15.8 C
Johannesburg
June 15, 2024
Mining Africa News
Mining News

Ghana Signs $1.2 billion deal to develop its bauxite resources

Ghana has picked Rocksure International as a strategic partner to build a mine and refinery in a bid to develop an industry out of its untapped bauxite reserves.

The Accra-based company will own a 70% stake in the project and the state-owned Ghana Integrated Aluminium Development Corp. will have the remaining 30%, according to an emailed statement Thursday.

Rocksure will lead the construction of a $200 million-bauxite mine at Nyinahin-Mpasaaso in central Ghana and a bauxite refinery of about $1 billion, according to Michael Ansah, chief executive officer of GIADEC. The mine is expected to produce 5 million tons of bauxite a year and create more than 1,000 jobs, according to GIADEC.

Ghana’s bauxite reserves are estimated at 900 million tons, with the potential to produce 10 million to 20 million tons a year, according to the state company founded in 2018 to create an integrated industry for the mineral. Bauxite is a reddish ore which has to be refined into alumina and then smelted to produce aluminum.

GIADEC is looking to partner private companies to develop infrastructure worth as much as $6 billion to leverage the West African nation’s bauxite. The $1.2 billion project is one of four for which GIADEC is seeking investors.

Related posts

Tropical fruit festival underway in Saudi Arabia's Sabya – Arab News

Mike

TOMRA Mining’s ore sorting technology unlocks value from contaminated material at Mt Cattlin Lithium mine

Mike

Child labour in mining, poor working conditions take centre stage in inter-regional meeting

Mike

Leave a Comment