Northern Ashanti Mines Limited (NAML) has described a statement issued by Minerals Commission on the unlawful revocation of mining lease of NAML as untruths and full of misrepresentation.
A statement issued on Tuesday by Minerals Commission justified its decision to revoke the mining lease of NAML but management of NAML has pooh-poohed the statement saying the statement is fraught with inaccuracies unbecoming of a Commission such as Minerals Commission.
In a counter-press release issued on Tuesday by NAML, the company said “the said press release is, with due respect, loaded with falsehoods,
untruths and half-truths which can only be borne out of an ulterior motive to destroy a Ghanaian company which has invested over two hundred million dollars (US$200,000,000) in a mine it took over in 2020.
“For the record, Northern Ashanti Mines Limited denies the claim by the
Commission of having satisfied the requirements of Section 68 of the Minerals and Mining Act 2006 (Act 703). No letter alleging any statutory breach was ever issued to NAML before the purported revocation of its lawfully acquired Mining Lease. The only letter received by the Company was the 30th April 2026 letter by which the Commission purported to revoke the Mining Lease and Prospecting License of the company”, the statement added.
Below is the full release
PRESS STATEMENT
FOR IMMEDIATE RELEASE
RE – MISREPRESENTATIONS OF FACTS AND UNTRUTHS IN PRESS
STATEMENT OF MINERALS COMMISSION REGARDING THE
UNLAWFUL TAKEOVER NORTHERN ASHANTI MINES
Northern Ashanti Mines Limited has taken note of a PressRelease by the Minerals
Commission defending its illegal takeover of the company’s premises in Konongo as being compliant and responds to the relevant matters as follows;
- That the said press release is, with due respect, loaded with falsehoods,
untruths and half-truths which can only be borne out of an ulterior motive to destroy a Ghanaian company which has invested over two hundred million dollars (US$200,000,000) in a mine it took over in 2020.
- For the record, Northern Ashanti Mines Limited denies the claim by the
Commission of having satisfied the requirements of Section 68 of the Minerals and Mining Act 2006 (Act 703). No letter alleging any statutory breach was ever issued to NAML before the purported revocation of its lawfully acquired Mining Lease. The only letter received by the Company was the 30th April 2026 letter by which the Commission purported to revoke the Mining Lease and Prospecting License of the company.
MINE SITE: P.O. Box 26. KONONGO, ASANTE-AKYEM – ASHANTI REGION GPS ADDRESS: AC-0015-7517 TEL: 030-3959142
HEAD OFFICE: #35 Nortei Ababio St. Airport Residential Area – Accra GPS: GA-118-5393
- Even though the 30th April 2026 letter made reference to a letter which had
allegedly been earlier served on the Company, no such letter had ever been issued to the company. The Company finds the claim and actions of the Minerals Commission perplexing and in complete bad faith.
3.1. NAML further considers the claim that the revocation is due to a debt of eight million three hundred and thirty-two thousand dollars ($8,332,000.00) and forty-nine thousand dollars ($49,000.00) owed by the Company in respect of the mining lease and prospecting license respectively, extremely bizarre and unfortunate as the Commission’s own financial records tell a different story. An audit communication by the Minerals Commission dated as recently as May 2026 pegged the total debt profile of Northern Ashanti Mines at about $ 2.4 million. This isseparate from a legacy debt of $8.3 million standingin the name of Oweri Mines, the company which operated the mine before the acquisition by Northern Ashanti. Regardless of this distinction, the Company has made payments of over $1 million to reduce its outstanding payments.
3.2. The Company has proposed to the Minerals Commission that since it
has been putting the relevant structures in place, including the setting
up of a gold processing plant since taking over in 2020, and not producing gold or earning revenue yet,it should be given time to clear its indebtedness. The Minerals Commission has at no point expressed
MINE SITE: P.O. Box 26. KONONGO, ASANTE-AKYEM – ASHANTI REGION GPS ADDRESS: AC-0015-7517 TEL: 030-3959142
HEAD OFFICE: #35 Nortei Ababio St. Airport Residential Area – Accra GPS: GA-118-5393
any disagreement to this proposal. The reliance on an alleged
indebtedness of NAML to revoke its mining lease and prospecting licence is thus bizarre and in bad faith.
3.3. The claim of the Company not having undertaken any meaningful
mining operations on the concession for a period exceeding two (2) years is most insincere. It fails to take into cognisance that responsible mining operations (not galamsey) in accordance with the laws of Ghana, involve mine development and investments into various aspects of the gold production process. In point of fact, the Minerals Commission has granted several permits for the company to embark on different projects including building a new plant and mining activity intended to stockpile ore for production once the mine returns to full activity. Indeed, two such permits were granted on 7th February 2026 and 17th February 2026. TheCompany, pursuant to these permits, is carrying out mining activity in the area, running both day and night shifts with its mining fleet. It is beyond comprehension how the Commission, whose representatives pay frequent visits to the site can claim that the Company which has invested over 200 million dollars to develop the mine, and has consequently procured many permits from the same Commission, is not carrying out any meaningful mining activity.
MINE SITE: P.O. Box 26. KONONGO, ASANTE-AKYEM – ASHANTI REGION GPS ADDRESS: AC-0015-7517 TEL: 030-3959142
HEAD OFFICE: #35 Nortei Ababio St. Airport Residential Area – Accra GPS: GA-118-5393
- Northern Ashanti Mining Limited has had to resort to the court to protect
its investment and commitment to building an indigenousGhanaian mining company capable of being a growth pillar of our economy, as touted by President John Mahama. The Company observes an emerging trend of horrible, unlawful takeovers of gold mining assets owned by Ghanaian enterprises and instigated or seemingly engineered by the Minerals Commission of Ghana. NAML is open to dialogue and a process that will not sour the investment climate for mining in Ghana.
Signed
MINE SITE: P.O. Box 26. KONONGO, ASANTE-AKYEM – ASHANTI REGION GPS ADDRESS: AC-0015-7517 TEL: 030-3959142
HEAD OFFICE: #35 Nortei Ababio St. Airport Residential Area – Accra GPS: GA-118-5393
source:www.senaradioonline.com
