Northern Ashanti Mines challenges Minerals Commission over Konongo takeover, disputes $8.3m debt

Northern Ashanti Mines Limited (NAML) has challenged the Minerals Commission’s justification for taking over its Konongo premises, accusing the regulator of making false claims about its debt and mining activities.

In a statement responding to the Commission’s defence of the takeover, the company described the regulator’s account as containing “falsehoods, untruths and half-truths”.

NAML said it had invested more than US$100 million in developing the mine since taking it over in 2019. It accused the Commission of acting in bad faith and seeking to undermine a Ghanaian-owned business.

The company disputed the Commission’s assertion that it had met the requirements of Section 68 of the Minerals and Mining Act, 2006 (Act 703).

According to NAML, it received no notice identifying a statutory breach before the revocation of its mining lease and prospecting licence.

It said the only correspondence received was a letter dated April 30, 2026, communicating the revocation. Although that letter referred to an earlier notice, the company maintained that it had not received such a notice.

“The Company finds the claim and actions of the Minerals Commission perplexing and in complete bad faith,” the statement said.

NAML also challenged the Commission’s claim that the revocation related to debts of US$8,332,000 and US$49,000 associated with its mining lease and prospecting licence, respectively.

The company said an audit communication from the Commission in May 2026 put its debt at approximately US$2.4 million.

It argued that this was separate from a legacy debt of about US$8.3 million attributed to the mine’s previous operator.

NAML said it had paid more than US$1 million towards reducing its outstanding balance.

The company said it had requested time to settle its obligations because it was still developing the mine, including constructing a processing plant, and had not begun producing gold or earning revenue.

“The Minerals Commission has at no point expressed any disagreement to this proposal,” it said.

NAML rejected the claim that it had undertaken no meaningful mining operations on the concession for more than two years.

It argued that mine development and investment in processing infrastructure are essential to responsible mining.

The company said the Commission had issued permits for projects, including a new processing plant and mining activities to stockpile ore ahead of full production.

It cited two permits issued on February 7 and February 17, 2026, both due to expire on December 31, 2026.

NAML maintained that it was carrying out mining activities under those permits.

The company said it had turned to the courts to protect its investment and its ambition to build an indigenous mining business.

It also alleged an emerging pattern of “horrible, unlawful takeovers” of Ghanaian-owned mining assets, which it accused the Commission of instigating or facilitating.

Despite the dispute, NAML said it remained open to dialogue and a resolution that would protect confidence in Ghana’s mining investment environment.