The Revocation of Adamus License: The Inside Story
The Ministerial Review Committee has explained that the recent revocation of Adamus Resources Limited’s mining lease goes beyond allegations of illegal mining and regulatory breaches. The Ministerial Review Committee was established by the Lands and Natural Resources Minister, Emmanuel Armah-Kofi Buah, after Adamus Resources petitioned against the revocation of its Nkroful, Akango and Salman…
The Ministerial Review Committee has announced the revocation of Adamus Resources Limited's mining leases due to significant financial misconduct and regulatory breaches. The committee, chaired by Prof. Jerry Samuel Yaw Kuma, found that the company owed GHS205.83 million in statutory obligations to Ghana, including GHS86.78 million in royalties and GHS119.04 million in tax arrears.
Additionally, the committee uncovered that Adamus Resources transferred over US$224.61 million to related parties between 2020 and 2024, even while in significant arrears. The Committee identified substantial discrepancies in the company's gold production and export records, with estimated revenue variances amounting to US$27.13 million.
These discrepancies were deemed suspicious and indicative of deliberate non-compliance. The Committee also expressed concern over the financial impact on the Eastern Nzema Traditional Area, which was owed US$2.5 million in community development funds and faced infrastructure issues due to mineral extraction. The committee concluded that these breaches represented serious public-interest concerns and potential violations of constitutional trust placed in the nation's mineral resources.
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