Pulse Ghana is the most followed news and entertainment platform, informing and engaging young Ghanaians round the clock, providing updates by the hour.

Pulse Ghana

Amidst controversy sparked by a documentary aired by the Fourth Estate, SML (Strategic Minerals Limited) is vehemently challenging the claims made against its operations.

SML challenges Fourth Estate to produce contract evidence amid claims of misinformation | Pulse Ghana

Evans Effah

The company, in a detailed response, challenges the Fourth Estate to provide evidence supporting the alleged 10-year contract period and the annual payment of $100 million, both of which SML vehemently denies.

SML asserts that the contract duration approved by the 5th PPA Board is five years, not 10, emphasizing the need for accurate information in the public domain. Moreover, the company refutes the $100 million annual payment claim, clarifying that its upstream operations are yet to begin, and therefore, no revenue has been realized.

In a point-by-point rebuttal, SML addresses the accusations of a risk-reward contract with GRA (Ghana Revenue Authority). The company emphasizes that GRA invests nothing in the investment chain, underscoring its commitment to paying duties and taxes. SML challenges critics to produce evidence of wrongdoing in their contract arrangements and asserts that 31% of its would-be monthly earnings go to GRA as taxes, complying with the law.

The company defends its charging formula as an industry standard and points out its significant contribution to the downstream petroleum sector. SML highlights a remarkable increase in reported figures, indicating a rise of over 33% in volume reporting and an additional 100 million liters per month, translating into revenue.

SML sheds light on its technological advancements, including ultrasonic flow meters and an automatic tank gauging system, aimed at ensuring accuracy and efficiency in monitoring petroleum product movements. These measures, the company contends, contribute to revenue assurance and auditing in the industry.

In concluding remarks, SML expresses pride in its technical team, citing their diverse expertise and contribution to innovative solutions. Additionally, the company acknowledges challenges posed by a cartel in the oil ring involved in illegal trade, suggesting a broader context for the allegations. SML positions itself as a key player collapsing illegal operations and supporting the government's fight against illegalities in the petroleum sector.

A stock photo shows a person signing a mortgage contract.Getty Images

SML challenges Fourth Estate to produce contract evidence amid claims of misinformation

Business

News

Entertainment

Lifestyle

Sports

Politics

Local

Filla

World

Football

Ghana Premier League

Black Stars

Celebrities

Music

Movies

Fashion

Beauty & Health

Relationships & Weddings

Food & Travel

Domestic

International 

Explore categories

The Pulse Influencer Awards has been set up to recognize and highlight bright lights in the influencer space in Africa who are building active engaged communities around their niche or craft.

Influencer Awards

Company Pages

Breaking News & Top Stories | Pulse Ghana

Video

Checkout our authors for the latest content across entertainment, sports, business and more. Be first to receive exclusive updates with your free subscription straight to your phone | Pulse Ghana

Authors | Pulse Ghana

| Pulse Ghana

Read the latest news across entertainment, sports, business and more. Be first to receive exclusive updates with your free subscription straight to your phone | Pulse Ghana

Search for the latest content across entertainment, sports, business and more. Be first to receive exclusive updates with your free subscription straight to your phone | Pulse Ghana

Search Results | Pulse Ghana

Watch the latest videos across entertainment, sports, business and more. Be first to receive exclusive updates with your free subscription straight to your phone | Pulse Ghana