GIADEC, Rocksure Present Mineral Resource Estimate To Otumfuo
The Ghana Integrated Aluminium Development Corporation (GIADEC) together with Rocksure International has presented a Mineral Resource Estimate (MRE) report on three hills at Nyinahin in the Ashanti Region to the King of the Asante Kingdom, Otumfuo Osei Tutu II.
According to the public-private duo, their estimation found 50% bauxite deposits more than earlier projected on the three hills.
Board Chairman of GIADEC, Dr. Tony Oteng Gyasi who led the delegation from GIADEC and Rocksure International to the Manhyia Palace on October 15, thanked Otumfuo for his continuous support towards the development of the Integrated Aluminium Industry.
Chief Executive Officer of GIADEC, Mr. Michael Ansah, on his part, noted that the completion of the MRE paves the way for the next phase of the project which is obtaining a mining lease and then forming a Joint Venture (JV) with Rocksure to begin mining construction with a refinery solution.
He disclosed that the MRE results showed a 50% appreciation on the historical figures with a jump from the 250MMT historical bauxite deposits in the three hills to 375MMT of bauxite deposits.
CEO of Rocksure International, Mr. Kwasi Ofori assured the Asantehene that Rocksure International will undertake its operations in conformity with all regulatory and environmental requirements and international standards.
“It is a forest reserve we will be operating in and we have undertaken environmental studies to protect the forest reserve. We know His Majesty is keen on environmental protection.”
In response, Otumfuo assured the delegation of his support.
“After successfully completing the financially demanding estimate operation, it is our responsibility to push you…The three activities you intend to do will all go a long way to create jobs and increase revenue in the country.”
The occupant of the Golden Stool then suggested a change in the name of the company to resonate and give recognition to the Ashanti Region where the project will be taking place.
The delegation from GIADEC included board member, Nana Amampene Boateng Twum II, Executive Assistant to the CEO and Head of Communications, Mr Kojo Yankah, Communications Manager, Mr. Sheriff Appiah and Communications Officer, Mr. Joseph Chibae Adjaho.
The delegation was also joined by Senior Executive Members of Rocksure International.
Background
In September 2021, GIADEC announced the selection of Rocksure International, a wholly Ghanaian owned Company, as its strategic partner for Project 2, one of four projects that define the Integrated Aluminium Industry (IAI), being executed by GIADEC.
Rocksure International was selected after a rigorous competitive three-round investor engagement process in 2019.
The process began with about 40 companies expressing interest. Fourteen (14) companies were shortlisted to progress to round two, of which five (5) advanced to the final round.
In March 2022, the Asantehene, Otumfuo Osei Tutu II, gave his blessings to the partnership between GIADEC and Rocksure International to execute Project 2 (develop a mine in Nyinahin-Mpasaaso with a refinery solution) and pledged the support of his kingdom and chiefs within the mining communities to the project.
Rocksure International, following the endorsement from the Asantehene commenced a Mineral Resource Estimate (MRE) in Nyinahin Block-B, specifically Hills 4, 5 and 6 to validate and define the bauxite resources.
Ghana’s bauxite resources are estimated to be around 900MMT. Bauxite in Ghana is mainly concentrated in three (3) areas, that is, Awaso in the Western-North Region with 60MMT, Kyebi in the Eastern Region with 160 MMT and Nyinahin in the Ashanti Region with the highest bauxite resources of 700MMT.
The validation of the bauxite resources in parts of the Nyinahin area through an MRE is the first time Ghana is taking steps to validate all of its bauxite resources across the country.
