Lands and Natural Resources Minister, Kwaku Asomah Cheremeh has disclosed that the exportation of mineral ore in its raw state is a great concern of the development of the Industry.
According to him, to curb the practice and add value to the country’s mineral deposit, Government is developing as well as add value to existing bauxite and iron deposits.
Addressing the media at a Meet-The-Press series in Accra, the Lands and Natural Resources Minister said “To develop the aluminum industry through the Nation’s bauxite deposit; Government through Act, 2018 (Act 976) has established the Ghana Integrated Aluminum Development Corporation (GIADEC) of the Aluminum resource to handle that.”
In March 2019, a Board was set up to see to the management of the aluminum resource. GIADEC since its inception has focused its attention on the following; identifying strategic investors to partner GIADEC in the development of an Integrated Aluminum Industry in Ghana.
Developing a strong license to operate through sustained community engagement and shared prosperity, an establishment as well as operationalization of structures was required to operate efficiently and effectively in order to deliver value to government and other stakeholders.
Hon Asomah Cheremeh also added that after GIADEC launched a 3 Round Investor Engagement process earlier in the year, it has also received Expression of Interest (EOI) from 20 companies looking to invest across the bauxite – aluminum value chain.
“16 reputable companies from different parts of the world, including Ghanaian firms, were pre-qualified to proceed to Round Two (2) of the Investor Engagement Rounds. A formal Request for Proposal (RFP) was sent out to the successful investors in August 2019. GIADEC has held a pre-submission investor briefing. Responses to the Request for Proposal are expected in October 2019,” he noted.
The sector minister added, “Mr. Chairman, the country has in the past been exporting gold without refining. Gold has also been exported with the true value or weight determined outside the country. To address the issue, government through the Precious Minerals Marketing Company (PMMC) for the past two (2) years is undertaking assaying to determine the right weight of minerals exported. Similarly, PMMC is establishing a gold refinery to compliment the only one in the country managed by a private company.”
He tasked the Financial and Technical Audit of the Mining Industry to ensure sanity in the mining industry and optimal benefit from the activity to the people of Ghana as well as investors.