The Chief Executive Officer (CEO) of Engineers and Planners Company Limited (E&P), Ibrahim Mahama, has unveiled an ambitious, far-reaching development agenda for the Damang enclave, declaring that the takeover of the mine will serve not only as a mining venture but as a catalyst for infrastructure transformation, community development, and a bold demonstration of Ghanaian capacity in large-scale resource management.
Speaking at the official handover ceremony of the Damang Mine in the Western Region on Saturday, April 18, 2026, Mr Mahama outlined plans that extend well beyond gold extraction, promising investments in roads, healthcare, sports infrastructure, and even an airport to reposition the area as a thriving economic hub.
“We’ve applied for that mine to have an airport. And within six months, Damang will have an airport such that we can fly to Accra easily from there,” he announced, drawing attention to what he described as practical, actionable commitments rather than political rhetoric.
He further emphasised the scale of the company’s vision, stating: “In the next two years, we’ll be able to drive from here to Cape Coast on a concrete road or an asphalt road. This is not political talk, this is real talk.”
The Damang Mine has now officially transitioned from Gold Fields Ghana Limited to E&P following a competitive bidding process supervised by government authorities after the expiry of the previous lease agreement.
The symbolic transfer was performed by the Minister for Lands and Natural Resources, Emmanuel Armah-Kofi Buah, ushering in a new phase of operations under a wholly Ghanaian-owned company.
He called on E&P to make significant investments in the Damang Mine to drive growth and deliver benefits to local communities and the wider country.
He pointed out the transition represents more than a change of operators, describing it as a strong signal of Ghana’s capacity to manage its natural resources.
“Engineers and Planners, you are not just taking over a mine; you are carrying a nation’s confidence. This is only a leasing right, not a sell-off. The Republic of Ghana remains the owner of this mineral asset. This lease will be reviewed when its term expires,” he stated.
The transition marks a major shift in the management of one of Ghana’s key gold-producing assets and is widely seen as a milestone in efforts to deepen local participation in the mining sector.
Years of engagement behind takeover
Mr Mahama provided detailed insight into the long and complex process that culminated in the takeover, stressing that the outcome was not a sudden ambition but the result of years of engagement involving the company, government, and the previous leaseholder.
“Point of correction, I didn’t just spring up to say I want to own that mine. Gold Fields said in 2022, ‘We’re going to close the mine, and we want you to take over,’” he clarified.
According to him, the initial discussions were triggered by Gold Fields’ decision to wind down operations, prompting negotiations around how to sustain the mine’s life and protect jobs.
“Gold Fields said they were going to close the mine and wanted me to take over, but they would sell it to me. And I said, you can’t sell it to me because you’ve cheated me all these years. So you have to give it to me. So we agreed,” he disclosed.
He explained that what began as a potential sale arrangement evolved into a more structured process involving government oversight, regulatory approvals, and technical assessments to ensure continuity.
Tribute to former President Akufo-Addo
Central to Mr Mahama’s account was a strong expression of gratitude to former President Nana Addo Dankwa Akufo-Addo, whom he credited with playing a decisive role in facilitating the negotiations.
“They told me to go to the government and get a no-objection letter. I went in there, and I must thank our former President. He gave me a document to sit with Gold Fields and negotiate and keep the mine going,” he reiterated.
He indicated that government intervention was instrumental in bringing the parties together and ensuring that the transition followed the appropriate legal and regulatory framework.
Mr Mahama stressed that the takeover should be seen not merely as a commercial transaction, but as part of a broader national effort to demonstrate that Ghanaian companies have the capacity to manage complex, large-scale mining operations.
“So I engaged the government and told them that mining is not just buying equipment and working in there. It is the key people that you need to put together,” he stated.
Financing and reinvestment strategy
Addressing concerns about the financial requirements of the project, Mr Mahama revealed that E&P had undertaken comprehensive feasibility studies and secured substantial financing commitments.
“We did a bankable study. We looked at it and noticed that we could do it. We approached a few of the banks in here. One has given us $650 million, another $600 million,” he disclosed.
He assured stakeholders that the company’s approach would prioritise reinvestment into the mine and surrounding communities.
