Ghana has cancelled a $1.2 billion bauxite lease with local firm Rocksure International and will seek foreign investment to develop the Nyinahin Hills deposit one of West Africa’s richest reserves three sources with direct knowledge confirmed.
Potential partners include Dubai’s Emirates Global Aluminium (EGA) and Chinese firms.
The terminated lease covered 376 million tons of bauxite in central Ghana under a joint venture where Rocksure held 70% and state-owned GIADEC 30%. One source cited a 2019 Supreme Court ruling invalidating the agreement due to lack of parliamentary ratification: “Without ratification, you have no lease.”
Ghana possesses 900 million metric tons of bauxite (7th largest globally) but trails regional producers like Guinea.
GIADEC is now negotiating with EGA, which signed a June memorandum to explore opportunities after losing its Guinea license over refinery delays. “Sourcing from Ghana aligns with diversifying our supply base,” EGA told Reuters, noting no binding deal yet.
A source revealed EGA previously hesitated to avoid straining Guinea relations. GIADEC aims to launch extraction at Block B by early 2026, with talks at advanced stages. “We’re assessing options serving national interest,” a source stated.
Ghana targets record bauxite output of 2 million tons in 2025 amid the strategic shift.