considered the most resource-rich, containing around 18.5 million tonnes of ore reserves.

Nearly 1,000 workers connected to the operation

About 933 employees and contractors are linked to the mine. Authorities overseeing the transition say workforce stability is a priority and insist the takeover will not lead to job losses.

Transition being coordinated across nine operational areas

The takeover is being managed through several coordinated operational streams, including mining, mineral resource management, environment and safety, supply chain, finance, human resources, legal compliance, ICT, and community affairs. Officials say work across these areas remains on schedule.

Technical concern identified at Juno Pit

Engineers have flagged a 33 percent drop in metal reconciliation at the Juno Pit. Specialists are reviewing the data and applying additional modifying factors to improve the reliability of the resource estimates.

Rex stockpile expected to support early production

For the first four months after the takeover, ore from the Rex stockpile is expected to play a crucial role in sustaining production while other mining activities stabilise.

FKA/MA