By JOE GURINA
THE recent payment of K20 million made to the liquidator of Tolokuma Gold Mine in Central province by the new developer Tolu Minerals Limited was not intended for landowner compensation, according to Chairman of the Yulai Landowner Association George Gusi.
Gusi, who represents the landowners of Tolokuma, clarified that the payments made in December last year were made to offset outstanding debts incurred by former developer of the mine, Asi Dokona, to service providers, including local employees.
Gusi made this statement in response to a recent query made by MP for Goilala Casmiro Aia, who had questioned Mining Minister Ano Pala on the status of the K20 million payment.
“Let me make it clear that this fund was paid by Tolu Minerals Limited to Pini & Advisors and not to the landowners as speculated in the media.
“The funds were intended to offset all outstanding debts incurred by Asidokona to all service providers under the regime of Asidokona Mining Resources as the then-owner of Tolokuma Gold Mine,’’ Gusi said.
He added that the liquidation of the mine came about when the former regime was debt-ridden during its operation from 2015-2016.
He said major contractors of the mine sued Asidokona in 2017 over their overdue unsettled bills that forced the company into liquidation as per the National Court direction after failing to offset accumulated debts incurred in its operation.
“Liquidation of the Tolokuma Gold Mine is essentially about converting all assets of the mine into cash, to offset its outstanding bills. Pini & Advisors have been engaged for this exercise by the National Court,’’ he said.
“The liquidator complied well with the court direction in recouping all mine assets and selling them to raise monies to offset the bills.’’
He further explained that the new developer, Tolu Minerals Ltd, contributed K20 million to assist the Liquidator when the monies raised from the sale of Tolokuma mine assets were insufficient to meet the excessive bills owed to the service providers.
Gusi also mentioned that he plans to submit a report on damages caused since the closure of the mine eight years ago.
