Cassius Mining hikes compensation claim against Ghana to $905 million

Cassius Mining has significantly increased its compensation claim against Ghana to US$905 million in an ongoing arbitration case, up from an initial US$275 million.

The dispute, currently before the Permanent Court of Arbitration, stems from Ghana’s alleged failure to renew a prospecting licence agreement dated December 28, 2016.

According to Cassius, the revised claim—representing an increase of over 200%—is largely driven by rising global gold prices and the projected loss of full value and anticipated profits from its intended mining operations in Ghana. The company has submitted additional witness statements and updated expert reports to support the new valuation.

Ghana has filed its defence in the case and is being represented by state attorneys, with support from US-based law firm Foley Hoag. Cassius, on the other hand, is being represented by Quinn Emanuel Urquhart & Sullivan.

The dispute dates back to 2023, when Cassius first initiated arbitration proceedings. At the time, Ghana successfully challenged the tribunal’s jurisdiction, halting the process. Cassius later refiled the case, leading to the current proceedings.

In a preliminary ruling delivered in February 2024, the tribunal determined that Ghana’s Alternative Dispute Resolution (ADR) laws apply and that the seat of arbitration is Ghana, contrary to Cassius’ initial position that it should be held in London.

Meanwhile, concerns over a potential conflict of interest involving Dominic Ayine have resurfaced. Ayine previously served as legal counsel for Cassius before his appointment as Ghana’s Attorney-General and now leads the country’s legal team in the case.

Although he has maintained that he will act in Ghana’s best interest, the issue has regained attention following the sharp increase in the claim and the government’s decision to engage external legal counsel.

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