The Ministerial Review Committee on the Adamus Resources lease revocation has unearthed significant financial and regulatory irregularities, prompting considerable concern regarding potential revenue losses to the state from the company’s mining operations. Established by Minister of Lands and Natural Resources, Emmanuel Armah-Kofi Buah, the Committee was formed to rigorously review Adamus Resources’ petition against the revocation of its Nkroful, Akango, and Salman mining leases. The Committee’s primary mandate is to assess the extent of the company’s financial obligations to Ghana, specifically concerning royalties and taxes.
The Committee’s findings reveal a substantial arrears of GH¢86.78 million in royalties and GH¢119.04 million in taxes owed to the Minerals Income Investment Fund (MIIF) from 2020, and GH¢205.83 million in taxes to the Ghana Revenue Authority (GRA) from 2023. Furthermore, the Committee identified a concerning pattern of transfers exceeding US$224.61 million to related parties, including substantial transactions to companies in Mali. The Committee detailed that between 2020 and 2024, Adamus Resources transferred over 224.61 million dollars to related parties, including 123.14 million dollars to Mali companies, which undermined claims of financial stability and pointed to a deliberate non-compliance with statutory requirements.
The Committee’s investigation revealed a discrepancy of 6,580.04 ounces of gold between 2020 and March 2026. Analyzing data from the GRA and Minerals Commission records, the Committee identified a 6.58% discrepancy in gold production and shipment, highlighting a significant challenge in accurately verifying the company’s actual production and sales figures. Notably, the Committee noted that the Gold Production Book, a crucial statutory document, was missing, complicating efforts to establish precise gold production data. Using data from the GRA and Minerals Commission reports, the Committee discovered that the statutory gold production book was missing, which further complicated efforts to verify the actual volume of gold produced and shipped.
Furthermore, the Committee reported allegations from the Eastern Nzema Traditional Area that US$2.5 million of a US$10 million Community Development Fund remained unpaid, alongside eight years of unpaid royalties. Adamus was also reported to owe outstanding amounts to GOIL, GRIDCo, and other institutions. The Committee’s examination uncovered serious environmental permits for Adamus’ operations in the Ellembelle area, specifically two EPA permits issued in December 2024, despite covering periods that had already elapsed. One permit covered 2017 to 2020 but was issued four years after the end of the stated period. The Committee stressed that these circumstances raised significant concerns about Adamus’ operational history and potential violations of environmental regulations. The GRA records indicate that Adamus produced approximately 8.8 tonnes of gold valued at over US$1 billion between 2020 and March 2026. Despite the significant gold production, the Committee found that the company had accumulated substantial statutory obligations. The Committee described these breaches as ‘serious and fundamental,’ and recommended that the revocation of Adamus Resources’ mining leases be upheld. It also called for a comprehensive audit of the company and further regulatory and environmental enforcement. Chairman Prof. Jerry Samuel Yaw Kuma emphasized that Ghanaian ownership does not exempt any company from complying with the country’s laws and regulations. The report is expected to guide the government’s next steps on enforcement, revenue recovery, and the future of Adamus Resources’ mining operations.
Parliament must summon GRIDCo, Energy Minister, and other relevant stakeholders to address this matter, ensuring that the government’s oversight mechanisms are strengthened to safeguard the interests of Ghanaian citizens and the nation’s natural resources.
Watch Related Video
Source: Adom Online
