President Nana Addo Dankwa Akufo-Addo says the development of a bauxite mine and the construction of refinery solutions at Nyinahin-Mpasaaso in the Ashanti Region will enable the country to put an end to decades of exporting raw bauxite.
He said as a country, Ghana had been mining and exporting bauxite in its raw form since the 1940s, depriving the economy of attaining the full benefits of its large bauxite resource.
“I am proud of the progress the Ghana Integrated Aluminium Development Corporation (GIADEC) has made since its inception to leverage 900 metric tonnes of bauxite and other holdings, including the 100 per cent ownership of VALCO to deliver the Integrated Aluminium Industry,” he said.
The President said this in Accra last Friday, when GIADEC unveiled its new partners, Mytilineos S.A, at a ceremony in Accra.
They are going to work on Project three (3) of the IAI master plan, which comprises the development of a mine and refinery solution at Nyinahin-Mpasaaso in the Ashanti Region and similar facilities at Atiwa in the Eastern Region.
The new partnership, however, focuses on Project 3A, which is restricted to Nyinahin-Mpasaaso.
As part of the partnership agreement, Mytilineos S.A will undertake Minerals Resource Estimates (MRE) to establish the bauxite quantities for the Nyinahin Block C and this is expected to be completed with the next 18 months.
In addition, the partner will undertake a research and conduct the necessary feasibility studies for the establishment of a mine and the development of a 1.5MMT capacity refinery solutions as part of Project 3A.
Founded in Greece in 1990, Mytilineos S.A is listed on the Athens Stock Exchange and has extensive presence in five continents with its operations spanning about 40 countries in Europe, Asia, Australia, the Americas and Africa.
President Akufo-Addo used the occasion to commend the board, management and staff of GIADEC for ensuring that the missing link in Ghana’s aluminium industry, which had been the absence of an alumina refinery, was finally going to be established.
He urged GIADEC to continue to drive integration of the bauxite-aluminium value chain by ensuring that all aspects of the value chain were developed.
The Chief Executive Officer of GIADEC, Mr Michael Ansah, explained that the execution of Project 3A and all other projects under the Integrated Aluminium Industry was a game-changer as it would contribute significantly to the country’s economy.
“GIADEC’s absolute requirement for Project 3A and the approach presented by our partner focuses on value addition, as well as the social benefits that will accrue through the creation of more than 1,500 jobs over time. We shall ensure collaboration with local subcontractors, prioritise local talent and provide training programmes to align with cultural and environmental considerations,” he said.
In a statement, the Chief Strategy and M&A Officer at Mytilineos Energy & Metals, Mr Elenos Karaindros, noted that Mytilineos had been a long-standing partner in Ghana, leveraging the country’s extensive experience in numerous power projects.
He stated that Mytilineos was committed to the highest global standards of ESG excellence, adding that “our objective is to deliver sustained benefits for the Ghanaian economy and society.”
BY CLIFF EKUFUL