Home GENERAL NEWS Ghana’s bauxite refinery ambition gets boost

Ghana’s bauxite refinery ambition gets boost

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President Nana Addo Dankwa Akufo-Addo President Nana Addo Dankwa Akufo-Addo

Efforts to develop Ghana’s Integrated Aluminium Industry (IAI) have received a major boost following the successful selection of a strategic partner to help the Ghana Integrated Aluminium Development Corporation (GIADEC) develop one of four projects being executed in the IAI value chain.

President Akufo-Addo, who witnessed the signing of the agreement between the two parties at an event in Accra this week, noted that the IAI remains an integral part of the government’s industrialisation agenda.

The President stressed that the government will ensure responsible and sustainable implementation of the IAI, which will involve mining, refining and smelting.

“We believe that mining can be and must be done in a responsible manner. Government through its regulatory agencies will act to protect our environment at all times,” he said.

The President, who also launched GIADEC’s four-project agenda for the Integrated Aluminium Industry, commended the corporation for working assiduously to select Rocksure International as its partner after a transparent, competitive and rigorous investor engagement process, adding that the government will continue to create the enabling environment needed to attract more investors to venture into the industry.

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President Akufo-Addo was particularly excited that Rocksure International is a wholly-owned Ghanaian company and stressed that the decision further demonstrates his commitment to the promotion of local content and local participation.

The Minister of Lands and Natural Resources, Samuel Abu Jinapor, speaking at the event, pledged the support of the ministry in ensuring that the government’s vision of a fully operational and globally competitive IAI is realised.

The Chief Executive Officer of GIADEC, Michael Ansah, on his part emphasised that the agreement will culminate in a joint-venture partnership between GIADEC and Rocksure International to build a mine at Nyinahin-Mpasaaso and a refinery solution.

The project, also referred to as Project 2, is one of the four projects GIADEC is currently executing, he said. The others are the expansion of the existing mine at Awaso and building of a refinery (Project 1); the development of a mine at Kyebi, a second mine at Nyinahin-Mpasaaso and building of a refinery (Project 3); and the modernisation and expansion of the VALCO smelter (Project 4).

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Mr. Ansah said Rocksure International will first undertake a Mineral Resource Estimate (MRE) to validate and define the bauxite reserves, leading to the construction of a mine and a refinery solution. According to him, the lifetime of the mine is estimated to span over six decades and will create over 1,000 direct and indirect jobs.

He reiterated that the four projects will be private sector-led, will be executed in partnership with key strategic investors, and will require a US$6bn investment.

The real impact of an Integrated Aluminium Industry, according to Mr. Ansah, will be felt in the downstream sector, where demand for aluminium and aluminium-related products is expected to rise, especially with the establishment of various car manufacturing plants in the country. This value-addition drive will not only result in a thriving local economy but will significantly cut down on the importation of aluminium and aluminium products, he added.

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Also present at the event were Members of Parliament for the proposed mining areas, representatives of some government institutions, board members of GIADEC, traditional leaders from communities where the mines and refineries will be situated, and other stakeholders.

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