Business News of Wednesday, 26 January 2022
Source: www.ghanaweb.live
2022-01-26Ghana to lose over US$1.7 million every week after MAXAM shut down - Chamber of Mines
Chief Executive of the Ghana Chamber of Mines, Sulemanu Koney
MAXAM Company Ltd ordered to shut down after Apiate explosion
Bogoso-Apiate explosion displaces residents
MAXAM, logistics company to remain closed till investigations are done, Lands Minister
The Ghana Chamber of Mines says the country will lose huge sums of money if actions to get MAXAM to resume operations are not expedited.
He says most mining companies that
Read full articleget explosives from MAXAM Company Limited may have to shut down if the company does not resume soon.
MAXAM was shut down last week after orders by the Minerals Commission to allow for investigations into last Thursday’s explosion at Bogoso to be conducted.
According to the Minerals Commission, investigations have been launched into the explosion which claimed about 14 lives, whiles displacing dozens of others in the Apiate community.
However, the Ghana Chamber of Mines is calling for those investigation processes to be fast-tracked to avoid any impending losses.
Speaking to Joy Business in an interview, Chief Executive of the Ghana Chamber of Mines, Sulemanu Koney said Ghana could be losing 1.7 million dollars every week in Royalty Payments alone if operations aren’t resumed as soon as possible.
“The envelope calculation we did yesterday, I think it comes to about 1.75million dollars a week, just per way of Mineral Royalties. If the mining companies run out of explosives and they can’t get alternative supply and everything grinds to a halt, then that’s the impact. I’m sure the Minerals Commission is also aware so all of us jointly are working around the clock for this to be resolved quickly, when you have a catastrophe like this it stands to reason that there will be challenges with the system”.
He is calling on stakeholders to fast-track the processes for the company to get back into business.
“Most of the companies’ supply are on the edge currently as we speak, they don’t have adequate stock. Most of them leave effective in turn delivery just a day or two at a time. So, in terms of production, without explosives, you cannot blast, you cannot mine, we all know it is a straightforward thing. It will affect government as well,” he added.
