The Ghana Manganese Company is projecting a strong growth in 2022.

This is coming on the back of the resumption in operations after shutting down in 2020.

The company which operates the Nsuta mine in the Western region has injected new capital into its plants and operations and is also on the cusp of discovering substantial deposits in both the Western and Savannah regions of the country.

All this came to light when the Chief Executive Officer of the Minerals Income Investment Fund (MIIF), Edward Nana Yaw Koranteng paid GMC a visit as part of his familiarisation tour of some selected companies in the Western Region.

GMC is 90% owned by the Consmin Group with the remainder 10% being the carried interest of the state. The mine has been running since 1914 and it is one of the oldest mines in the country.

Between 2019 and 2020, the mine was shut for about six months due to several reasons. The turnaround since the return of operations has been quick and very focused.

General Manager of the mine, Joseph Ampong said the prospects at Nsuta are good for the next 16 years.

“At present, we are mining on the average five million tons of carbonated manganese a year. At this rate we believe the mine can go on for a long time. We are truly committed to developing the mine.”

The Chief Financial Officer of the company, Joe Intsiful told MIIF boss, Edward Nana Koranteng, “We are excited about our prospects in the Western Region. It will take us about five years to build a proper mine. We are also prospecting in the Savannah region of Ghana. We believe there is some real potential there too.”

Manganese is a sought after additive that is used in the steel, electrical, and glass industries.

Chief Finance Officer, Joseph Ntsiful assured Edward Nana Yaw Koranteng of improved performance by the company due to the huge investment outlay.

“We have recently acquired new equipment and are optimistic about the operational efficiency of the mine. Our challenges are at the macro level. We are trucking 20 percent of our produce to the Takoradi port when railway is a better option in terms of cost and efficiency. We need the railway working.”

On the subject of royalties, although GMC had faced some initial challenges stemming from its long shut down which saw non-payment of royalties, Mr Koranteng expressed delight that GMC since February 2021 to date, they have been punctual with its royalty payments to MIIF.

Mr Ntsiful indicated that “we are up to date with our payments and will even do better in the coming years. We are very excited MIIF is here for us to engage and this has been truly fruitful.”

Edward Nana Koranteng shared the optimism of GMC charging them to seek innovative ways of engaging with MIIF to ensure more efficiency in working together.

“At MIIF, our focus is unchanging. We need to guarantee the future wealth of this country by making sure we receive the royalties on behalf of government and invest the royalties in a way that guarantees that future generations of this country will benefit from the minerals we mine today. Your story is refreshing. I have learnt today that Nsuta is actually derived from the ‘Nsuatite’ that was being mined here years ago, a bit like Tanzanide that became Tanzania.

"I would need you to be more innovative in engaging with MIIF so we can make the royalties regime from here even better and more efficient. This is our charge to keep for the people of Ghana and for future generations to come. I am happy about the prospects going forward; the employment opportunities, the desire to work with the railways, and the fact that the operations of the company are mainly run by Ghanaians.

"However it is incumbent on the company to invest in efficiency in order to be profitable. As a shareholder, we are not too pleased with the fact that GMC is not churning out the profits which affect dividend payouts to the state and ultimately affects MIIF’s investments on behalf of the State. In all you do, let's ensure that Ghana’s interest is put right at the centre and that Ghanaians benefit."

The Minerals Income Investment Fund ( MIIF) is responsible for managing Ghana’s equity interests in mining companies and holding and investing royalties from all mining companies on behalf of the State.