Adamus Resources Limited has received a reprieve from the Government following a high-level meeting aimed at resolving challenges confronting the mining company and safeguarding the future of one of Ghana’s few operating indigenous large-scale mines.
The Ministry of Lands and Natural Resources, the Minerals Commission and Adamus Resources Limited have been directed to prepare a 12-month roadmap to turn around the operations of the mine.
The roadmap will be supervised by a six-member management team, comprising three representatives from Adamus Resources and three from the Government.
The agreement was reached following a meeting at the Presidency between the two sides, with discussions focused on resolving the dispute and finding a sustainable solution to the challenges facing the mining operation.
According to the Government, the roadmap will include a comprehensive plan to address liabilities owed by Adamus to the Ghana Revenue Authority (GRA), the Minerals Income Investment Fund (MIIF), financial institutions and suppliers.
The plan will also explore options for securing fresh capital for the company, including the possibility of bringing in additional partners to acquire equity in the mining operation.
Government Communications Minister and Spokesperson to the President, Felix Kwakye Ofosu, said the decision was intended to give the company an opportunity to recover while protecting the interests of the Ghanaian economy.
“The Ministry of Lands and Natural Resources, Minerals Commission and Adamus Resources Limited have been asked by Government to present a twelve-month road map for turning the mine around,” Mr. Kwakye Ofosu said.
He explained that the proposed management arrangement would ensure joint oversight of the turnaround process.
“The road map will include a six-member management team formed between Adamus and Government to supervise the turnaround of the mine.
The membership of the committee will include three members from the Adamus side and three members from the Government side,” he stated.
Mr. Kwakye Ofosu said the agreement was reached with the broader objective of preserving the mining operation and resolving outstanding issues between the parties.
“The agreement followed a meeting at the Presidency aimed at resolving the dispute between the two parties to salvage what is one of a few operating indigenous large-scale mines,” he said.
He added that settling the company’s outstanding financial obligations would form a critical part of the recovery strategy.
“The road map will include a plan for settling liabilities by Adamus to Ghana Revenue Authority, Minerals Income Investment Fund, financial institutions and suppliers,” he explained.
The Government will also support efforts to explore new sources of funding for the mining operation.
“The road map will also include exploring means to inject fresh capital by inviting additional partners to take up equity in the mining operation,” Mr. Kwakye Ofosu said.
The Government and Adamus Resources are expected to present the completed roadmap to the Presidency within two weeks, paving the way for the implementation of the agreed turnaround measures.
Story: Patrick Asford Boadu
