Cassius Mining despite suffering setbacks at the Permanent Court of Arbitration in its claim of US$275 million against Ghana between 2023 – 2024 now seeks a whooping US$905 million against Ghana at the same forum. According to Cassius Mining, their claim against Ghana arises out of the failure of Ghana to extend the term of their Prospecting Licence Agreement dated 28th December, 2016.
The new amount in damages of US$905 million, a whooping 225% increase against the Republic of Ghana according to Cassius Mining arises “largely from increases in the price of Gold“. Ghana has filed its defence to the claims of Cassius Mining. Cassius Mining on the 31st day of March, 2026 has also filed its reply to the defence memorial filed by Ghana.
In addition to the reply filed by Cassius, it has also filed further witness statements and their updated independent expert reports which specifies damages of US$905 million. According to the Claimant-Mining firm who are represented by Quinn Emanuel Urquhart & Sullivan, the failure of Ghana to renew its prospecting licence has caused it to lose “the entire value and profits of their gold project in Ghana.”
Ghana at the Arbitration contest shall be represented by State Attorneys with assistant from the international law firm headquartered in the United States of America, Foley Hoag.
Cassius’ defeats to Ghana
Cassius Mining on the 3rd day of February 2023, commenced international arbitration at the Permanent Court of Arbitration (PCA) against the Republic of Ghana for failing to extend the term of its Prospecting Licence Agreement dated 28th December, 2016 and claimed compensation in excess of US$275 Million.
Ghana objected to the jurisdiction of the Permanent Court of Arbitration (PCA). Ghana’s objection was sustained by the PCA who accordingly refused to constitute a tribunal for the hearing of the matter as filed by Cassius.
Cassius subsequently instituted fresh arbitral proceedings. The then A-G, Godfred Yeboah Dame applied to the High Court and obtained an injunction on 31st July 2023, restraining Cassius from pursuing any arbitration outside Ghana under the Prospecting Licence Agreement.
Despite the 31st July, 2023 injunction order against Cassius, it resorted yet again to international arbitration proceedings against Ghana for US$275 Million. Yet again, the then Attorney-General, Godfred Yeboah Dame who led a team of State Attorneys including the Solicitor-General raised a plethora of objections to the new arbitration proceedings.
On 27th February, 2024, the arbitral tribunal in a determination of the preliminary issues affirmed, among others, that the Claimant was not entitled to invoke the arbitration provisions contained in Act 703 (as contended by Ghana). The tribunal further held that the UNCITRAL Rules do not apply to the proceedings and that, the ADR Act of Ghana is what applies to the proceedings. The tribunal also held that the seat of the arbitration is Ghana, and not London, as claimed by the Claimant.
Godfred Yeboah Dame in the company of the Solicitor General, the respected Helen Ziwu, Diana Asonaba Dapaah, then DAG, Reginald Odoi & others after international arbitral proceedings
Ayine’s Conflict of interest
The appointment and swearing in of Dr. Dominic Ayine, the former lawyer of Cassius Mining against Ghana sparked concerns for lawyers and members of Parliament upon his vetting as the Attorney-General and lead lawyer for Ghana given the renewed fight of Cassius Mining at the Peace Palace on the 24th day of December, 2024
Upon being quizzed of his conflicted position, the learned Attorney-General said he shall ensure Ghana’s best interests. A summary of his answer as posed by Hon. John Darko is cpatured in the image below:
Concerns over his conflict of interest has resurfaced upon the filing of the over 200% increase in the claims of the Claimant-Mining Firm and the procurement of the services of Boston-Headquartered Law Firm, Foley Hoag to assist Ghana resist the claims of Cassius Mining.
Hearing in June
Hearing of the matter at the Peace Palace for the US$905 million claim against Ghana brought by Cassius shall come off between 15-19th June, 2026. Ghana is expected to file its final reply with all supporting documents if it intends to reply to the reply filed by Cassius wherein they increase their claim from US$275million to US$905 million.
