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Ghana Suggests State Mining Rights
Ghana has unveiled a new mining bill aimed at increasing sector revenues and boosting local benefits by granting the Ministry of Mines the authority to issue a special free share to the state, which grants it veto rights over key transactions such as license transfers and asset disposals. The legislation also seeks to reduce the duration of mining licenses from 30 years to 15 years or the life of the mine, and to impose restrictions on the export of unprocessed minerals. The bill is intended to replace the Minerals and Mining Act of 2006, while maintaining the current 10% government stake in projects. It also proposes fines of up to $150,000 for companies that fail to issue such shares within two months. The mining sector accounts for approximately 14% of Ghana’s gross domestic product and over half of its exports. The government aims to generate greater revenue from mineral resources and enhance local value addition. Mining companies have called for further consultations before the law is enacted, including proposals to shorten license durations and establish veto rights for the state, reflecting Ghana’s efforts to diversify its revenue sources from mineral wealth.
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