Frimpong Boateng in the dead end of a mining concession

General News on Thursday, January 31, 2019

Source: Starrfmonline.com

2019-01-31

The Minister of Science, Technology, Environment and Innovation, Professor Kwabena Frimpong Boateng, has been accused, in some reports in circulation, of being unfairly mining concessions in the country.

The report states that the minister still retains a 30% interest in a mining company, Symphony Limited, a company that manages the five concessions.

Symphony Ltd., a company incorporated in 1990 that was authorized to operate as a general trader and representative of the manufacturer, and not in the mining sector, would have proceeded to obtain five mining concessions.

In January 2014, the minister allegedly sold 60,000 GHC shares in the company, representing 30% of Yaw Badu's capital. His wife, Agnès Frimpong-Boateng, also reportedly transferred 80,000 GHC shares, or 40%, to the same Yaw Badu.

Documents suggest that the company has obtained 5 prospecting licenses in the Gyapekrom area, namely: Nwenem, Asiri, Gyapekrom, Baabiareneha and Adomesu.

On November 14, 2014, Professor Frimpong Boateng, as director of Symphony Limited, reportedly wrote to the Minerals Commission informing him that Symphony Limited was removing three of its five concessions and intended to retain only Baabiareneha and Adomesu.

On April 15, 2015, the Commission allegedly wrote to accept Symphony's decision to cancel the three prospecting licenses. Under Ghana's mining legislation, once the license is released, it is free and awarded to any mining company wishing to acquire it on a first-come, first-served basis. In this case however, the 3 exploration licenses abandoned by Symphony would still be reserved for the company.

Mining experts estimate that the development will cost the state about $ 250,000 in revenue, which is a conservative estimate of the payment of annual mineral rights royalties for the three PLs reserved for four years from 2015.

Annual mining rights fees for the Adomesu and Baabiaraneha licenses are USD 18,048 and USD 23,968, respectively.

Symphony also reportedly delayed the payment of mining rights. Under the Mineral and Mining Licensing Regulations, Symphony is required to pay the annual royalty no later than 90 days before the expiry of the mining right, failing which the PL may be suspended or terminated.

In October 2017, a letter from the Commission, signed on behalf of the CEO, notified Symphony that both licenses had expired on March 22, 2017. By law, the renewal fee was due in December 2016.

Reacting to these claims, Professor Frimpong Boateng told Starrfmonline.com Thursday that the charges have been collected by some people to tarnish his reputation.

"I have not done anything wrong, it's a long and complicated problem and people do not understand. I saw such reports myself but I did not do anything wrong. When I revoked the license of a company working in one of these concessions, they thought I had an interest, but later on, the finance minister went on to say that I had an interest in it. went on the spot and realized that he had found that I was right.