Jinapor Terminates FGR Bogoso Prestea Ltd’s Mining Leases
The Minister for Lands and Natural Resources, Samuel Abu Jinapor has announced the termination of the mining licences of FGR Bogoso Prestea Limited, the operator of the Prestea-Bogoso Mine.
The Minerals Commission has since been directed to notify the Company about the development.
According to the Minister, the move is in line with Article 88 of the Constitution, sections 5(1), 68(1), and 100(2) of the Minerals and Mining Act, 2006 (Act 703), and Regulation 200(1) of the Minerals and Mining (Licensing) Regulations, 2012 (L.I. 2176).
In a press statement, he said the decision was taken after reviewing various reports to review the operations of the Company, and after extensive engagement with all stakeholders involved in this matter.
Cause
The Ministry explained that termination of the leases has become imperative after the company failed to honour some conditions that were set for it earlier this year including the payment of outstanding salaries of workers within two (2) weeks, and completing payment by May 30, 2024; submitting evidence of payment to creditors of the Mine within 120 days; and fully operationalizing the mine also within 120 days.
“A report received from the Minerals Commission on 19th August 2024, after the expiration of the one hundred and twenty (120) days on 16th August 2024, demonstrates that none of these Conditions have been met.
“Subsequent to the Report of the Minerals Commission, the Hon. Minister constituted a three-member independent Committee to review the operations of the Company and make recommendations. The Report of the three-Member Committee, submitted on 29th August 2024, confirms the Report of the Minerals Commission that the Company has failed to meet the above conditions.”
Way Forward
The Ministry has since directed the Minerals Commission to engage prospective investors to revamp the Mine as soon as practicable to bring back economic activities associated with mining in the area.
Source: opemsuo.com/Hajara Fuseini
