Government grants Adamus Resources 12-month window to revive mine
The government is seeking to revive operations at Adamus Resources Limited by exploring new investment and restructuring the management of the mining company. The move forms part of efforts to resolve outstanding challenges confronting the company and safeguard one of Ghana’s few operating indigenous large-scale mining operations. Following a meeting at the Presidency, government has […]
Ghana's government is aiming to revive the operations of Adamus Resources Limited by proposing a new investment plan and reorganizing the company's management structure. This initiative aims to address the issues plaguing the mine and ensure the preservation of one of the nation's few indigenous large-scale mining ventures. Following an executive meeting at the Presidency, the government has tasked the Ministry of Lands and Natural Resources, the Minerals Commission, and Adamus Resources with developing a 12-month recovery plan for the mine.
This plan will be overseen by a six-member team consisting of three representatives from both Adamus and the government.
A crucial aspect of the roadmap will involve tackling the company's financial commitments to the Ghana Revenue Authority, the Minerals Income Investment Fund, financial institutions, and suppliers. Additionally, the government seeks Adamus Resources to investigate avenues for funding the operation with new capital. This could come in the form of additional partners who would acquire equity in the mining business.
The ultimate objective is to provide a structured route for reviving the mine while resolving the conflict between the company and the government.
The Ministry of Lands and Natural Resources, the Minerals Commission, and Adamus Resources are expected to present the proposed recovery roadmap to the Presidency within two weeks. The decision was communicated through a statement issued by the President's Spokesperson and Minister for Government Communications, Felix Kwakye Ofosu.
Written by urgent.news from GBC Ghana's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