“What I want to say is that whatever money we make from here, we will reinvest it here,” he said.
In a symbolic gesture of long-term commitment, he added that he intends to build his personal residence in the Damang area, reinforcing his confidence in the project and its future.
Community-focused development agenda
Mr Mahama’s vision for Damang extends far beyond mining operations, with a strong emphasis on transforming the local economy through infrastructure and social investment.
He revealed plans to construct roads to improve connectivity, build hospitals to enhance healthcare delivery, and develop sports facilities to support youth engagement.
“I want to pledge this, and I want to say it for everybody to hear. I got a text from one of our young men in here. It says we should build astroturfs for all the communities, which we’re looking to do,” he said.
According to him, these initiatives are designed to create jobs, stimulate economic activity, and improve the quality of life for residents.
“I would say that, look, if we all put our minds together, this is a success story. And the plan I have for Damang Mine is not a joke. I just want to prove that we can invest in ourselves in this country,” he declared.
National significance of the transition
The takeover of the Damang Mine by E&P is being interpreted by industry observers as a defining moment for Ghana’s mining sector.
For decades, large-scale mining operations in the country have been dominated by multinational companies.
The successful transition of such a major asset to a wholly Ghanaian-owned firm signals a potential shift toward greater local participation and value retention.
Mr Mahama underscored this point, noting that the project represents an opportunity to showcase indigenous expertise and leadership.
He maintained that the success of the Damang operation would serve as proof that local companies can compete effectively at the highest levels of the mining industry.
Govt oversight and transition
The handover ceremony, officiated by the Lands Minister, followed a competitive bidding process supervised by the Minerals Commission after the expiration of the previous lease.
Authorities have indicated that the process was designed to ensure transparency, efficiency, and value maximisation in the management of Ghana’s mineral resources.
The transition also reflects a broader policy direction aimed at strengthening regulatory enforcement and promoting local content in the extractive sector.
Looking ahead
As E&P assumes full operational control of the Damang Mine, attention will now turn to implementation of the ambitious plans outlined by its CEO.
Mr Mahama expressed confidence that the company has both the technical capability and financial strength to deliver on its commitments.
He reiterated that the project is not just about mining, but about redefining what is possible for Ghanaian businesses.
“This is not political talk, this is real talk,” he said, reinforcing his determination to translate promises into tangible outcomes.
With significant financial backing, deep operational experience, and a bold vision for community development, the Damang Mine under Engineers and Planners is poised to become a test case for indigenous participation in Ghana’s extractive sector.
If successful, it could mark the beginning of a new era—one in which Ghanaian companies take centre stage in managing the country’s most valuable natural resources while driving inclusive economic growth.
History of E&P’s takeover efforts at Damang Mine
The transition of the Damang Mine from Gold Fields Ghana Limited to Engineers and Planners Company Limited did not occur overnight.
It was the culmination of a multi-year process defined by strategic positioning, regulatory engagement, and persistent negotiations, stretching back to at least 2022.
For nearly three decades, Gold Fields operated the Damang Mine under a 30-year lease that expired in April 2025.
Over that period, the mine produced more than four million ounces of gold, cementing its place as a key contributor to Ghana’s mining output.
As the lease approached its end, the Government of Ghana granted a one-year extension to facilitate a structured transition, setting April 18, 2026, as the final handover date.
Early interest and strategic positioning (2022)
The earliest indications of E&P’s ambition to take over the Damang Mine emerged in 2022.
At the time, the company was already deeply embedded in the mine’s operations as a mining contractor.
This gave it a critical advantage—intimate knowledge of the mine’s geology, infrastructure, and workforce, as well as established working relationships with Gold Fields’ management.
Recognising the potential opportunity, E&P began initiating discussions around acquiring the asset or its underlying shareholding structure.
These early engagements marked the beginning of a deliberate strategy to transition from contractor to owner.
Demobilisation notice sparks turning point (September 2023)
A major turning point came on September 4, 2023, when Gold Fields issued a formal “Notice of Demobilisation” to E&P.
The letter indicated that the company intended to wind down active mining operations at Damang, requesting E&P to remove all mining equipment from the site.
