Details revealed Minerals commission hand Goldfield 30 years mining lease from 1995 with only 10% interest belonging to the country

Some interesting details popping up revealed details of the lease agreement between the government of Ghana and Gold Fields Limited.

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As we reported earlier, The Minerals Commission has turned down Gold Fields Limited’s application to extend its Damang Mining Lease.

Details of their lease agreement revealed  the company was handed the mining site since for the past 30 years.

The lease, was revealed to have bed. granted in April 1995, and due to expire on April 18, 2025.

The Mining operations at Damang commenced as far as August 1997, with Gold Fields Limited emerging as a key player in Ghana’s gold production.

READ ALSO: Minerals Commission turns down Gold Field’s application to extend its Damang mining lease by additional 30 years

The company owns both the Tarkwa and Damang mines, in which according to findings, thhe Government of Ghana holds only a 10% carried interest in each.