Adamus Resources Owed Ghana GH¢205m in Royalties and Taxes, Review Committee Finds
A Ministerial Review Committee has uncovered significant financial discrepancies in the operations of Adamus Resources Limited, revealing that the mining company owes the Ghanaian state approximately GH¢205.83 million in unpaid royalties and taxes. The findings raise critical questions about revenue Ghana may have lost from the company's mining activities between 2020 and 2026.
What are the total statutory arrears owed by Adamus Resources?
The committee's findings, which emerged from the review of the revocation of Adamus Resources' mining leases, show the company owes GH¢86.78 million in royalties to the Minerals Income Investment Fund (MIIF) dating from 2020. Additionally, the company has GH¢119.04 million in tax arrears owed to the Ghana Revenue Authority (GRA) dating from 2023, plus US$2.56 million in annual payments owed to the Minerals Commission.
These figures represent funds that should have been paid to the state as part of the company's obligations for extracting Ghana's mineral resources. For a country whose mineral wealth is held in trust for its people, these unpaid obligations could deprive the state of revenue needed for public services, infrastructure, and national development.
How much money was transferred to related parties?
The financial concerns deepen when examining transfers to related parties. The committee's review of Adamus Resources' financial statements found that the company transferred more than US$224.61 million to related parties between 2020 and 2024. Of this amount, approximately US$123.14 million went to Segala Mining Corporation SA, Semico 1, and Semico 2 in Mali.
The committee rejected the explanation that the failure to meet statutory obligations was due to a lack of cash or temporary financial difficulties. Instead, the findings suggest that while significant statutory obligations remained outstanding, substantial amounts were being transferred to related companies.
What discrepancies exist in gold production records?
The committee also uncovered inconsistencies in the company's gold production and export records. Adamus Resources failed to produce its statutory Gold Production Book, forcing the committee to rely on Form 16A monthly returns and royalty returns submitted to the GRA, which also contained discrepancies.
Between 2020 and January-March 2026, differences between Form 16A records and GRA royalty returns amounted to 6,580.04 ounces of gold, with the associated revenue variance estimated at approximately US$27.13 million. The committee described some of the records as suspicious and concluded they had been prepared with the purpose of evading statutory liabilities.
What are the concerns from the Eastern Nzema Traditional Area?
The Eastern Nzema Traditional Area raised concerns over an alleged US$2.5 million outstanding balance from a US$10 million Community Development Fund. The Traditional Council also alleged that mineral royalties due to it had not been paid for eight years. These concerns were accompanied by complaints about inadequate infrastructure, deteriorating roads, flooding, and challenges associated with the Salman Resettlement Project.
How much gold did Adamus Resources record?
Records from the GRA indicate that between 2020 and January-March 2026, Adamus Resources recorded approximately 8.8 tonnes of gold, valued at more than US$1 billion. Under the applicable arrangements, 10% of the relevant proceeds was expected to be paid to MIIF. However, the company defaulted on its obligations to MIIF while also having outstanding tax obligations to the GRA.
What issues were found with EPA permits?
The review identified concerns about the timing of Environmental Protection Agency (EPA) permits issued to Adamus Resources for its operations in the Ellembelle District of the Western Region. One permit, EPA/EMP/313, covers operations at Salman and states the authorisation was valid from July 20, 2017, to July 19, 2020. However, the certificate was officially issued on December 19, 2024, more than four years after the stated validity period had expired.
A second permit, EPA/EMP/316, covers the Nzema Gold Mining and Processing Operation and states the authorisation ran from December 21, 2023, to December 20, 2026. The certificate was issued on December 16, 2024. The timing raises questions about how the company operated during periods when the relevant permits had either expired or had not yet been formally issued.
What happens next with the lease revocation?
The Ministerial Review Committee was established by the Minister for Lands and Natural Resources, Emmanuel Armah-Kofi Buah, after Adamus Resources petitioned against the revocation of its Nkroful, Akango, and Salman mining leases. The committee recommended that the revocation be upheld and called for additional regulatory, environmental, and financial enforcement measures, including a comprehensive audit of the company's activities.
The findings have raised broader questions about accountability in Ghana's mining sector, particularly regarding the accurate reporting of gold production, payment of statutory obligations, and the enforcement of environmental and mining regulations. The committee also identified outstanding debts owed by Adamus Resources to institutions including GOIL and GRIDCo, with further details expected to be released.