President Akufo-Addo witnessed the signing of the agreements between the two parties
Ghana is set to benefit from a new alumina refinery following the successful selection of a strategic partner that will work with the Ghana Integrated Aluminium Development Corporation (GIADEC) to deliver Project 3A, one of four (4) projects being executed under the Integrated Aluminium Industry (IAI) projects.
President Akufo-Addo who witnessed the signing of the agreements between the two parties at a brief event held in Accra stressed that the execution of Project 3A – Development of a mine at Nyinahin-Mpasaaso and the construction of an alumina refinery, will put an end to decades of exporting raw bauxite from the country to the refining of bauxite mined in Ghana to produce alumina that will feed the VALCO smelter.
“We have mined and exported bauxite in its raw form since the 1940s and have never achieved the goal of value addition or integration despite considerable efforts made by successive governments. I am proud of the progress GIADEC has made since its inception under the leadership of working to leverage on 900 metric tonnes of bauxite and other holdings including the 100% ownership of VALCO to deliver the Integrated Aluminium Industry in Ghana” he said.
The President commended the Board, Management and Staff of GIADEC for what he described as tremendous work at ensuring that the missing link in Ghana’s aluminium industry, an alumina refinery, is 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 are developed. President Akuo-Addo emphasized that the selection of a credible and leading global metallurgy and energy Company, Mytilineos S.A as GIADEC’s partner on Project 3A will pave the way for more investments from other global giants in the Integrated Aluminium Industry.
President Akufo-Addo charged GIADEC and its strategic partners to continue to uphold world-class environmental standards in their operations. “I am specifically aware of GIADEC’s unwavering commitment to world-class environmental standards which informed their choice for the selected partner for Project 3A. As such, government and the relevant state agencies must ensure the strictest adherence and commitment to all the national and global environmental and social performance standards” he added.
Minister of Lands and Natural Resources, Mr. Samuel Abu Jinapor in his remarks noted that the government will continue to create the right investment climate for businesses to thrive and provide the needed support towards the development of a fully functional Integrated Aluminium Industry in Ghana.
Chief Executive Officer of GIADEC, Mr. Michael Ansah on his part emphasized that the execution of Project 3A and all other projects under the Integrated Aluminium Industry is a game-changer and will contribute significantly to the Ghanaian economy.
Mr. Ansah said “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 over 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”.
Mr. Ansah further stressed that Mytilineos S.A will be required to, first, undertake a Mineral Resource Estimate (MRE) to validate and define the bauxite resources before the construction of a mine and a refinery.
On the downstream sector, Mr. Ansah noted that GIADEC will continue to drive the development of a vibrant downstream sector that will take full advantage of the ever-growing need for aluminium and aluminium-related products especially the fast-growing automobile sector in Ghana.
In a statement, the Chief Strategy and M&A Officer at MYTILINEOS Energy & Metals, Elenos Karaindros, noted that MYTILINEOS has been a longstanding partner in Ghana; leveraging the country’s extensive experience in numerous power projects.
“We have gained a robust and unique understanding of the country’s energy sector, as well as its people and local environment. Today, we are pleased to embark on the next chapter of this enduring collaboration. As the operator of the European Union’s exclusive vertically integrated aluminium complex, MYTILINEOS brings comprehensive expertise across the entire value chain. More importantly, we prioritize creating value that benefits all partners involved in every project” he stated.
Mr. Elenos further stated that MYTILINEOS is committed to the highest global standards of ESG excellence. He said “Our objective is to deliver sustained benefits for the Ghanaian economy and society. For MYTILINEOS, this project aligns fully with our strategy to fortify the security of the bauxite-to-aluminium supply chain and expand our global footprint in metal and mining. We are enthusiastic about the journey ahead and eagerly anticipate working closely with our partners on this landmark project.”
Also present at the event were Members of Parliament for the proposed mining areas and representatives of some government institutions, board members of GIADEC, traditional leaders from communities where the mines and refineries will be situated and other stakeholders.
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