16 Sep 2019
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Gold Fields to take final decision on Ghana gold mine in early 2016
The recap or idle decision about Damang gold mine in Ghana will be based on the report of an independent study
By: Diamond World News Service
Dec 16 2015 10:18AM
Reference: 12422  

Damang gold mine
Damang gold mine

The final decision about the Damang gold mine, especially about its recapitalization, possibly at a level of $ 100 million, will largely depend upon the outcome of an independent study report. The study will evaluate the technical and commercial merits of a push-back under and around Damang’s original pit, where mining ceased in 2013. The company expects to have the necessary information before the end of the first quarter of 2016 to enable it to decide on the economic viability of accessing centrally located high-grade gold, which will require capital-intensive waste removal over a probable period of 12 to 18 months. 

As Gold Fields CEO Nick Holland was quoted by Mining Weekly Online, “What we found was that the higher grades were actually concentrated in the centre and consideration is now being given to having a smaller higher-grade project in the centre, which could extend the mine life by eight to ten years.”

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