Ghana is reviewing bids from local companies to take over the Damang gold mine. The mine was previously operated by Gold Fields. Government took control of the mine in April after rejecting the company’s lease renewal. Officials say the decision was due to concerns about undeclared gold reserves. Three local groups, including Engineers & Planners, BCM International, and Vortex Resources, have submitted bids.
Authorities are now assessing which company can successfully revive the mine. The project is expected to require between $600 million and $1 billion in investment. This move forms part of Ghana’s plan to increase local ownership in the mining sector.
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