The Ghana Minerals Income and Investment Fund (MIIF) has acquired 14,514,286 shares in Asante Gold Corporation making it one of the largest shareholders.

MIIF was embroiled in controversy following government’s decision to push through the Agyapa Royalties deal which critics say will mortgage Ghana’s mineral resources.

The acquisition of the shares in Asante Gold is a first major move by MIIF with the Agyapa Royalties deal still on hold.

Asante Gold Corporation is a pure gold exploration and development company focused on developing high margin gold projects including the Bibiani and Kubi Gold mines.

A statement from the Corporation put the total value of the shares offered at CAD$101.98 million. Another firm, Emiral Resources Limited also acquired an additional 12,249,208 shares in the corporation.

The MIIF is government’s special purpose vehicle created by law to receive mineral resource royalties from mineral production in Ghana.

It has been mandated by government to build a world class minerals industry and to serve as a strategic lever for the economic transformation of Ghana and has reported GH¢1.9 billion under management.

At a recent inauguration of the new MIIF board, the Fund was emphatic it is determined to get the controversial Agyapa Royalties deal back on track.