Northern Ashanti Mines Limited (NAML) has denied the Minerals Commission’s allegations that led to the revocation of its mining lease and prospecting licence, calling the regulator’s account "falsehoods, untruths and half-truths."
In a press statement, NAML rejected claims that it breached statutory requirements, accumulated debt or failed to conduct meaningful mining operations on its concession. The company said it had never been served with a notice of statutory breach before the Commission moved to revoke its licences.
According to NAML, the only communication received was a letter dated April 30, 2026, notifying it of the purported revocation. It disputes the Commission’s assertion that it had complied with Section 68 of the Minerals and Mining Act, 2006 before the decision was taken.
The firm also challenged the debt figures cited by the Commission, which claimed NAML owed $8.332 million for its mining lease and $49,000 for its prospecting licence. NAML stated that an audit communication issued by the Commission in May 2026 placed its debt at approximately $2.4 million, separate from a legacy debt of $8.3 million owed by Owere Mines, the previous operator of the mine before NAML acquired it in 2020.
It added that it had paid more than $1 million toward reducing its outstanding obligations and had requested additional time to settle the debt, citing its investments in mine development and the construction of a gold processing plant.
NAML also rejected the Commission’s claim that it had failed to undertake meaningful mining operations for more than two years. The company argued that mine development and infrastructure preparation for gold production constituted meaningful activity, even though commercial production had not yet begun. It cited permits issued on February 7 and February 17, 2026, which authorised the activities it was undertaking on the concession, with its mining fleet operating day and night.
Since acquiring the mine in 2020, NAML has invested more than $200 million and has resorted to the courts to protect its investment. The company called for dialogue to resolve the dispute and warned against what it described as a growing trend of unlawful takeovers of Ghanaian mining assets by the Minerals Commission.
“The Company observes an emerging trend of horrible, unlawful takeovers of gold mining assets owned by Ghanaian enterprises and instigated or seemingly engineered by the Minerals Commission of Ghana. NAML is open to dialogue and a process that will not sour the investment climate for mining in Ghana,” the statement concluded.
What follows is a legal battle that could set a precedent for how mining assets are regulated in Ghana. Stakeholders will watch closely for any court rulings or further negotiations between NAML and the Minerals Commission.
