The Government of Ghana and Adamus Resources Limited have agreed to develop a 12-month road map aimed at turning around the operations of the mining company following a dispute between the two parties.
The agreement was reached after a meeting at the Presidency to resolve challenges surrounding the operation of Adamus Resources, described by the Presidency as one of the few operating indigenous large-scale mining companies in Ghana.
Under the agreement, the Ministry of Lands and Natural Resources, the Minerals Commission and Adamus Resources have been tasked by government to prepare the road map within 12 months.
A six-member management team will also be established to supervise the turnaround of the mine, with three representatives from Adamus Resources and three from government.
According to a statement signed by Felix Kwakye Ofosu, Spokesperson to the President and Minister of Government Communications, the road map will include measures to address liabilities owed by Adamus to the Ghana Revenue Authority, Minerals Income Investment Fund (MIIF), financial institutions and suppliers.
The plan will also explore ways of injecting fresh capital into the mining operation, including the possibility of bringing in additional partners to acquire equity in the company.
The agreement is expected to provide a framework for resolving the challenges that have affected the mining operation while positioning the company for renewed investment and improved operations.
The two sides are expected to present the completed road map to the Presidency within two weeks.
The development follows efforts by the government to resolve the dispute and safeguard the operations of Adamus Resources as an indigenous large-scale mining company.
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Source: www.kumasimail.com
