The government has given Adamus Resources Limited a 12-month window to restructure its operations and restore the financial health of the indigenous large-scale mining company.
The decision follows a meeting held at the Presidency on Friday, August 21, to address challenges confronting the company and prevent further deterioration of its operations.
Under the arrangement, the Ministry of Lands and Natural Resources, the Minerals Commission and Adamus Resources will jointly develop a detailed turnaround plan for the mine.
Implementation of the plan will be supervised by a six-member management team made up of three representatives from government and three from Adamus Resources.
The team will be responsible for monitoring measures aimed at restoring production, improving the mine’s financial position and ensuring the sustainability of its operations.
As part of the roadmap, the parties are expected to develop a strategy for clearing the company’s outstanding obligations to the Ghana Revenue Authority, the Minerals Income Investment Fund, financial institutions and suppliers.
Government and the company will also consider ways of mobilising additional capital to support the mine, including the possibility of bringing in new investors to acquire equity in the business.
The parties have been given two weeks to submit the proposed 12-month roadmap to the Presidency for consideration.
The intervention is aimed at preserving Adamus Resources as one of Ghana’s indigenous large-scale mining operations while addressing the financial and operational difficulties threatening its continued viability.
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