The Minerals Income and Investment Fund (MIIF) has disclosed that it is currently in discussions with Newmont’s Akyem Gold Mine and its partner, China’s Zijin Mining Group, about acquiring a stake in the operation.
This move follows a previous announcement of a planned $1 billion sale of Newmont’s Akyem Gold Mine to China’s Zijin Mining Group, raising concerns over the potential loss of Ghana’s control over its valuable natural resources.
Speaking to the media, on November 16, the Chief Executive Officer of MIIF, Edward Nana Yaw Koranteng, explained the Fund’s commitment to ensuring Ghana maintains its strategic position in the mining sector. He noted that the ongoing negotiations aim to secure Ghana’s interests and safeguard its economic and resource sovereignty.
“I’m sure you are aware of the Akyem transaction where Newmont sold it Akyem mine to Zijing of China. We are still deliberating; we are still talking with Zijing and Newmont on us having a stake in that particular mine,” he mentioned.
In addition to the talks, Mr. Koranteng highlighted MIIF’s focus on diversifying investments within the mining industry. He referenced the Fund’s significant interest in critical minerals, such as graphite, which are essential for the global transition to renewable energy and electric vehicles.
“We are about to invest in graphite in the north. Graphite is a very important critical mineral, having lithium, graphite, manganese and iron ore positions Ghana very well when it comes to the critical minerals sector and that investment again like I said impacts whatever industrial policy that the Ghana government has,” he explained.
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