GIADEC grants Mytilineos license for bauxite exploration in Ghana

On February 5, 2024, the Greece-based industrial conglomerate Mytilineos, focused on energy and metals, revealed that it secured a prospecting license from the Ghana Integrated Aluminium Development Corporation (GIADEC) to explore and extract bauxite deposits in the Ninayhin-Mpasaso region.

The signing event, graced by Ghana's President Nana Akufo-Addo, occurred in Accra on January 26, 2024. Mytilineos emphasised the effectiveness of its Energy & Metals model and the positive synergies it brings. With a thorough grasp of Ghana's energy sector from numerous past projects, Mytilineos aims to replicate this successful model in Ghana.

During the first 18 months of implementation, the company will conduct essential feasibility studies to verify reserves and establish mine operations.

A comprehensive feasibility study will be carried out concurrently. The region, known as Ninayhin Block C, where the deposits are situated, is estimated to hold geological reserves of roughly 300 million tonnes of bauxite. It is expected to produce about 10 million tonnes of bauxite annually, translating to an estimated annual revenue of $500 million based on current market rates.

Mytilineos and GIADEC are teaming to evaluate the feasibility of establishing an alumina production facility with an anticipated annual output capacity of up to 1.5 million tonnes.