Cassius Mining raises compensation claim against Ghana to $905 million

Cassius Mining has increased its compensation claim against Ghana to US$905 million in ongoing arbitration proceedings, a sharp rise from the earlier US$275 million.

The case, before the Permanent Court of Arbitration, is rooted in Ghana’s alleged failure to extend a prospecting licence agreement dated December 28, 2016.

Cassius argues that the revised figure, representing more than a 200% increase is largely due to rising gold prices and the loss of the full value and expected profits from its proposed mining project in Ghana.

The company has since filed additional witness statements and updated expert reports to support the new claim.

Ghana has filed its defence and is being represented by State Attorneys, with support from US-based law firm Foley Hoag, while Cassius is represented by Quinn Emanuel Urquhart and Sullivan.

The dispute dates back to 2023 when Cassius first initiated arbitration against Ghana. At the time, Ghana successfully challenged the jurisdiction of the tribunal, preventing the case from proceeding.

Cassius later initiated fresh proceedings, leading to the current arbitration process.

In a preliminary ruling in February 2024, the tribunal held that Ghana’s ADR laws apply and that the seat of arbitration is Ghana, not London as initially claimed by Cassius.

Meanwhile, concerns over a potential conflict of interest involving Dominic Ayine have resurfaced.

Ayine previously acted as legal counsel for Cassius before his appointment as Attorney-General and lead counsel for Ghana.

Although he has assured that he will act in Ghana’s best interest, the issue has returned to the spotlight following the significant increase in the claim and the state’s engagement of external legal support.

Hearings in the matter are scheduled to take place from June 15 to 19, 2026.