This is because the company failed to comply with all the necessary statutory regulations, according to the Minister of Lands and Natural Resources, Mr John Peter Amewu.

At a press conference in Accra on Monday, the Minister said the failure to obtain an environmental permit by the company, and also, an operational permit as well various statutory infractions, renders the license which was earlier issued, invalid and of no effect.

Exton cubic has been in the spot light for some weeks following agitations by the youth of Nynahin over a bauxite concession leased to the company by the previous government.

An attempt by the company to enter the bauxite concession was foiled last month following the seizure of its mining equipment on the orders of the Ashanti Regional Minister, Mr Simon Osei Mensah.

Mr Amewu explaining one of the reasons the license has been revoked said the mining company failed to officially accept the offer given them in writing.

“Section 13, subsection 6 indicates an approved application shall lapse if the applicant fails to accept the offer in a form stated in subsection 4.

“There is no record of an acceptance of the offer of the mining lease in writing by the company as mandatorily prescribed by section 13, subsection 4 of the act.”

He added: “Act 703 sections 87 grants the minister the procedure for revoking of licence and what that law states is that if for any reason the minister is satisfied that the company has failed to abide by the terms and conditions of the licence or a requirement applicable to the licence then the minister has the right under the clause 87 to terminate.

“The infractions have been carefully analysed and it has been established that it falls short of the procedural mechanisms that allow grant of lease and so that calls for the [invalidation],” he said.