The Minerals Commission Deputy CEO has assessed Gold Fields’ exit from the Damang mine, accusing the South African mining giant of reaping massive profits from Ghana and reinvesting them abroad.
Isaac Andrews Tandoh, speaking on Joy News’ PM Express Business Edition, defended government’s decision to assume operational control of the mine after it rejected Gold Fields’ application to renew its mining lease.
The decision, announced by the Lands Ministry on Wednesday, has stirred debate in both the business and mining sectors.
Andrews Tandoh didn’t hold back. “Last year, Tarkwa and Damang mines made over $600 million in profit. How much of that stayed in the country? Your guess is as good as mine,” he said.
He described Gold Fields’ behaviour as exploitative, stressing that instead of reinvesting in Ghana, the company chose to acquire assets in other countries.
“Instead of using the profit to develop the Damang mine, they were rather busy buying mines elsewhere, like Osisko in Canada. They …