11.03.2005 Business & Finance

VALCO to resume operations in May

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Preparatory works have begun on the VALCO smelter to enable its new owners to re-start the plant in the first week of May, this year.

A seven-member team of engineers from ALCOA is in the country to work with the technical personnel from VALCO towards the revival of the smelter, which has remained dormant for a few years now.

Last month, Ghana and ALCOA, the world's biggest aluminium company, signed a memorandum of understanding (MOU) to develop a multi-million cedi integrated aluminium industry, in line with the vision of the first president of the country, Dr Kwame Nkrumah.

Dr Mensa said it was not true that with the signing of the MOU between the Government of Ghana and ALCOA, VALCO was phasing out and explained that what had happened was that VALCO had now formed a new partnership with ALCOA instead of its original partners of Reynolds.

The resident director of VALCO said in order to begin the integrated project by 2007, ALCOA had another team working on the bauxite development programme in addition to efforts to re-start the smelter.

On the benefits of the project to the Ghanaian economy, he wondered whether the skeptics had calculated carefully what Ghana stood to gain from an investment of about $2 billion over the next three years.

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