The government has terminated the mining leases of FGR Bogoso Prestea Limited, a decision announced by the Minister for Lands and Natural Resources.
This action follows recommendations from the Minerals Commission and the Attorney-General, following the country’s legal framework.
“The termination of the mining leases was necessary after extensive reviews and stakeholder engagements,” stated Minister Jinapor.
The government has terminated the mining leases of FGR Bogoso Prestea Limited, a decision announced by the Minister for Lands and Natural Resources,
This action follows recommendations from the Minerals Commission and the Attorney-General, under the country’s legal framework.
“The termination of the mining leases was necessary after extensive reviews and stakeholder engagements,” stated Minister Jinapor.
The decision was influenced by reports from the Minerals Commission and a Ministerial Committee, which highlighted the company’s failure to meet the conditions outlined in their mining leases.
On August 14, 2023, the Minerals Commission issued a notice to FGR Bogoso Prestea Limited to address breaches in their lease terms. Despite the company’s efforts to secure US$150 million to pay creditors and revive the mine, they failed to meet the conditions outlined in the conditional approval granted on April 17, 2024.
These conditions included the payment of outstanding salaries and demonstrating financial capability to operate the mine within 120 days.
A subsequent report from the Minerals Commission on August 19, 2024, confirmed the company’s non-compliance. An independent three-member committee corroborated these findings in their report submitted on August 29, 2024.
“The company has not fulfilled its obligations, leading to the termination of their leases,” Jinapor added.
The Minerals Commission has been tasked with mitigating any potential environmental impacts and engaging with new investors to rejuvenate the mining operations.
The Ministry of Lands and Natural Resources said they remain committed to the sustainable management of the country’s natural resources, ensuring transparency and integrity for the benefit of the country.
