The Ghanaian government is expected to replace the mining bill already submitted to Parliament with a revised version, after reservations voiced by industry companies, according to three sources cited by Reuters on Friday, 9 October.
The new version would restore a maximum term of twenty years for mining concessions. The text currently before lawmakers limits new leases to fifteen years or the planned life of the mine when that is shorter. The current regime allows up to thirty years, according to the Minerals Commission.
Two government officials and a mining executive said the twenty-year limit would match the position set out in July by the Minister of Mines. The sources did not specify when the revised bill would be reintroduced to Parliament.
The Ministry of Mines and the Minerals Commission did not immediately respond to Reuters' requests for comment. The announced change therefore still has to be written into a new parliamentary text and then go through the legislative process. It has not taken effect.
The Ghana Chamber of Mines has also requested clarification on the minister's power to require the issuance of a special share to the state. Its chief executive, Ken Ashigbey, said the consultations had produced acceptable compromises, while indicating that remaining issues would be discussed with Parliament.
The government had officially launched in August the revision of the 2006 mining law to tighten regulation, shorten certain procedures and increase local benefits. The duration of concessions is a sensitive point for investors, as it determines the time available to recoup often costly mining projects, without prejudging the tax, environmental and community obligations set by the future text.