Gold Fields explained that pit mining would end by December 2023, with operations shifting to the processing of stockpiles until the mine’s expected closure in 2025.
This directive effectively signalled that the mine was entering its final operational phase.
Rather than withdraw, E&P responded decisively.
On September 25, 2023, the company formally wrote to Gold Fields requesting the opportunity to purchase the Damang Mine.
The proposal marked a bold shift in ambition—from service provider to prospective mine owner.
Uncertainty over future ownership (September 2023)
However, just days after E&P’s proposal, Gold Fields introduced uncertainty into the process.
In an email dated September 29, 2023, sent by Jacob Ricciardone, Acting Executive Vice-President for Strategy and Corporate Development, the company stated that it was still assessing its options regarding the future of the Damang asset.
The communication created a puzzling contradiction. While E&P had been instructed to demobilise, Gold Fields simultaneously indicated that no final decision had been made on the mine’s ownership or operational future.
Industry observers say this left the fate of the mine uncertain at a critical moment.
Govt engagement and regulatory approval (2024)
In 2024, E&P escalated its efforts by formally engaging the Government of Ghana.
Under the Minerals and Mining Act, 2006 (Act 703), any transfer of mining interests requires government approval through the Ministry of Lands and Natural Resources.
As part of this process, E&P applied for a “no objection” letter to support its proposed acquisition. On March 12, 2024, the ministry granted the request.
The letter, signed by Prof. Patrick K. Agbesinyale, confirmed that the government had no objection to a transaction between Gold Fields and E&P, subject to final approval.
This approval in principle was a significant milestone, effectively opening the door for negotiations to proceed.
Gold fields endorsement and transition planning (2025)
Momentum continued to build in 2025. In a letter dated November 11, 2025, titled Checklist of Recommendations for the Transition and Future Operations of the Damang Mine, Gold Fields acknowledged E&P’s operational strength.
The letter noted that E&P was “well experienced in the operating conditions at Damang” and would be well positioned to support continued operations depending on the final ownership structure. Signed by Elliot Twum and copied to Isaac Tandoh and Gold Fields CEO Mike Fraser, the document underscored the urgency of determining the mine’s future operator.
It warned that delays in confirming a new operator could jeopardise permits and licences, potentially leading to operational disruptions.
Formal recognition in transition process (December 2025)
A key breakthrough came on December 8, 2025, when the Minister for Lands and Natural Resources, Emmanuel Armah-Kofi Buah, formally acknowledged E&P’s engagement with Gold Fields.
In a letter to Gold Fields CEO Mike Fraser, the Minister accepted the recommendation to include E&P in the mine’s transition team. This move officially recognised the Ghanaian company as a central player in the transfer of operations.
Push for final negotiations (December 2025 – January 2026)
E&P continued to press for closure of the deal. In a follow-up letter dated December 16, 2025, the company indicated that multiple discussions had already taken place and that it had fulfilled the requirement of obtaining a no-objection letter.
E&P argued that the next step was to finalise the acquisition agreement, subject to government approval, and requested a formal meeting with Gold Fields.
However, by January 26, 2026, the company expressed frustration over the lack of response.
In another letter to Mike Fraser, E&P pointed out that its request for discussions had not been answered, even as the transition deadline approached.
Countdown to handover (2026)
With the lease having expired in 2025 and only a one-year extension in place, the timeline for transition tightened significantly.
Gold Fields confirmed its intention to hand over the Damang Mine to the Government of Ghana on April 18, 2026.
As the deadline drew closer, uncertainty remained over the final ownership structure.
What was clear, however, was that E&P had consistently positioned itself as the most prepared and committed candidate.
A multi-year strategy realised
The documented trail of correspondence, regulatory approvals, and negotiations reveals a sustained and strategic effort by E&P to secure the Damang Mine.
From early exploratory discussions in 2022 to formal proposals, government engagement, and participation in the transition process, the company demonstrated persistence and long-term vision.
More than a simple acquisition attempt, E&P’s pursuit of Damang represents a broader ambition—to prove that indigenous Ghanaian companies can successfully operate large-scale mining assets.
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Source: www.myjoyonline.com