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Ghana To Lose $1.75m Weekly If Maxam Doesn’t Resume Operations – Ghana Chamber Of Mines

Ghana To Lose $1.75m Weekly If Maxam Doesn’t Resume Operations – Ghana Chamber Of Mines

Most mining companies that receive the supply of explosives from Maxam may have to cut production if moves to get Maxam to resume production is not fast-tracked.

Maxam was shut down last week after orders from the Minerals Commission.

This was due to the explosion at Apeatse in the Bogoso area of the Western region in which a vehicle belonging to the company and carrying explosions sparked, claiming about 14 lives.

Speaking exclusively to Joy Business, Chief Executive of the Ghana Chamber of Mines, Suleman Koney, said the country will lose a lot if Maxam is not assisted to resume operations.

He also called for quick action on the investigation in order for the company to resume operation since most of the mining firms are running out of stocks.

“Out of the calculations we did as a Chamber indicates that a lot of revenue will be lost at least to the tune of $1.75 million on royalties per week. If this is for royalties alone, then you can imagine the other forms of taxes and levies mining firms may have to pay after production and its impact on government revenue.”

“I can tell you it’s really a big blow to the industry and government; trust me, most of the companies are on the verge because stocks may be running out and without explosives, we cannot blast or do any major mining activities,” he said.

The incident that happened is currently under investigation by the relevant agencies to ascertain its cause.

The CEO also assured that the company will bounce back strongly to make Ghana’s mining industry the best on the continent.

The Chamber has presented some relief items to the affected victims and the community to aid their recovery process.