The West African nation Ghana, spanning the Gulf of Guinea and the Atlantic Ocean to the south has selected a wholly-owned Ghanaian company, Rocksure International as a strategic partner to develop a bauxite mine and alumina refinery in a bid to develop an industry out of its untapped aluminium ore reserves.
The country’s capital Accra-based company, Rocksure International will hold a 70% stake in the project and the state-owned Ghana Integrated Aluminium Development Corp (GIADEC) will have the remaining 30% stake.
On 16th September 2021, the state-owned Ghana Integrated Aluminum Development Corp (GIADEC) announced that it had signed a $ 1.2 billion deal with local mining services company Rocksure International.
Under the terms of the partnership, Rocksure will build an estimated $200 million bauxite mine at Nyinahin-Mpasaaso in central Ghana as well as an alumina refinery of around $ 1 billion, as stated by Michael Ansah, CEO of GIADEC.
According to GIADEC, the mine is expected to produce 5 million tonnes of bauxite per year and create more than 1,000 jobs.
The state company founded in 2018 to create an integrated industry for the mineral undertakes that the nation’s bauxite reserves are estimated at 900 million tonnes, with the potential to produce 10 million to 20 million tonnes a year.
GIADEC is anticipating to partner private companies to develop infrastructure worth as much as $6 billion to dominance Ghana’s bauxite. The $1.2 billion worth project is one of four for which GIADEC is striving for investors.
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