MIIF lauds Goldfields and AngloGold support in Community Mining Project

The Chief Executive Officer of the Minerals Income Investment Fund, Edward Nana Yaw Koranteng has lauded the decision of Goldfields Ghana Limited and Anglogold Ashanti to support the Community Mining Project (CMP) initiated by the Government of Ghana.

The Community Mining Project was initiated by the government to create opportunities in mining for indigenes in mining communities and to curb the menace of illegal mining widely known as ‘galamsey.’

CMP which was launched in Adomanu in the North Adansi district in the Ashanti Region  is designed to create at least two (2) million jobs across the country and to eliminate the use of mercury in recovering gold. At its core, CMP is structured to make mining communities own concessions for the use of the indigenes.

“We support the Community Mining Project,” senior executives of Anglogold Ashanti Iduapriem and Goldfields Ghana Tarkwa told the Chief Executive of MIIF at separate high level discussions with the Fund. This  followed courtesy calls by the MIIF CEO and senior executives of the Fund to both mines.

“At Goldfields, we are supporting by giving some communities some of the older pits where we mined  so they can continue mining in a more structured way. Where it is practicable, we have released land in some areas” said Stephen Adu Baah, the General Manager of the Tarkwa mine.

“Although several communities are advocating the release of parts of their lands back to them which in a sense could be problematic as it could lead to a floodgate of unfettered community demands”.

Mr Adu Baah intimated that each request has to be considered but  handled carefully and uniquely, considering the strategic objectives of Goldfields and its ability to continue to attract the right kind of investment into its activities”.

The Managing Director of Anglogold Ashanti, operators of the Iduapriem Mine, Samuel Boakye Pobee similarly spoke of his company’s support for the Community Mining Project.

“We have a remarkable community approach and support whatever they community wants to do. This is crucial because we need the community members to do well in this mining venture as this stems the dangerous tide of encroachment and community friction.

The CEO of MIIF Edward Nana Yaw Koranteng commended both companies for being prompt on their Royalty payments to the state and added his profound appreciation for their support for the community mining Project.

“ The support from both Goldfields and Anglogold Ashanti, two of the biggest multinational mining firms  in the country for such an indigenous mining program is remarkable”.

He added that, MIIF has plans to incorporate the community mining program into a planned $500 million incubation program. MIIF with the support of the Government is developing a Small Scale Mining Incubation Program which is designed to provide long term financial support for licensed small scale mining entities in Ghana.

The incubation support would be in the form of a guaranteed offtake market, capacity building, provision of mining machinery and a traceability mechanism which allows Ghana’s gold from small scale mining to be traced and sold at a premium.

The community mining program aligns with MIIF’s formalisation strategy underpinned by the incubation program. At least, 368 licenses have been issued for the Community Mining Project. More than 20,000 miners have been trained and issued certificates in mining methods and environmental studies.

Some community mining projects have gotten off to a flying start with several thousand people already employed. Absorbing these into the mining incubation program would quicken the pace to the formalisation of the small scale mining sector.

MIIF

MIIF is a sovereign minerals fund mandated by the Minerals Income Investment Fund Act 2018, (Act 978) as amended, to maximise the value of dividend and royalties income accruing to the Republic of Ghana in a beneficial, accountable and sustainable manner and to monetize Ghana’s mineral wealth in a manner which would bring long term value to Ghana.

MIIF also has 100% ownership of Agyapa Royalties Company, the only state-owned gold royalties company in Africa. MIIF intends to list Agyapa on the London Stock Exchange and the Ghana Stock Exchange as planned later in 2022.

Wilberforce Asare

Asaase Radio 99.5 – tune in or log on to broadcasts online
99.5 in Accra, 101.5 in Bawku, 99.9 in Bimbilla, 100.3 in Cape Coast, 90.7 in Ho, 98.5 in Kumasi, 99.7 in Tamale, 89.5 in Tarkwa and 106.9 in Walewale
Join the conversation. Call: 020 000 9951 or 059 415 7777. Or WhatsApp: 020 000 0995.
#AsaaseRadio
#TheVoiceofOurLand