Ghana's efforts to enhance the value of its bauxite mining industry have taken a significant stride forward with the Ghana Integrated Aluminium Development Corporation (GIADEC) and its partner, Rocksure International, revealing the results of the Mineral Resource Estimate (MRE) for Nyinahin Block B to President Akufo-Addo.
This specific block, covering Hills 4, 5, and 6 in the Ashanti region, plays a crucial role in Ghana's aspirations to improve its bauxite mining sector.
President Akufo-Addo, recognizing the completion of the MRE, emphasized its pivotal role in advancing the establishment of a bauxite mine with a refining solution. The initiative aligns with Ghana's national objective of adding value to the bauxite mining industry. He commended the collaborative efforts of GIADEC CEO, Mr. Michael Ansah, and Rocksure International CEO, Mr. Kwasi Osei Ofori, praising their professionalism in executing Project 2 under the Integrated Aluminium Industry (IAI).
President Akufo-Addo expressed optimism saying, "This is exceptionally good news today. I congratulate all of you involved in this very important step for the country that is being taken. I will continue to provide you with the maximum support that you need to make sure that this whole thing becomes a reality."
The President stressed the historical significance of the MRE results, as they represent the first-ever conducted on Ghana's bauxite resources, moving away from historical estimates and projections. He highlighted the positive impact on investor confidence and the credibility it brings to the Integrated Aluminium Industry. President Akufo-Addo urged GIADEC to ensure that value-addition processes, such as refining raw bauxite into alumina and smelting alumina into aluminium, occur in Ghana, with significant participation from local companies.
Deputy Minister George Mireku Duker, representing the Minister for Lands and Natural Resources, assured GIADEC and Rocksure of the ministry's continuous assistance and support in developing the Integrated Aluminium Industry.
Mr. Michael Ansah, CEO of GIADEC, expressed gratitude for the President's support and unveiled plans to conduct similar MREs in other operational areas before mine activities commence. He announced a significant increase in the quantity of bauxite resources in the Nyinahin area, validating the quality of the deposits.
"Historically, we estimated that we had in the region of 250MMT of bauxite deposits in the three hills we are talking about. Following the work that we have done now, we have been able to establish that we have a minimum of 375MMT of bauxite in those three hills, so a 50% appreciation on the historical figures," said Mr. Ansah.
Looking forward, GIADEC is poised to announce a reputable European firm in the coming weeks to partner on Project 3A, involving the development of a mine in Nyinahin Block C and the constructing of a refinery.
Mr. Kwasi Osei Ofori, CEO of Rocksure International, emphasized that the completion of the MRE demonstrates the ability of Ghanaian companies to compete globally, echoing President Akufo-Addo's call for local companies to rise to the occasion.
In September 2021, GIADEC selected Rocksure International as its strategic partner for Project 2, following a rigorous competitive investor engagement process. The MRE in Nyinahin Block-B marks the first step in validating Ghana's bauxite resources, estimated at around 900MMT across the country.