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 license agreement dated 28 December 2016.
Cassius argues that the revised figure, representing nearly 400% 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 whopping four times the original price has shocked industry players and the Ghanaian public.
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 tribunal’s jurisdiction, 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 in 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 15 to 19 June 2026.
Background
On December 28, 2016, after the NDC lost the elections and a few days before President Mahama was to hand over, they granted Cassius Mining Limited, an Australian firm, a two-year prospecting lease for gold in Talensi, Upper East Region.
When the license expired in 2019, the Akufo-Addo/Bawumia Government declined to renew it, citing that the original lease was invalid because it had never received the necessary parliamentary approval.
On February 3, 2023, Cassius Mining launched international arbitration at the Permanent Court of Arbitration (PCA), seeking over US$275 million in compensation.
Ghana, led by Godfred Yeboah Dame, successfully challenged the PCA’s jurisdiction, forcing the firm to pivot. On July 31, 2023, he secured a High Court injunction that barred the firm from arbitrating outside Ghana. Cassius persisted with international filings.
In a significant legal victory on February 27, 2024, Godfred Dame successfully argued that any arbitration must take place within Ghana, not London.
Interestingly, the firm’s lead counsel against the state during this period was Dr. Dominic Ayine, who had served as Deputy Attorney General when the license was originally granted.
Following the 2024 elections, Cassius Mining renewed its legal offensive on December 24, 2024. Dr. Ayine was subsequently appointed Attorney General in 2025.
During his vetting, the MP for Suame, Dr. John Darko, questioned whether Dr. Ayine faced a conflict of interest as he was now tasked with defending the state against his former client.
Dr. Ayine maintained he would act solely in the state’s best interest.
In a shocking turn of events, as of March 31, 2026, the stakes have escalated dramatically; Cassius Mining has increased its claim for damages from US$275 million to US$905 million.
The Final Hearing Date is now set for June 15–19, 2026. Dr. Ayine finds himself leading the legal team defending Ghana against the very claim he once championed.
