MIIF to transform mining sector into cornerstone of economy – CEO

The Minerals Income Investment Fund (MIIF) is aspiring to go beyond simply funding mining projects and is setting its sights on transforming the entire mining sector into a cornerstone of the country’s economy, Chief Executive, Edward Nana Yaw Koranteng, has said.

The position, he noted, forms part of the objective of the organisation, which is to create sustainable generational wealth.

“Our role at MIIF, is not only in funding or taking equity positions in mines, but towards the vision of creating a fully-fledged mining industry and for mining to be a first pillar of the economy. Our investment covers every single facet of the mining value delivery chain which includes investing in capacity building, research and development” he added.

This came to light during the MIIF and University of Mines and Technology (UMaT) Speaker Series 2024, which was held at Tarkwa in the Western Region.

It was on the theme: ‘Mining as an asset class; the rubrics of using the stock market as a growth pole for wealth generation.’

The event brought together academia and players in the mining industry.

Mr. Koranteng disclosed that there are four major investments in the sector, these includes; the MIIF Scholarship programme for women to bridge the gender gap in the mining sector and has also the establishment of the MIIF Scholarship Scheme for women at UMaT.

He also mentioned that the Scholarship Scheme starts in September this year and covers both undergraduate and post graduates. This is however open to only women or girls from needy families in the mining communities.

“The Ghana National Mining Museum under a collaboration with 20 mining companies and UMAT, MIIF is spearheading the development and construction of a mining museum here in Tarkwa,” Mr. Koranteng further disclosed.

Another, he said, is the establishment of a Minerals Testing and Technology and Innovation Centre in partnership with one of the most recognised names on the continent.

“Discussions have already commenced with the plan to have it constructed and commissioned within the next five years. This will be the second such advanced testing center in Africa and will serve the West Africa region,” he noted.

Also, Mr. Koranteng mentioned that plans are far advanced for the sod cutting of a Jewelry Making Training Center within the next two months at UMaT with expected completion in the next 14 months.

According to Mr. Koranteng, MIIF is about to pilot what has been described as the most revolutionary financing initiative for small scale gold mining in Africa.

“This initiative, termed the small-scale mining incubation programme, shall provide support for licensed small-scale gold mining companies from US$200,000 to US$5 million per mine,” he noted.

He said this will cover the provision of working capital and capital for mining machinery, ensure corporate governance structures, institute a traceability and tracking mechanism for the gold produced and provide a market for the gold produced through the MIIF Gold Trade desk.

He continued that MIIF, is also developing a physical Gold-Linked Exchange Traded Fund (MIIF Gold ETF), supported by sustainably mined gold from the Small-Scale Mining Incubation Programme.

The MIIF Gold ETF, he clarified, will be structured with gold as the principal underlying asset, for which the security will track the price of gold.

This will be the second gold backed ETF on the Ghana Stock Exchange after the South African GLD.

“We plan to list by September 2024,” the MIIF CEO confirmed.