Damang Mine deal must prioritise value protection - Suame MP John Darko
John Darko, Suame MP, urged government to ensure that Ghana secures maximum value from the award of the Damang Gold Mine to Engineers and Planners Limited. He stated, "The key issue is whether Ghana is capturing the full value of this asset." He made these statements in a post on his Facebook page on Sunday, April 12.
Darko acknowledged that awarding the mine to a wholly Ghanaian-owned firm represents progress for local participation. He described the Damang Mine as a critical national asset with significant economic potential, containing an estimated 3.5 million ounces of gold. He pointed to the absence of a clearly communicated independent technical and financial valuation. He suggested that Ghana should consider raising its equity stake beyond the existing 10% free carried interest. He also raised concerns about the pace of the tender process and public perceptions around transparency.
Government has confirmed Engineers and Planners Limited as the successful bidder after meeting all technical and financial requirements. The company is expected to take over operations and spearhead further investment in the mine.
Quick Summary
Suame MP John Darko is calling for value protection in the Damang Gold Mine deal with Engineers and Planners Limited. He is stressing stronger safeguards around equity participation and long-term benefits- but why is this so important?
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