In the midst of a dispute sparked by a Fourth Estate documentary, Strategic Minerals Limited, or SML, is adamantly disputing the allegations made against its operations.
In a thorough response, the business asks the Fourth Estate to produce documentation proving the purported 10-year contract duration and the $100 million yearly payment, which SML categorically disputes.
SML emphasizes the need for accurate information to be in the public domain and claims that the contract duration approved by the 5th PPA Board is five years, not ten. Furthermore, the business disputes the $100 million yearly payment claim, emphasizing that no revenue has been realized because its upstream operations have not yet started.
SML responds to the claims of a risk-reward contract with GRA (Ghana Revenue Authority) in a detailed refutation. Critics are urged to provide proof of any misconduct in SML’s contract arrangements, and the company says that 31% of its potential monthly earnings legally go to GRA as taxes.
The company highlights its major contribution to the downstream petroleum sector and defends its charging formula as an industry standard. SML draws attention to an impressive rise in reported numbers, showing a rise in volume reporting of over 33% and an additional 100 million liters per month, which translates into revenue.
SML describes its technological innovations, which include automated tank gauging systems and ultrasonic flow meters, to guarantee precision and effectiveness in tracking the movements of petroleum products. According to the company, these actions support industry auditing and revenue assurance.
SML takes pride in its technical staff in its closing remarks, highlighting their wide range of experience and contribution to creative solutions. Furthermore, the business recognizes the difficulties presented by an illegal oil ring cartel, indicating a more comprehensive background for the claims. SML presents itself as a major force in dismantling illicit operations and aiding the government in its battle against illicit activities in the petroleum industry.
