Business News of Wednesday, 30 May 2012

Source: GNA

Review of investment agreements with mining companies operating in Ghana begins

A review of stability and investment agreements with mining companies operating in Ghana has begun.

The Government Team on Review and Renegotiation of Mining Agreements, established earlier this year to review the mining regime in the country, re-negotiate related stability and investment agreements, and make recommendations for ensuring that the benefits of mining are equitably shared by all major stakeholders has started work.

A statement issued by Mr. Ben K. Afari, Administrative Officer to the Committee in Accra on Wednesday, and copied to Ghana News Agency said the Team had invited representations from mining sector parties, including civil society groups.

An introductory meeting was held with the Chamber of Mines on May 16, with others expected to follow.

In discharge of its mandate as it relates to stability and investment agreements, the Government Team opened discussions with representatives of Newmont Ghana Gold Limited on May 17.

Newmont Ghana, which operates a gold mine in the Brong Ahafo Region and is developing a second gold mine in the Eastern Region, entered into an investment agreement with the Government in December 2003.

In the discussions with Newmont Ghana, the parties expressed their willingness to engage in the talks in a spirit of cooperation and good faith, taking account of current conditions and seeking to ensure sustainable relations over the life of the mines.

Progress in the talks will be reported from time to time, as appropriate.**