Commodities
Ghana Takes Over Gold Fields Mine After Failed Renewal Bid
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The government of Ghana has assumed control of Gold Fields Ltd.’s Damang mine after the West African nation rejected an application to extend the company’s lease.
The move follows the unsuccessful application by Abosso Gold Fields Ltd., a subsidiary of the Johannesburg-based Gold Fields, after the expiration of a 30-year lease on April 18, the authorities said in a statement on Wednesday. It aligns with the government’s policy of moving away from the neo-colonial practice of automatically renewing mining licenses in Ghana.