Hon. Nii Osah Mills, Minister, Ministry of Lands and Natural Resources, The Republic of Ghana

After gold, Ghana is rich in aluminium, salt, manganese, lead and iron ore.

Ghana is well known for its mineral endowment, and economic stability is highly dependent on mineral resources. After approximately 13 months in office, what are your key priorities to develop and address some of the challenges in the sector?

Hon. Nii Osah Mills (NOM): One of the key challenges in the sector is the falling price of commodities. Ghana relies heavily on revenue from gold exports. We recognize that commodity prices are cyclical and this is not a challenge unique to Ghana. However, as government, we are working with the mining companies affected by the dip in the gold price to revamp and redevelop their operations, cut costs and take other measures to continue mining. Continue reading


Frederick Kwesi Attakumah, Managing Director, Ghana, and Eric Asubonteng, Head of Operations, Obuasi Mine, AngloGold Ashanti (Ghana) Ltd.

Can a joint venture with Randgold reinvigorate AngloGold Ashanti’s Obuasi mine?

AngloGold Ashanti’s Obuasi operation is emblematic of the Ghanaian gold mining industry but recently it has fallen on hard times. How is AGA looking to revamp the mine and make it economically viable once again?

Frederick Kwesi Attakumah (FKA): A number of factors, including the recent slump in gold prices left the Obuasi mine in quite dire straits. The operation has had to rely on support from Johannesburg to keep going, which is clearly not sustainable. Last year the company took the decision to ramp down activity and run the mine in limited operations mode, giving us space to address some of the outstanding historical issues. Obuasi previously made use of a highly inefficient labor model so the company spent $200 million retrenching the entire workforce and re-engaging a smaller number of staff. Over the past two years, the mine’s footprint has shrunk from a radius of nearly 8 kilometers (km), down to just 2 km. In parallel, we have been busy constructing the new decline into the mine, which will allow for much greater operational flexibility and improved access to deeper levels. Continue reading

Simon Meadows Smith, Managing Director, SEMS

MACIG Connect Series

“SEMS is committed to its long-term strategy of servicing the West African sub-region. We know that the mining industry in Ghana will rebound since downturns in this industry are cyclical.”

How would you describe the investment environment in Ghana and the West Africa region?

Simon Meadows Smith (SMS): Junior exploration companies have put a brake on exploration projects in Ghana. To mitigate this, SEMS has been working with mid-tier producers who have operating mines and therefore have a budget for exploration, albeit a reduced one. Today, our largest client is in Burkina Faso, a jurisdiction that has seen significant investment and growth in its mining industry over the last seven years. Ivory Coast is also generating enthusiasm among investors since it has a reliable energy supply, good infrastructure, and a trained workforce. Additionally, the Ivorian Ministry of Mines is doing an excellent job in processing license requests in a timely manner. Continue reading

Sulemanu Koney, CEO, Ghana Chamber of Mines

MACIG Connect Series

“Ghana is a good and reputed jurisdiction for mining investments. It has a long mining tradition and the state is committed to expanding opportunities in the sector.”

The Chamber of Mines published a recent study in partnership with the International Council on Mining and Metals (ICMM). Could you describe the scope of this project?

Sulemanu Koney (SK): Through our partnership with the ICMM, the Chamber of Mines among others sought to analyze and define how mining can deepen its support for Ghana’s development into a matured and diversified economy. The 2015 report provides insights into how the country can optimize value from its mining industry. Beyond the important fiscal contribution through the payment of royalties and corporate taxes to the government’s finances, Ghana’s mining industry can contribute to larger development goals. Mining can be a catalyst to transform the economy and a pivotal force in Ghana’s long-term growth plan. Continue reading

Douglas MacQuarrie, President, Asante Gold Corp.

MACIG Connect Series

The Kubi mine is located in the heart of Ghana’s “Golden Triangle.”

Douglas-MacQuarrie-WEBHow has Asante Gold evolved in Ghana since it raised its IPO in 2012?

Douglas MacQuarrie (DM): Since Asante Gold listed on the TSX Venture Exchange in February 2012, the company conducted greenfield exploration on an early stage concession, Fahiakoba. The property is posi-tioned in the center of Ghana’s “Golden Triangle,” adjacent to Perseus Continue reading

Michael F. White, President and CEO, IBK Capital Corp.

MACIG Connect Series

West Africa, especially jurisdictions such as Ghana and Guinea, continue to be important for IBK.

Michael-F-White-WEBCan you please provide a brief background into IBK Capital Corp.?

Michael F. White (MFW): IBK Capital Corp. is an independent and privately owned Canadian investment banking firm. IBK Capital was established in 1989 by a group of professional investment bankers from Merrill Lynch Canada Inc. Over the past 26 years, IBK Capital has Continue reading

Benjamin Aryee, CEO, Minerals Commission of Ghana

The Minerals Commission of Ghana promotes Ghana’s mining industry.

B.N.A.-Aryee-BLOG.jpgCould you provide us with an update on the Minerals Commission’s milestones over the past 18 months?

BA: Over the last two years, the Minerals Commission has continued its strategic focus of promoting the development of the mining industry in Ghana and enhanced governance through the management and regulation of the utilization of Ghana’s mineral resources. Production of gold and the other key minerals, have been increasing over the years. In 2012 gold production reached a highest ever of 4.3 million ounces, compared to 3.7 million ounces in 2011. Increases in the price of gold contributed to this growth, as did the legal, institutional and fiscal regimes that we have in place.

Continue reading