GIADEC to own 30% shares of bauxite mining companies – CEO

Business News of Friday, 6 December 2019

Source: adomonline.com

2019-12-06

Michael Ansah, CEO, Ghana Integrated Aluminium Development Corporation

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.

“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.

“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.

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.

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.

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