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Zoomlion go into Mining operations

By Fred Sarpong
A subsidiary company of Zoomlion Ghana Limited (ZGL), a well renown sanitation company in Ghana is one the three strategic investors who have been shortlisted to take over Ghana Consolidated Diamonds (GCD) Limited at Akwatia in the Eastern Region.
The Great Consolidated Diamond Limited (GCDL) is the company and has been shortlisted by the Government of Ghana through Divestiture Implementation Committee (DIC), alongside with two other firms for possible takeover. The two other companies are Jowac Company Limited and Balaji Company Limited.
In a telephone interview with Oscar Provencal, Public Relations Officer (PRO) at Zoomlion Ghana, he confirmed that GCDL is a subsidiary of ZGL but declined to speak further.

Business Week can confirm that the management of GCDL have tabled US$80 million as the investment capital for Akwatia diamond while the other two firms have proposed between US$50 million and US$70 million.
Information gathered indicated that DIC has submitted all the details about these companies to Cabinet after a thorough background investigation was conducted about them and soon the winner will be announced. However, Parliament will be given final approval.

Zoomlion Ghana Limited has set up other subsidiary companies in order to help build the economy of Ghana. One of such companies is J.A. Plant Pool, dealing in transportation services in the country. This company has been the main importer of Yuton buses into the country.

About 30 companies expressed interest in taken over GCD and did applied but however, 18 put in bids, with only three of the firms met the criteria.
Workers of the GCD at Akwatia in the Eastern Region were declared redundant in August 2007.

More than 851 workers of the GCD were affected by the redundancy exercise when the mine closed down as a result of under capitalization and the use of obsolete plant and machinery in 2007.

Following agitation by the workers, the government made available US$7.4 million for the settlement of the worker's severance benefit with the balance expected to be paid after the company had been divested.

Payment of the severance of US$3.7 million, representing 50% of the total amount was paid last year December to the workers while the remaining 50% was supposed to be paid last month ending.

Assemblyman for the GCD Electoral Area at Akwatia, John Osdorn Balaji told Business Week in a telephone interview from Akwatia that the remaining 50% has not been paid to the workers as they were promised March ending the government.

However, he indicated that the Minister of Lands and Natural Resources, Mark Hammah who visited the area recently promised them that government is working assiduously to settle all debts remaining including their severance awards.

During the part payment of the workers severance, some of the staff had severance of GH¢600 while some also got GH¢30,000.

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