The Minerals Fee Deputy CEO has assessed Gold Fields’ exit from the Damang mine, accusing the South African mining big of reaping huge income from Ghana and reinvesting them overseas.
Isaac Andrews Tandoh, talking on Pleasure Information’ PM Categorical Enterprise Version, defended authorities’s resolution to imagine operational management of the mine after it rejected Gold Fields’ software to resume its mining lease.
The choice, introduced by the Lands Ministry on Wednesday, has stirred debate in each the enterprise and mining sectors.
Andrews Tandoh didn’t maintain again. “Final yr, Tarkwa and Damang mines revamped $600 million in revenue. How a lot of that stayed within the nation? Your guess is pretty much as good as mine,” he stated.
He described Gold Fields’ behaviour as exploitative, stressing that as a substitute of reinvesting in Ghana, the corporate selected to accumulate belongings in different nations.
“As an alternative of utilizing the revenue to develop the Damang mine, they had been slightly busy shopping for mines elsewhere, like Osisko in Canada. They purchased one other mine in Chile,” he stated.
“They will’t inform me it’s not revenue from Ghana. It’s tough to maneuver cash out of Australia. However from Ghana, that they had free will to maneuver cash round. And I’m saying, we are able to’t proceed on that path.”
The Minerals Fee boss additionally dismissed the concept capital constraints justify the dominance of overseas firms in Ghana’s mining sector. He stated native capability has grown considerably.
“Not like these days when individuals couldn’t entry funding, it’s a factor of the previous,” he insisted.
“BCM had superb Caterpillar financing. Engineers & Planners signed a $250 million cope with Caterpillar. Rockshore is buying tools value tons of of tens of millions to work in Ghana.”
Andrews Tandoh careworn that the federal government shouldn’t be on a mission to drive away all overseas mining companies.
“We’re not saying we’re going to chase all mining firms away. No. We’re going to assist them to do their work,” he stated.
However he added that preferential therapy should include accountability.
“After giving the 30-year lease to Gold Fields, authorities even bettered the scenario for them with a improvement settlement. That settlement waived a number of tax liabilities, particularly on gasoline,” he stated.
“Whereas Ghanaians had been crying over gasoline costs, these mines had been having fun with tariff waivers.”
He accused the corporate of specializing in stockpile therapy within the final two years slightly than precise mining.
“They’ve been taking free money from Ghana with out really working. And this can’t proceed. Ghanaians deserve higher,” he declared.
The Damang lease controversy is the most recent flashpoint within the dialog round useful resource nationalism, native participation, and honest benefit-sharing in Ghana’s extractive sector.
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