Ing Ken Ashigbey, CEO of Ghana Chamber of Mines
The Chief Executive Officer of the Ghana Chamber of Mines, Edem Ashigbi, has challenged claims that Gold Fields acquired the Tarkwa Mine for just $30,000, describing the figure as a misrepresentation of the financial arrangements surrounding the company’s entry into the mine.
His response follows a public post by private legal practitioner Kofi Bentil, who questioned the terms of Gold Fields’ mining lease and argued that Ghana had effectively handed over a highly valuable mining asset for a relatively small amount.
Mr Bentil cited Clause 20 of the lease, which he said showed that Gold Fields paid only $30,000 for the Tarkwa Mine, and called for the cancellation of the lease.
However, Mr Ashigbi argued that the $30,000 figure did not represent the full financial consideration and payments associated with Gold Fields’ acquisition and subsequent mining operations at Tarkwa.
He explained that Gold Fields paid $3 million in 1992 and 1993 to access information on the then underground Tarkwa Mine, which was reportedly making losses and producing between 12,000 and 24,000 ounces of gold annually.
He also noted that Gold Fields operates under six mining leases at Tarkwa, five of which were issued in 1997, rather than 1993, when the company first took over the mine.
According to him, Ghana used a standard mining lease for applicants at the time, meaning the provisions cited in the Gold Fields agreement were not unique to the company.
He argued that the consideration stated in the standard lease should not be interpreted as the entirety of payments associated with acquiring and maintaining mining rights.
These, he explained, included annual mineral rights fees, ground rent, application fees and processing charges, among other statutory payments.
