Savannah Cement given ultimatum

Savannah Cement given ultimatum
29 January 2004

The Savannah Cement Company in Ghana has been given up to the middle of February this year to start the Buipe Limestone Project. Failure to comply with the directive would result in the revocation of the licence for other investors to be considered.
Mrs Cecilia Bannerman, the Minister of Mines who announced this in Parliament on Wednesday, said this follows the inability of the company to mobilise funds and make progress with its previous partners to undertake the project.

Mrs Bannerman said " a feasibility report released in 1995, established the suitability of the Buipe Limestone deposit for the manufacture of clinker and Portland cement subject to the upgrading by the addition of high grade limestone." "Government has been looking for an investor with the requisite financial, technical and managerial capabilities to undertake the project."

"In 2000, the Ministry of Trade and Industries, the promoters of the project, recommended Savannah Cement Company Limited for the grant of a mining lease to enable the company to undertake the project," she said. The Minister said consequently, the Savannah Company was on June 2000, granted a 30-year mining lease to enable them to implement the project but the company after failure to make progress with previous partners, was still looking around for funds.

She said although the company registered the project with UNIDO and the Ghana Investment Promotion Council’s (HGIPC) Industrial and Investment and technology Project Profile, for eventual matching with interested partners last year, this had yielded no results. Mrs Hannah Tetteh-Kpodar, NDC-Awutu Senya wanted to find out what the Ministry would do in the event that the company failed to attract suitable investors. The Minister said they would go ahead to bring in other investors.

Published under Cement News