The Minerals Commission says Northern Ashanti Mines Limited, formerly Owere Mines, owed the State US$8.33 million in unpaid annual mineral right fees as of April 2025, leading to the termination of the company’s mining leases.

Chief Executive Officer of the Commission, Isaac Andrews Tandoh, disclosed this at a press briefing in Accra on Thursday, October 29, 2026, where he defended the decision to revoke the company’s mineral rights.

He said the company had repeatedly failed to meet its statutory payment obligations despite several notices and opportunities to settle the debt.

Mr Tandoh said Owere Mines acquired a mining lease covering 595 cadastral blocks in January 2010. Under Section 24 of the Minerals and Mining Act, 2006 (Act 703), and the terms of the lease, the company was required to pay annual mineral right fees to the Commission.

According to him, the company had accumulated more than US$4 million in arrears by May 2020, when the Commission issued a notice to remedy the breach.

Following the company’s transitional takeover by BCM Investments, it proposed paying the debt in four instalments. The Commission accepted the principle of the proposal in June 2020 but requested specific payment dates.

Mr Tandoh said the company failed to comply with the proposed payment arrangements.

The Commission issued further notices in November 2020 and October 2022. By October 2022, the outstanding debt had reached US$5.59 million, rising to US$6.188 million by December that year.

In April 2025, the Commission issued another notice covering unpaid fees on the mining leases and prospecting licences.

Mr Tandoh said the outstanding fees at the time comprised US$8.33 million for the mining leases and US$49,928 for prospecting licences covering 2019 to 2025.

The Commission subsequently notified the Minister for Lands and Natural Resources on April 7, 2026, recommending termination of the mineral rights over what it described as persistent and deliberate non-payment.

The Minister approved the issuance of a termination notice, after which the Commission proceeded to terminate the rights.

Commission disputes company's payment claims

Mr Tandoh rejected the company’s claim that the US$8 million figure cited by the Commission was inaccurate.

He said the debt had stood at approximately US$6 million by December 2022 and continued to accumulate because the company remained in default.

He also disputed the company’s account of payments made towards the outstanding fees.

“Our records show that the AMR actually paid by the Company amounts to US$300,000, paid in two tranches, and not the US$1,000,000 purported by the Company,” he said.

He questioned why the company had failed to settle the outstanding fees despite claiming to have invested US$200 million in the mine.

“For a company that claims to have spent US$200,000,000 on the mine, what prevented it from paying the US$8,000,000 owed to the people of Ghana?” he asked. 

Commission says terminated rights have reverted to State

Mr Tandoh said Northern Ashanti Mines had sued the Lands and Natural Resources Minister, the Minerals Commission and the Attorney-General over the termination.

He rejected the company’s suggestion that it was seeking dialogue, arguing that the matter was now before the courts.

“The Company duly acknowledged receipt of the termination notice, and yet it has chosen the courts. So, we advise that they should pursue the courts, not the court of public opinion,” he said.

He added that the mineral rights had reverted to the State following their termination, without affecting liabilities the company incurred before the termination.

“The Minerals Commission reserves the right, and shall pursue the Company, to pay all sums it owes to the State,” he said.

Mr Tandoh said the State also had a responsibility to protect the mining assets from encroachment and other illegal activity, citing Section 70 of Act 703.

He maintained that the Commission had acted lawfully and followed due process, insisting that the company had been given several opportunities to regularise its position.

“The Minerals Commission remains resolute in upholding the laws of this country without fear or favour and will not be distracted by media theatrics,” he said.