The Minerals Fee Deputy CEO says Ghanaian-owned corporations now have the monetary muscle and technical experience to run large-scale mining operations.
Isaac Andrews Tandoh was difficult long-held assumptions that capital constraints depart the sector within the palms of international multinationals.
Talking on PM Specific Enterprise Version on Pleasure Information, he defended authorities’s choice to imagine operational management of the Damang mine from Gold Fields after the South African large’s lease renewal request was rejected.
“Not like these days when folks couldn’t entry funding, it’s a factor of the previous,” he mentioned firmly.
“Now we have now teams and corporations in Ghana—have a look at BCM, Engineers and Planners, Rockshore—they’re all elevating tons of of thousands and thousands of {dollars} to finance tools and operations.”
He cited main offers involving native corporations to underscore his level.
“Engineers and Planners signed a $250 million take care of Caterpillar. BCM had sturdy Caterpillar financing. One other firm has over $100 million in financing from LIBE. Rockshore is shopping for tools price tons of of thousands and thousands to work in Ghana,” he mentioned.
Mr. Tandoh questioned the logic of protecting strategic mineral sources below the management of international entities that, in his view, prioritise revenue repatriation over native improvement.
“Final 12 months alone, Tarkwa and Damang Mines remodeled $600 million in revenue. How a lot of that stayed within the nation? Your guess is nearly as good as mine,” he remarked.
“We’ve gotten to that time the place this can not proceed. Ghanaians deserve higher.”
In line with him, authorities has handled Gold Fields greater than pretty, providing them beneficiant phrases that transcend a typical mining lease.
“After giving the 30-year lease to Gold Fields, the federal government even bettered the state of affairs for them with a improvement settlement,” he revealed.
“That settlement waived numerous their tax liabilities, particularly on gas.”
However as a substitute of utilizing their earnings to reinvest in Ghana, Mr. Tandoh claims the corporate centered on abroad acquisitions.
“They have been busy shopping for mines in Canada and Chile, Osisko and others. And so they can’t inform me that wasn’t from Ghana’s earnings,” he mentioned.
“It’s tough to maneuver cash out of Australia, however in Ghana, you’ll be able to transfer it freely.”
The Minerals Fee boss insists the federal government isn’t out to kick international buyers out of the mining sector.
“We’re not saying we’re going to alter all mining corporations away,” he clarified.
“We’re going to assist them to do their work. But it surely should be performed in a method that serves the folks of this nation.”
He expressed specific concern that within the ultimate two years of their lease, Gold Fields resorted to treating stockpiles slightly than totally investing in mining operations.
“That’s simply taking free money from Ghana with out truly working. This can not proceed,” he warned.
The takeover of the Damang mine comes at a time when authorities is below stress to make sure that Ghana derives larger worth from its pure sources.
Mr Andrews Tandoh’s remarks sign a extra assertive posture aimed toward defending nationwide pursuits whereas nonetheless encouraging accountable international participation.
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