{"id":219110,"date":"2024-09-20T13:03:31","date_gmt":"2024-09-20T13:03:31","guid":{"rendered":"https:\/\/www.ghanamma.com\/2024\/09\/20\/fgr-bogoso-prestea-mining-leases-terminated\/"},"modified":"2024-09-20T13:03:31","modified_gmt":"2024-09-20T13:03:31","slug":"fgr-bogoso-prestea-mining-leases-terminated","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2024\/09\/20\/fgr-bogoso-prestea-mining-leases-terminated\/","title":{"rendered":"FGR Bogoso Prestea Mining Leases Terminated"},"content":{"rendered":"<p><\/p>\n<div>\n<p><strong><em>Samuel A. Jinapor<\/em><\/strong><\/p>\n<p>\u00a0<\/p>\n<p>The Minister for Lands and Natural Resources, Samuel A. Jinapor, has terminated the mining leases granted to FGR Bogoso Prestea Limited and directed the Minerals Commission to issue a notice of termination to the Company, in accordance with regulation 200(4) of L.I. 2176.<\/p>\n<p>This follows the advice and recommendation of the Minerals Commission and the Attorney-General, pursuant to article 88 of the Constitution, sections 5(1), 68(1) and 100(2) of the Minerals and Mining Act, 2006 (Act 703), and regulation 200(1) of the Minerals and Mining (Licensing) Regulations, 2012 (L.I. 2176).<\/p>\n<p>It would be recalled that some residents in the area recently protested and called for the termination of the leases.<\/p>\n<p>Subsequently, various groups, including the Ghana Mine Workers Union (GMWU) and more than 400 union members picketed the Ministry also for the termination of the company\u2019s leases.<\/p>\n<p>According to a release by the Public Relations Unit of the Ministry, the decision to terminate the mining leases was taken after reviewing various reports from the Minerals Commission as well as a Ministerial Committee constituted to review the operations of the Company, and after extensive engagement with stakeholders involved in this matter.<\/p>\n<p>It would be recalled that on 14<sup>th<\/sup> August, 2023, the Minerals Commission issued a notice to the Company, pursuant to regulation 200(3) of L.I. 2176, to remedy breaches of the terms of its Mining Leases.<\/p>\n<p>Following the expiration of the said Notice, the Company applied for certain approvals and \u201cNo Objections\u201d to raise up to $150,000,000 to pay its creditors and bring the mine back to life.<\/p>\n<p>Based on the application and representations of the Company, on 17<sup>th<\/sup> April, 2024, the Minister granted the Company Conditional Approval to restructure and raise capital within 120 days to pay creditors and operate the Mine, fully.<\/p>\n<p>However, the release said the report received from the Minerals Commission on 19<sup>th<\/sup> August, 2024, after the expiration of the 120 days on 16<sup>th<\/sup> August, 2024, demonstrates that none of these Conditions have been met.<\/p>\n<p>Subsequent to the Report of the Minerals Commission, the Minister constituted a three-member independent Committee to review the operations of the Company and make recommendations.<\/p>\n<p>The Report of the Committee, submitted on 29<sup>th<\/sup> August, 2024, confirms the Report of the Minerals Commission that the Company has failed to meet the above conditions.<\/p>\n<p>\u201cBased on the above reports, and on the advice and recommendation of the Minerals Commission and the Attorney-General, the Minister, after engaging with officials of the Company, the Ministry and the Minerals Commission terminated the Mining Leases of the Company on Tuesday, 3<sup>rd <\/sup>September, 2024,\u201d it said.<\/p>\n<p>The Minerals Commission has, further, been directed to engage with prospective investors to revamp the Mine as soon as practicable to bring back economic activities associated with mining in the area.<\/p>\n<p><strong>From Emmanuel Opoku, Takoradi<\/strong><\/p>\n<p><!-- CONTENT END 2 -->\n\t<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Samuel A. Jinapor \u00a0 The Minister for Lands and Natural Resources, Samuel A. Jinapor, has terminated the mining leases granted to FGR Bogoso Prestea Limited and directed the Minerals Commission to issue a notice of termination to the Company, in accordance with regulation 200(4) of L.I. 2176. This follows the advice and recommendation of the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":170718,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-219110","post","type-post","status-publish","format-standard","has-post-thumbnail","category-local-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>FGR Bogoso Prestea Mining Leases Terminated - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2024\/09\/20\/fgr-bogoso-prestea-mining-leases-terminated\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FGR Bogoso Prestea Mining Leases Terminated - Ghanamma.com\" \/>\n<meta property=\"og:description\" content=\"Samuel A. Jinapor \u00a0 The Minister for Lands and Natural Resources, Samuel A. Jinapor, has terminated the mining leases granted to FGR Bogoso Prestea Limited and directed the Minerals Commission to issue a notice of termination to the Company, in accordance with regulation 200(4) of L.I. 2176. 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