News

MIIF’s Small Scale Mining Incubation Program

The decision of Goldfields Ghana Limited and Anglogold Ashanti to support the Community Mining Project (CMP) initiated by the government has been commended.
The Community Mining Project was initiated by the government to help create opportunities in mining for indigenes in mining communities and to curb the menace of illegal mining commonly known as ‘galamsey.’
Designed to create at least 2 million jobs across the country and to help eliminate the use of mercury in recovering gold, the CMP was first launched at Adomanu in the Ashanti Region. At its core, CMP is structured to make mining communities own concessions for use by the indigenes.
“We support the Community Mining Project,” senior executives of Anglogold Ashanti Iduapriem and Goldfields Ghana Tarkwa told the Chief Executive of MIIF at separate high-level discussions with the Fund.
This followed courtesy calls by the MIIF CEO and senior executives of the Fund to both mines.

Source: Graphic Online

MIIF to Increase Royalties

Royalty payments due the Government of Ghana from non-gold minerals such as Manganese, Salt, Limestone and Quarrying activities are set for an upturn due to an Inter-Agency collaboration framework and Task Force initiated by the Minerals Income Investment Fund (MIIF).
The framework is part of the strategic thrust of MIIF to enhance royalties collection, expand the royalties net and streamline communication on royalties payments of non-gold mining companies. The collaboration which was initiated in December 2021 has improved the efficiency in collections by the Ghana Revenue Authority (GRA) which is responsible for the collection of royalties on behalf of MIIF, the Ghana Standards Authority (GSA) which assesses standards and accurate production measurements of minerals and the Minerals Commission (MINCOM), the regulator of the mining sector.
Prior to the establishment of the inter-agency framework arrangement, operators in Quarrying, Limestone, Salt and Sand winning activities either did not honour payments or underpaid their royalties. Mineral Royalties are payments made by all mining companies to the Government of Ghana through MIIF for the right to continuous production from a particular mine. In Ghana, royalties are typically agreed as a percentage of gross or net production of every mineral including Salt, limestone, Sand Winning and Quarrying activities.

Source: My Joy Online

Ghana mining fund to invest $60 million in 2022 expansion drive

The fund responsible for managing Ghana’s mining royalties plans to invest up to $60 million this year in companies both within and outside the gold-producing nation, its chief executive told Reuters earlier this month. The Minerals Income Investment Fund (MIIF) bought about $20 million worth of shares late February in the Toronto- and Frankfurt-listed Asante Gold Corporation, which operates Ghana’s Bibiani Gold Mine.
By investing in firms with high growth potential and reviewing the strategies of collecting royalties from smaller firms, Koranteng said MIIF hoped to ‘widen Ghana’s royalty net’ and keep the fund growing.
This year, the fund has particular interest in industrial salt companies, which Koranteng says could become major suppliers to the region’s numerous gas and oil wells.
Starting in July, MIIF also plans to invest in about 400 small-scale gold mining outfits, in hopes of growing them into profitable mid-sized firms

Source: Africa Briefing

MIIF redeems Appiatse Pledge

The Minerals Income Investment Fund (MIIF) has presented relief items worth over Ghs 250,000 to the victims of the Appiatse dynamite explosion in the Prestea Huni Valley Municipal area in the Western Region. This is in addition to a Ghs 200,000 donation made to the Appiatse Support Fund, the government fund set up, purposely to receive cash donations towards the support and restoration of the victims.
The relief items including tents, foodstuffs, clothes and other provisions constituted a pledge made by MIIF on a fact- apprising visit to the Appiatse Relief Camp and the ground zero of the explosion earlier in February 2022. Residents at the camp during the needs assessment visit told the MIIF team that their primary needs are shelter which required more tents and long-shelf foodstuffs among other pressing personal items.
“Today, we have brought what you requested for when we came to see you,” Chief Executive Officer of the Minerals Income Investment Fund, Edward Nana Yaw Koranteng, told an enthusiastic gathering at the camp. “At MIIF we believe that whatever happens to you happens to all of us. In that spirit which is referred to as Ubuntu, we are because you are. It is our prayer that this token would help reduce your burden and bring you some restoration.”

Source: GhanaWeb

MIIF closes Asante Gold Deal

The Minerals Income Investment Fund (MIIF), Africa’s largest gold producer has acquired over 14.4 million ordinary shares in a historic investment deal in Asante Gold Corporation (“Asante”), a Mining Exploration and Development company listed on the Toronto and Frankfurt Stock Exchanges.
Asante purchased the Bibiani Mine from Resolute Mining Ltd in August 2021 and has since placed it on an accelerated development programme to bring the mine into production by the third quarter of 2022. Asante, listed on the Canadian and Frankfurt Stock Exchanges, closed a US$100 million round of private placements on the 25th of February 2022 for which MIIF acquired 20% at CAD$1.75 per common share (the “Offering).
This gives MIIF a total equity position of about 3.5% in Asante as a whole. The company has ambitions of becoming one of Africa’s top producing gold mines.

Source: My Joy Online

MIIF to become biggest minerals fund in Africa

The Chief Executive Officer of the Minerals Income and Investment Fund (MIIF), Edward Nana Koranteng, says the Fund is working towards becoming the biggest mineral fund for the mining industry in Africa within the nearest future.
The Minerals Income and Investment Fund was set up to manage the equity interest of government in large scale mining and all mining royalties paid as well as their investment.
Speaking during a courtesy call on the Western Regional Minister in Sekondi as part of his one-week familiarization tour of mining companies and their stakeholders in the region, Edward Nana Koranteng said the MIIF is set to have $500 million asset in three-years time as part of its vision which also concerns the mining communities.
“MIIF’s intention really is to become the biggest minerals fund in Africa, and we are actually on the way to achieve that. We believe that in three years time, we should have about $500 million asset under management, but our impact will not be felt if it does not impact the people. It wouldn’t also be to any purpose if we do not see the main mining communities like Tarkwa being transformed.”

Source: Citi News 

Page 14 of 14