Co-Chair of the Ghana Extractive Industries Transparency Initiative, Dr Steve Manteaw
The Co-Chair of the Ghana Extractive Industries Transparency Initiative (GHEITI), Dr Steve Manteaw, has defended the government’s decision not to renew Gold Fields’ mining lease, stating that the move should not be seen as harsh.
The government, through the Minerals Commission, rejected the renewal of the Damang Mining Lease for Gold Fields Ghana Limited, citing the mine’s failure to meet the necessary requirements for its lease to be extended upon its expiration on April 18, 2025.
According to Dr Manteaw, the mining giant had already lost interest in the mine, making the government’s decision a practical one rather than punitive.
Speaking to GhanaWeb Business in an exclusive interview, Dr. Manteaw said Gold Fields had shown no significant interest in the mine for about two years.
He added that the company’s recent decision to redevelop the mine is quite questionable, given the circumstances.
“You would say the government’s decision is a bit too harsh if you do not have the full facts that informed that decision. But from where I sit, and from the reports I have seen, nothing shows that Gold Fields has been interested in the particular mine, especially when they were de-investing and merely processing stockpiles. No serious exploration was going on, and all that indicates this is not the crown jewel in their portfolio. So, they may have been ready to let it go.”
He added, “What is curious to me is that, after about two years of not showing serious interest in the mine, they suddenly claim they want to redevelop it. That decision is a bit surprising. I cannot share all the information I’m privy to, but it seems to me that Gold Fields is motivated by a desire to package the mine and flip it.”
Dr Manteaw also mentioned that gold remains in high demand, especially given its current status as a reliable store of value, positioning the sector as a hotspot for investor activity.
SP/MA
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