Ghanaian businessman Ibrahim Mahama wins bid to take over Damang gold mine from Gold Fields

Ghanaian businessman Ibrahim Mahama’s Engineers and Planners Company has taken control of the Damang gold mine from Gold Fields. The Ministry of Lands and Natural Resources granted the mining lease after the Minerals Commission’s Tender Committee approved the transfer. The government has instructed the Commission to complete all regulatory steps to formalize the handover, reflecting a push for local ownership in Ghana’s mining sector.

Engineers and Planners wins Ghana mine

Engineers and Planners, Heath Goldfields, Vortex Resources Mining Group, and Maripoma Mining Services competed for the tender, which was open only to fully Ghanaian-owned businesses. Vortex and Maripoma were disqualified for missing ownership, tax, and registration documents. Heath Goldfields passed initial screening but fell short of the technical score. Engineers and Planners was the sole qualifying bidder, meeting regulatory requirements and demonstrating financing above the $500 million needed for mine development.

Damang, located in Ghana’s Western Region, has been operated by Gold Fields since the 1990s, with the company holding a 90 percent stake and the government a 10 percent free carried interest. The mine’s production peaked at over 300,000 ounces of gold per year two decades ago and generated roughly 88,000 ounces last year. With the lease expiring in 2025, the government granted a one-year extension to allow a smooth transition. Gold Fields is scheduled to formally hand over the mine on April 18, with a state-appointed team managing interim operations until Engineers and Planners’ arrangement is finalized.

Ghana mining sites set for upgrade

Founded in 1997 by Ibrahim Mahama, younger brother of President John Dramani Mahama, Engineers and Planners has been the main contractor at Damang mine for years, providing the company with in-depth knowledge of the mine’s geology, equipment, and workforce. The firm recently secured a $205 million financing package from Stanbic Bank Ghana and Standard Bank of South Africa, with backing from Ecobank Ghana and Absa Bank Ghana.

The funding, split into $110 million and $95 million tranches over five years, will upgrade equipment, improve mining efficiency, and expand operations at Damang and Tarkwa, another Gold Fields site. The mine could continue producing for at least another decade with proper investment, reinforcing Ghana’s position as a hub for local mining deals, following Zijin Mining’s $1 billion acquisition of the Akyem gold mine from Newmont in 2024.