The Chief Executive Officer (CEO) of Dzata Group Holdings Limited, the parent company of Engineers & Planners (E&P), Ibrahim Mahama, has unveiled an ambitious and far-reaching development agenda for the Damang enclave, saying the takeover of the mine will also serve as a catalyst for infrastructural transformation and community development.<\/p>\n\n\n\n
It would also represent a bold demonstration of Ghanaian capacity in large-scale resource management, he added.<\/p>\n\n\n\n
Speaking at the handing over ceremony of the Damang Mine in the Western Region to E&P at the weekend, Mr. Mahama outlined plans that would extend well beyond gold extraction, including investments in roads, health care, sports infrastructure and an airport to reposition the area as a thriving economic hub.<\/p>\n\n\n\n
Gold Fields, which operated the Damang Mine, handed it over to the state last Saturday after a 12-month extension of its 30-year lease expired on the same day.<\/p>\n\n\n\n
The Minister of Lands and Natural Resources, Emmanuel Armah-Kofi Buah, handed over the reins of the mine to E&P, which emerged victorious after a competitive bidding process, supervised by the Minerals Commission after the expiration of the previous lease on Tuesday, April 7, this year, ushering in a new phase of operations under a wholly Ghanaian-owned company.<\/p>\n\n\n\n
Authorities have indicated that the process was designed to ensure transparency, efficiency and value maximisation in the management of Ghana\u2019s mineral resources.<\/p>\n\n\n\n
The transition also reflects a broader policy direction aimed at strengthening regulatory enforcement and promoting local content in the extractive sector.<\/p>\n\n\n\n
After performing the symbolic handing over ceremony at Damang, Mr. Buah 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.<\/p>\n\n\n\n
He pointed out that the transition represented more than a change of operators, describing it as a strong signal of Ghana\u2019s capacity to manage its natural resources.<\/p>\n\n\n\n
\u201cEngineers & Planners, you are not just taking over a mine; you are carrying a nation\u2019s 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,\u201d Mr. Buah stated.<\/p>\n\n\n\n
The transition marks a major shift in the management of one of Ghana\u2019s key gold-producing assets and is widely seen as a milestone in efforts to deepen local participation in the mining sector.<\/p>\n\n\n\n
For his part, Mr. Mahama announced: \u201cWe\u2019ve applied for the mine to have an airport and within six months, Damang will have an airport such that we can fly to Accra easily from here\u201d, drawing attention to what he described as practical, actionable commitments rather than political rhetoric.<\/p>\n\n\n\n
He further emphasised the scale of the company\u2019s vision, stating: \u201cIn the next two years, we\u2019ll 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.\u201d<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
\u201cPoint of correction, I didn\u2019t just spring up to say I want to own this mine.<\/p>\n\n\n\n
Gold Fields said in 2022, \u2018We\u2019re going to close the mine, and we want you to take over,\u2019\u201d he clarified.<\/p>\n\n\n\n
Mr. Mahama said the initial discussions were triggered by Gold Fields\u2019 decision to wind down operations, prompting negotiations around how to sustain the mine\u2019s life and protect jobs.<\/p>\n\n\n\n
\u201cGold Fields said it was going to close the mine and wanted me to take over, but they would sell it to me.<\/p>\n\n\n\n
And I said, you can\u2019t sell it to me because you\u2019ve cheated me all these years. So, you have to give it to me. So we agreed,\u201d he disclosed.<\/p>\n\n\n\n
The Dzata Holdings Group CEO 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.<\/p>\n\n\n\n
Mr. Mahama also expressed profound gratitude to former President Nana Addo Dankwa Akufo-Addo whom he credited with playing a decisive role in facilitating the negotiations.<\/p>\n\n\n\n
\u201cThey told me to go to the government and get a no-objection letter.<\/p>\n\n\n\n
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,\u201d he recounted.<\/p>\n\n\n\n
He indicated that the government\u2019s intervention was instrumental in bringing the parties together and ensuring that the transition followed the appropriate legal and regulatory framework.<\/p>\n\n\n\n
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 had the capacity to manage complex, large-scale mining operations.<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
\u201cWe did a bankable study. We looked at it and noticed that we could do it. We approached a few of the banks. One has given us $650 million, another $600 million,\u201d he stated. He assured stakeholders that the company would prioritise reinvestment in the mine and in surrounding communities.<\/p>\n\n\n\n
\u201cWhat I want to say is that whatever money we make from here, we will reinvest it here,\u201d he said.<\/p>\n\n\n\n
In a symbolic gesture of long-term commitment, Mr. Mahama said he intended to build his personal residence in Damang, reinforcing his confidence in the project and its future.<\/p>\n\n\n\n
Mr. Mahama said his vision for Damang extended far beyond mining operations, with a strong emphasis on transforming the local economy through infrastructure and social investment.<\/p>\n\n\n\n
He revealed plans to construct roads to improve connectivity, build hospitals to enhance healthcare delivery and develop sports facilities to support youth engagement.<\/p>\n\n\n\n
\u201cI 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.<\/p>\n\n\n\n
It says we should build astroturfs for all the communities, which we\u2019re looking to do,\u201d he said.<\/p>\n\n\n\n
Those initiatives were designed to create jobs, stimulate economic activity, and improve the quality of life for residents, the Dzata Group CEO said.<\/p>\n\n\n\n
Many industry analysts see E&P\u2019s takeover of the Damang Mine as a defining moment for the country\u2019s mining sector.<\/p>\n\n\n\n
For decades, large-scale mining operations in the country have been dominated by multinational companies.<\/p>\n\n\n\n
The successful transition of such a major asset to a wholly Ghanaian-owned firm signals a potential shift towards greater local participation and value retention.<\/p>\n\n\n\n
Mr.. Mahama said the project represented an opportunity to showcase indigenous expertise and leadership.<\/p>\n\n\n\n
He maintained that the success of the Damang operation would serve as proof that local companies could compete effectively at the highest level of the mining industry.<\/p>\n\n\n\n
As E&P assumes full operational control of the Damang Mine, Mr. Mahama expressed confidence that the company had both the technical capability and financial strength to deliver on its commitments.<\/p>\n\n\n\n