Ghana gives Adamus Resources 12 months to revive mining operations
Government, Minerals Commission and Adamus Resources will develop a turnaround plan and jointly oversee efforts to restore the mine
The Ghanaian government has given 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 comes after the Presidency instructed the government and Adamus Resources to work together to salvage one of Ghana’s few operating indigenous large-scale mines.
The announcement was made by Presidential Spokesperson and Minister for Government Communications Felix Kwakye Ofosu, who said the three parties had been tasked with submitting the recovery roadmap 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,” said Ofosu.
As part of the agreement, a six-member joint management team will be established to oversee the implementation of the turnaround programme.
“The roadmap will include a six-member management team formed between Adamus and Government to supervise the turnaround of the mine,” said Ofosu.
The turnaround plan is also expected to address the financial pressures facing Adamus Resources, including outstanding obligations to the Ghana Revenue Authority (GRA), the Minerals Income Investment Fund (MIIF), financial institutions and suppliers.
The 12-month period will therefore give the company and government time to work through the mine’s operational and financial challenges, with the joint management team responsible for monitoring progress against the recovery plan.
