Alcan digs into Ghana

Accra, June 22, GNA - Mr Dick Evans, Executive Vice President and Chief Operating Officer of the Alcan Incorporated, has described the Ghanaian economy as enjoying one of its best standings in the international community, a trend that would continue to attract world class companies to invest in the country.

He said Ghana had immense potential in the form of human, material and natural resources that needed to be tapped and developed for the development of the growing masses of the population.

Mr Evans was speaking at a luncheon organized in honour of President John Agyekum Kufuor after the signing of a memorandum of understanding for the creation of a joint venture to explore the feasibility of developing a bauxite and alumina refinery in Ghana.

The initial capacity of the refinery to be sited at the Nyinahin and Awaso bauxite reserves are stated at between 1.5 million to 2.0 million tonnes.

He noted that Alcan would have 51 per cent while Ghana would hold 49 per cent in the two- billion dollar investment.

Mr Evans said Alcan and Ghana would thus begin the preliminary concept study to review bauxite reserves, logistics and pre-selection of the refinery area, including estimates of costs and analysis of social and environmental issues.

Alcan has been in Ghana for over 60 years and currently holds an 80 per cent stake in Ghana Bauxite Company Limited where the Ghanaian Government holds 20 per cent.

Responding, President Kufuor said President Kwame Nkrumah, Ghana's First President, had a laudable vision to develop the bauxite industry and thus established VALCO and the Akosombo Dam. But he was not able to live to see the realization of that dream.

"Today as President, I believe that we are on the threshold of achieving that dream and Alcan seems to be breasting the tape to it. This is despite the fact that other alumina refinery companies have lined up to invest in Ghana."

He urged the Company to make the Ghana project the flagship of all its projects in the world.