You are currently viewing our desktop site, do you want to download our app instead?
Moneyweb Android App Moneyweb iOS App Moneyweb Mobile Web App

NEW SENS search and JSE share prices

More about the app

Ghana signs $1.2bn deal to develop its bauxite resources

The country’s bauxite reserves are estimated at 900m tonnes.
Image: Bloomberg

Ghana has picked Rocksure International as a strategic partner to build a mine and refinery in a bid to develop an industry out of its untapped bauxite reserves.

The Accra-based company will own a 70% stake in the project and the state-owned Ghana Integrated Aluminium Development will have the remaining 30%, according to an emailed statement Thursday.

Rocksure will lead the construction of a $200 million-bauxite mine at Nyinahin-Mpasaaso in central Ghana and a bauxite refinery of about $1 billion, according to Michael Ansah, chief executive officer of GIADEC. The mine is expected to produce 5 million tons of bauxite a year and create more than 1,000 jobs, according to GIADEC.

Ghana’s bauxite reserves are estimated at 900 million tonnes, with the potential to produce 10 million to 20 million tons a year, according to the state company founded in 2018 to create an integrated industry for the mineral. Bauxite is a reddish ore which has to be refined into alumina and then smelted to produce aluminum.

GIADEC is looking to partner private companies to develop infrastructure worth as much as $6 billion to leverage the West African nation’s bauxite. The $1.2 billion project is one of four for which GIADEC is seeking investors.

© 2021 Bloomberg

COMMENTS   1

You must be signed in to comment.

SIGN IN SIGN UP

Brace yourself to get decisions made in Ghana . Most of their projects are “pie in the sky “. Financial resources remain a major stumbling block.

End of comments.

LATEST CURRENCIES  

USD / ZAR
GBP / ZAR
EUR / ZAR
BTC / USD

SEARCH COMPANIES
Enter company name or share code:

ECONOMIC DATA  

  CPIThe Consumer Price Index (CPI) measures monthly changes in prices for a range of consumer products Sep 2021 5.00%
  CPI ex OERThe Consumer Price Index excluding Owners’ Equivalent Rent (CPI ex OER) measures monthly changes in prices for a range of consumer products excluding Owners’ equivalent rent that measures changes in the cost of owner-occupied housing Sep 2021 5.50%
  RepoThe rate at which the Reserve Bank lends money to the country’s commercial banks and set by the Reserve Bank’s Monetary Policy Committee. Oct 2021 3.50%
  Prime lendingThe Prime Lending Rate is the rate of interest that commercial banks will charge their clients when issuing a loan (home loan or vehicle finance) Oct 2021 7.00%
INSIDER SUBSCRIPTIONS APP VIDEOS RADIO / LISTEN LIVE SHOP OFFERS WEBINARS NEWSLETTERS TRENDING PORTFOLIO TOOL CPD HUB

Follow us:

Search Articles:
Click a Company: