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Ghana to adopt new formula for royalties in mining sector

gold_bars

Dividends accruing to Ghana from mining activities should increase significantly with the adoption of a new formula for calculating the figure. The new system has become necessary as the country is reported to have been losing millions in revenue to the mining sector over reports of little or no profits by the mining companies. These among others are the key ...

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Mine workers threaten legal action against redevelopment of Obuasi mine

Mineworkers in Ghana

The National Coalition on Mining, (NCOM) and the National Mine Workers Union are threatening to take a legal action against government should Parliament ratify an agreement before the House to allow a redevelopment of the Obuasi mine. Government and Anglogold Ashanti in February this year, signed a regulatory and fiscal agreement that will provide the framework for the redevelopment of ...

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Dr. Bawumia hits mining companies for exploiting Ghana

Bawumia

The Vice President, Dr. Mahamudu Bawumia has strongly indicated that government will not accept the instances where mining companies declare no profit yet engage in active production to avoid paying dividend to government. Dr. Bawumia who expressed disquiet about the development disclosed that mining companies operating in the country have since 2012 refused to pay dividend to government, stating that ...

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GRA to set up int’l commodity prices monitoring desk

GRA Commissioner, Emmanuel Kofi Nti

The Ghana Revenue Authority (GRA), has said that it is setting up a desk at its headquarters which is going to be dedicated to monitoring the prices of commodities on the world market. The desk, according to the GRA, will help it reconcile prices of gold and other commodities to that are reported by local producers and exporters. “We want ...

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ACEP demands swift passage of mineral revenue management law

Benjamin Boakye - Executive Director of ACEP

The African Centre for Energy Policy (ACEP) wants the government to make do its promise of passing the Mineral Revenue Management Law to track revenue made in the mining sector. The government is yet to pass the law almost two years into its administration. A development, ACEP believes raises concerns on the future of investments in developing mining communities. The ...

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Newmont deaths: Union demands benefits for contract workers

Newmont-Ahafo-Mines-collapse-5

The Ghana Mine Workers’ Union has told Citi Business News it will not renege on its quest to seek improved working conditions for contract employees in the mining sector. The union maintains that the move should afford such workers all the benefits that are due full time employees and secure their welfare. The remarks follows an accident at Newmont Ghana’s ...

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Six persons die at Newmont Ghana’s Ahafo site

Newmont Ghana

At least six persons have died with others sustaining various degrees of injury following an accident at Newmont Ghana’s Ahafo mine site. The incident occurred on Saturday April 7, 2018. Information available to Citi Business News indicates that the fatalities occurred when a reclaim tunnel roof collapsed on the workers who were engaged as part of the mining company’s Ahafo ...

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Goldfields, Asanko announce 50-50 JV

Goldfields

GoldFields Ghana and Canadian mining company, Asanko Gold have announced a fifty-fifty joint venture partnership agreement on Asanko Gold Mine ‘s concession located in the Ashanti region According to the agreement, Gold Fields will pay Asanko Gold a total of 185 million U.S dollars to buy the 50% interest in Asanko’s concession located in  Nkran and Esaase in the Ashanti. ...

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Amewu blasts AngloGold over ‘propaganda’ local content forum

John Peter Amewu

The Minister for Lands and Natural Resources, John Peter Amewu has lashed out at mining company, AngloGold Ashanti, describing a gathering it organized on local content participation as a ‘propaganda’. Mr. Amewu, who sounded angry and betrayed by AngloGold Ashanti, recounted how the mining company had gone ahead to shortlist two foreign companies for a service government was engaging it ...

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Aker Energy quickens process to start oil drilling in 2021

CEO of Aker Energy - Jan Arve Haugan

Norwegian oil company, Aker Energy, has disclosed to Citi Business News it is hoping to start its oil exploration activities in Ghana by the end of 2021. The company explains that it is working to complete the necessary processes to get clearance from the government to start operations. The CEO of Aker, Jan Arve Haugan outlined the company’s investment plans ...

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Citi Business News