8.8 C
London
Thursday, March 28, 2024

GIADEC to own 30% of all concessionaires – CEO

Michael Ansah
Michael Ansah

Chief Executive Officer(CEO) of the Ghana Integrated Aluminium Development Corporation (GIADEC), Michael Ansah, has said that the corporation will have a 30 per cent minimum stake in business entities selected to mine Ghana’s bauxite.

READ THIS: Over 40 multinational companies bid to mine alumina in Ghana

“The Act through which GIADEC was created stipulates that,
the corporation must own 30 per cent of all mining entities that mine the
country’s bauxite,” he said.

The corporation, according to Mr Ansah, aims at building an integrated bauxite mining and refinery industry in the country.

SEE THIS: NCA sanctions MTN over network challenges

“We want to have the entire value chain of bauxite processing in the country, from mining to refinery to smelting,” he said.

Ghana is reported to have in excess of 900 million metric tonnes of bauxite in reserves, positioning Ghana as the 8th largest country with bauxite reserves.

READ ALSO: Photos: NDC ‘pacifies’ Okyenhene over Kwame Zu’s animal comment

Speaking in an interview on Asempa FM’s Eko Sii Sen show on Thursday, Mr Ansah said the corporation plans to create four bauxite mining concessions.

“So at the various bauxite mining areas in the country, we want to break them into four mining concessions of mining companies that will mine bauxite between 3-5 million metric tonnes,” he noted.

THIS ALSO: DCE blames poor roads on recent armed robbery cases [Audio]

He also revealed that GIADEC, by the end of the first or second quarter of 2020 will select companies to begin mining the country’s bauxite reserves.  

GIADEC, developed by the government, is to aid industrial transformation and accelerate development of the Ghanaian economy.

Latest news

Related news