Northern Ashanti Mines rejects Minerals Commission’s $8.3m debt claim in lease revocation

Northern Ashanti Mines Limited (NAML) has challenged the Minerals Commission’s claim that it owes $8.3 million in mining lease fees, arguing that the amount represents outstanding obligations inherited from the mine’s previous operator.

In a press statement responding to the Commission’s defence of its decision to revoke the company’s mining lease and prospecting licence, NAML said its own outstanding debt stood at approximately $2.4 million, according to an audit communication it received from the Commission in May 2026.

The company maintained that the $8.3 million figure was attributable to Owere Mines, which operated the mine before NAML acquired the concession in 2020. It added that it had paid more than $1 million towards settling its own outstanding obligations.

NAML also disputed the Commission’s assertion that it followed the legal procedures required to revoke the licences under Section 68 of the Minerals and Mining Act, 2006 (Act 703).

According to the company, it was not served with any notice alleging a breach of statutory requirements before the revocation. It said the only communication it received was a letter dated April 30, 2026, informing it of the purported cancellation of its mining lease and prospecting licence.

The company said it had proposed a payment plan to clear its outstanding debt, explaining that substantial resources had been committed to developing the mine and constructing a gold processing plant since it took over the concession in 2020.

However, NAML said it had not yet commenced gold production or generated revenue from the project. It further argued that the Minerals Commission had not indicated any disagreement with its proposed payment arrangement, making the subsequent revocation on grounds of indebtedness unjustified, in its view.

NAML also rejected the Commission’s position that it had failed to undertake meaningful mining operations on the concession for more than two years.

The company argued that mining development requires considerable investment and several stages of preparation before commercial production can begin. It said the Commission had issued permits for various activities, including the construction of a new processing plant and the stockpiling of ore in preparation for production.

NAML cited two permits issued on February 7 and February 17, 2026, as evidence of authorisation for activities being undertaken on the concession. It added that its mining fleet was operating on both day and night shifts.

The company said it had turned to the courts to protect its investment and pursue its ambition of building an indigenous Ghanaian mining enterprise.

Beyond the immediate dispute, NAML raised concerns about what it described as an emerging pattern of unlawful takeovers involving mining assets belonging to Ghanaian-owned businesses, allegedly facilitated or initiated by the Minerals Commission.

The company warned that such developments could undermine investor confidence and affect efforts to build locally owned capacity in Ghana’s mining industry.

Despite the disagreement, NAML said it remained willing to engage in dialogue to resolve the matter in a way that protects its investment and preserves confidence in the country’s mining sector.

The Minerals Commission’s response to the specific allegations and arguments contained in NAML’s latest statement was not included in the company’s response.

Also read:

• Mahama must intervene; Northern Ashanti Mines takeover undemocratic – Former Obuasi East MP

• Minerals Commission justifies termination of Northern Ashanti Mines licences over $8.38m debt

Read the full response below:

Northern-Ashanti-Mines-Press-Statement-Response-to-Minerals-Commission

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