Gov’t gives Adamus Resources 12-month reprieve to revive mine
The Government has granted Adamus Resources Limited a 12-month reprieve to revive its mining operations, directing the Ministry of Lands and Natural Resources, the Minerals Commission and the mining company to jointly develop a turnaround roadmap.
The decision followed a meeting at the Presidency aimed at resolving the dispute between the Government and Adamus Resources and salvaging one of Ghana’s few operating indigenous large-scale mines.
Announcing the outcome in a statement, Presidential Spokesperson and Minister for Government Communications, Mr Felix Kwakye Ofosu, said the three parties had been tasked to submit the recovery road map to the Presidency within two weeks.
“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,” the statement said.
As part of the agreement, a six-member joint management team will be constituted to supervise the implementation of the turnaround programme.
The team will comprise three representatives from Government and three representatives from Adamus Resources.
According to the statement, the recovery plan will include measures to restore the mine’s operational and financial sustainability.
“The roadmap will include a six-member management team formed between Adamus and Government to supervise the turnaround of the mine,” Mr Kwakye Ofosu stated.
The Presidency said the plan would also provide a framework for settling Adamus Resources’ outstanding liabilities to the Ghana Revenue Authority (GRA), the Minerals Income Investment Fund (MIIF), financial institutions and suppliers.
In addition, the road map will explore options for attracting fresh capital into the mining operation by inviting additional partners to acquire equity in the company.
“The road map will also include exploring means to inject fresh capital by inviting additional partners to take up equity in the mining operation,” the statement added.
The Ministry of Lands and Natural Resources, the Minerals Commission and Adamus Resources are expected to complete the road map and present it to the Presidency within the stipulated two-week period for consideration and implementation.
Richard Aniagyei, ISD
