Ghana revokes Rocksure's lease. What's ahead in its mining strategy?
With Guinea revoking more than 129 licenses of the bauxite miners, Ghana is now following a similar step. Starting with a local firm, Rocksure International, Ghana has cancelled the bauxite lease worth USD 1.2 billion. The major cause behind the cancellation was the lease being ratified by the parliament.
Under Ghana’s legal framework, a landmark 2019 Supreme Court decision, widely known as the “Exton Cubic ruling” established that any mining lease not ratified by Parliament is deemed legally void. This legal precedent empowered the Ministry of Lands and Natural Resources to formally notify Rocksure of the termination of its mining lease.
After cancelling the lease of its local firm, Rocksure International, Ghana is currently seeking a partnership with international companies. The major potential partnership will be drafted with the Dubai-based Emirates Global Aluminium (EGA) and with two other Chinese firms, whose names are yet to be revealed.
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