Adamus saga: Review Committee uncovers GH¢205m arrears, gold shipment discrepancies
The Ministerial Review Committee on the Adamus Resources lease revocation has uncovered major financial and regulatory irregularities, raising concerns about potential revenue losses to the state from the company’s mining operations. The Committee was established by the Minister of Lands and Natural Resources, Emmanuel Armah-Kofi Buah, to review Adamus Resources’ petition against the revocation…
The Ministerial Review Committee investigating the Adamus Resources lease revocation has uncovered significant financial irregularities, revealing GH¢205.83 million in statutory arrears to the state from the company's mining operations. The Committee, established by the Minister of Lands and Natural Resources, found that Adamus owed royalties to the Minerals Income Investment Fund, taxes to the Ghana Revenue Authority, and annual payments to the Minerals Commission.
The company also failed to provide its statutory Gold Production Book, leading to a discrepancy of 6,580.04 ounces of gold between 2020 and March 2026. Additionally, the Committee discovered that Adamus had transferred over US$224.61 million to related parties between 2020 and 2024, which undermined their claims of financial difficulties.
The report recommends the revocation of Adamus' mining leases and calls for a comprehensive audit of the company, as well as further regulatory and environmental enforcement.
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