Business News of Thursday, 16 November 2023
Source: www.ghanaweb.live
2023-11-16GIADEC, Rocksure International present results on Nyinahin bauxite resources to Akufo-Addo
Ghana’s bauxite resources are estimated to be around 900MMT
President Akufo-Addo has commended the Ghana Integrated Aluminium Development Corporation (GIADEC) and its partner for Project 2, Rocksure International for successfully conducting a Mineral Resource Estimate (MRE) on Nyinahin Block B (Hills 4,5, and 6) of the Nyinahin hills in the Ashanti region.
The timely completion of the MRE, provides a critical impetus in advancing the construction of a bauxite mine with
Read full article.a refinery solution as part of the national objective to add value to bauxite mining in Ghana.
At a brief event at the Jubilee House, to formally present the MRE results to President Akufo-Addo, the President commended the CEO of GIADEC, Mr. Michael Ansah and the CEO of Rocksure International, Mr. Kwasi Osei Ofori for their commendable and professional collaboration which characterized the joint commitment of the two Ghanaian companies towards the execution of Project 2, which represents one of the four (4) projects being executed under the Integrated Aluminium Industry (IAI).
“This is an 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. I think that if we are able to do that it will justify completely our thinking, the whole GIADEC concept of using a state vehicle that will bring together the bauxite resources in the country under one roof and therefore strengthen the hand of the entity to enter into such transactions” the President added.
The President emphasized that the results from the MRE is the first ever to have been conducted on any of Ghana’s bauxite resources as the country has in the past relied on historical estimates and projections. This, according to him, bodes well for the Integrated Aluminium Industry as it provides a credible basis for attracting more investors into the industry and improve investor confidence in the process.
President Akufo-Addo further charged GIADEC to ensure that the processes of value addition i.e refining raw bauxite into alumina, smelting alumina into aluminium and the development of the downstream industry, is done in Ghana with strong participation from Ghanaian Companies.
Deputy Minister for Lands and Natural Resources, George Mireku Duker who represented the Minister for Lands and Natural Resources, Mr. Abu Jinapor assured GIADEC and Rocksure of the Ministry’s continuous assistance and support towards the development of the Integrated Aluminium Industry.
The Chief Executive Officer of GIADEC, Mr. Michael Ansah, thanked the President for his support and stated that GIADEC, in collaboration with its partners, will conduct similar MRE’s in other operational areas of the Corporation before the commencement of any mine activity.
According to Mr. Ansah, results from the Mineral Resource Estimate show a significant increase in the quantity of bauxite resources historically estimated to be in the Nyinahin area. The MRE results also validated the quality of bauxite resources found in the area, he added.
“Historically we estimated that we had in the region of 250MMT of bauxite deposits in the three hills we are talking about, that is hills 4,5 and 6.
Following the work that we have done now, we have been able establish that we have a minimum of 375MMT of bauxite in those three hills, so a 50% appreciation on the historical figures”.
Mr. Ansah also revealed that GIADEC will, in the coming weeks, announce a reputable European firm that will partner with the Corporation to execute Project 3A of the IAI Projects which is the “Development of a mine in Nyinahin Block C and construction of a refinery.
On his part, the CEO of Rocksure International, Mr. Kwasi Osei Ofori emphasized that the completion of the MRE gives credence to the President’s call that when given the chance, Ghanaian Companies can compete with their peers globally.
Background
In September, 2021, GIADEC announced the selection of Rocksure International, a wholly Ghanaian owned Company, as its strategic partner for Project 2, one of four projects that define the Integrated Aluminium Industry (IAI), being executed by GIADEC.
Rocksure International was selected after a rigorous competitive three-round investor engagement process in 2019. The process began with about 40 companies expressing interest. Fourteen (14) companies were shortlisted to progress to round two, of which five (5) advanced to the final round.
Rocksure International, following the official announcement commenced a Mineral Resource Estimate (MRE) in Nyinahin Block-B, specifically Hills 4, 5 &6 to validate and define the bauxite resources.
Ghana’s bauxite resources are estimated to be around 900MMT. Bauxite in Ghana is mainly concentrated in three (3) areas i.e Awaso in the Western-North region with 60MMT, Kyebi in the Eastern region with 160 MMT and Nyinahin in the Ashanti Region with the highest bauxite resources of 700MMT.
The validation of the bauxite resources in parts of the Nyinahin area through an MRE is the first time Ghana is taking steps to validate all of its bauxite resources across the country.
