Minerals Fee Deputy CEO Isaac Andrews Tandoh has defended authorities’s resolution to imagine operational management of the Damang gold mine from South African mining big Gold Fields.
He says the corporate did not ship worth after many years of assist and beneficiant tax waivers.
In an interview on Pleasure Information’ PM Specific Enterprise Version, Mr Andrews Tandoh stated, “We gave them a growth settlement.
“That settlement gave them waivers on taxes. Tariffs have been taken off, particularly on gas. At a time when Ghanaians have been paying excessive gas costs, these mines have been having fun with exemptions.”
He stated Gold Fields was anticipated to reinvest earnings to develop the Damang mine. As a substitute, he claims, the corporate spent its earnings buying overseas property.
“As a substitute of utilizing the revenue to develop the Damang mine, they have been quite busy shopping for mines elsewhere—like Osisko in Canada and one other mine in Chile,” he acknowledged.
“They usually can’t inform me it’s not Ghana cash. As a result of it’s tough to maneuver your cash out of Australia. Ghana is among the few locations the place they’ll transfer it freely.”
The Minerals Fee boss didn’t mince phrases.
“After 30 years, after being given a growth settlement, you selected to deal with stockpiles within the final two years. It’s simply taking free money from Ghana with out truly working. And this can’t proceed.”
He stated the choice to not renew the lease was not a part of a broad clampdown on overseas companies.
“We’re not saying we’re going to change all mining corporations away. We’re going to assist them to do their work,” Andrews Tandoh clarified.
“However we’ll take it case by case. Ghanaians deserve higher.”
On the problem of capital, Tandoh dismissed claims that Ghanaian companies lack capability to run large-scale mines.
“Not like these days when folks couldn’t entry funding, it’s a factor of the previous. Now we now have native corporations getting there. BCM had Caterpillar financing.
“Engineers and Planners signed a $250 million take care of Caterpillar. Rockshore is shopping for tools price a whole lot of tens of millions of {dollars}.”
He expressed frustration that whereas native companies are stepping up, main worldwide gamers proceed to extract revenue with restricted reinvestment.
“Final yr, Tarkwa and Damang mines revamped $600 million in revenue. How a lot stayed within the nation? Your guess is pretty much as good as mine.”
Declaring that the Minerals Fee is set to make sure Ghanaians profit extra from the mining sector, Andrews Tandoh stated, “We will’t proceed on that focus on. It’s time to behave.”
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