-Results now pave the way for major development project
The Chief Executive Officer of the Ghana Integrated Aluminium Development Corporation (GIADEC), Michael Ansah, has announced a remarkable surge in the estimated quantity of bauxite resources in the Nyinahin area in the Ashanti region.
According to the newly unveiled Mineral Resource Estimate (MRE) results, the bauxite deposits in hills 4, 5, and 6 have experienced a staggering 50 percent appreciation, reaching a minimum of 375 million metric tons (MMT).
Mr. Ansah highlighted the historical estimate of 250MMT and expressed enthusiasm about the substantial increase following the recent comprehensive evaluation. The MRE, he said, not only confirmed the heightened quantity but also validated the exceptional quality of the bauxite resources in the region.
“This revelation is a game-changer for Ghana’s mining industry. The updated estimate reflects the immense potential of the Nyinahin area, positioning it as a key player in the global bauxite market,” remarked Mr. Ansah.
At a brief event at the Jubilee House, to formally present the MRE results to President Akufo-Addo, Mr. Ansah revealed that GIADEC is set to announce a strategic partnership with a reputable European firm in the coming weeks, as part of the ambitious development plans,
This collaboration will be instrumental in executing Project 3A of the Integrated Aluminium Industry (IAI) Projects, specifically focused on the “Development of a mine in Nyinahin Block C and construction of a refinery.”
The anticipation surrounding this partnership underscores the international significance of Ghana’s bauxite deposits and the nation’s commitment to fostering global collaborations in the mining and refining sectors.
The CEO of Rocksure International, Mr. Kwasi Osei Ofori, echoed the sentiments of optimism, emphasizing that the successful completion of the Mineral Resource Estimate lends credence to the President’s vision of Ghanaian companies competing on a global scale.
“With the enhanced data and increased reserves, we are not only meeting but surpassing global standards. This is a testament to the capabilities of Ghanaian companies to thrive and excel in the international mining arena,” stated Mr. Osei Ofori.
The surge in bauxite estimates is expected to attract increased attention from investors and stakeholders, positioning Ghana as a key player in the global bauxite market and opening new avenues for economic growth and development.
President Akufo-Addo lauded GIADEC and its project partner, Rocksure International, for the successful completion of the MRE on Nyinahin Block B, encompassing Hills 4, 5, and 6
This development, acknowledged for its timeliness, is a pivotal step in realizing the national objective of adding value to bauxite mining in Ghana. The project, known as Project 2, is one of the four initiatives under the Integrated Aluminium Industry (IAI).
“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 said.
He emphasized the significance of the collaborative efforts of these Ghanaian companies, aligning with the vision of GIADEC to consolidate bauxite resources and strengthen its position in transactions.
The President highlighted the historical nature of the MRE, noting that it is the first-ever conducted on Ghana’s bauxite resources. He underlined the importance of moving beyond historical estimates, stating that this new approach significantly boosts investor confidence in the IAI, attracting more stakeholders to the sector.
“This marks a turning point for Ghana’s bauxite industry. The MRE provides a credible basis for attracting more investors into the industry and improving investor confidence in the process,” asserted President Akufo-Addo.
Furthermore, the President charged GIADEC with the responsibility of ensuring that the value-addition processes, including refining raw bauxite into alumina, smelting alumina into aluminum, and the development of downstream industries, are conducted in Ghana with substantial participation from local companies.
The Deputy Minister for Lands and Natural Resources, Mr. George Mireku Duker assured GIADEC and Rocksure of the continuous assistance and support from the Ministry towards the development of the IAI.
Background
In September 2021, GIADEC chose Rocksure International as its strategic partner for Project 2 in the Integrated Aluminium Industry (IAI).
Rocksure was selected after a competitive three-round process involving 40 companies, leading to a Mineral Resource Estimate (MRE) in Nyinahin Block-B to confirm Ghana’s bauxite resources, totaling around 900MMT. This marks the first nationwide validation of Ghana’s bauxite resources.
