GIADEC, Metalloid, GIBDLC sign $60m agreement to develop Nyinahin mines
The Ghana Integrated Aluminium Development Corporation (GIADEC), Metalloid Resources Investment (Metalloid) and the Ghana Integrated Bauxite Development Limited Company (GIBDLC) have signed a $60 million agreement aimed at advancing mining activities in Nyinahin in the Ashanti Region.
The strategic partnership, signed in Abu Dhabi, the capital of the United Arab Emirates (UAE), last Wednesday, is part of a broader initiative of GIADEC, a special purpose vehicle, to develop Ghana's aluminium industry, focusing on the exploration and commercialisation of the country's estimated 920 million tonnes of bauxite reserves.
The funds will be invested in activities relating to hills one to three, and they will be gradually scaled up to increase production volumes.
The facility will support the development of a mine, aligning with GIADEC's vision to create an integrated aluminium industry.
“This includes the extraction of bauxite ore in the Nyinahin concession,” a joint statement said.
It said the project was expected to generate over 1,500 jobs, enhance local value addition, and make a significant contribution to Ghana's economic growth.
"This partnership marks a crucial step towards realising Ghana's industrialisation ambitions,” the Chief Executive Officer (CEO) of GIADEC, Reindorf Twumasi Ankrah, said.
The CEO of Metalloid, Ali Bin Jerais, added that the facility represented a strong vote of confidence in Ghana’s long-term aluminium vision and in the Nyinahin bauxite concession as a globally competitive resource.
“Metalloïd is proud to partner with GIADEC and GIBDLC to unlock sustainable value from Ghana’s bauxite reserves through disciplined investment, phased development, and international best-practice mining standards,” he said.
Mr Bin Jerais added that beyond production growth, the project was about building local capability, creating meaningful employment, and laying the foundations for a fully integrated aluminium value chain that delivers enduring economic impact for Ghana”.
GIADEC in focus
GIADEC was established by the Ghana Integrated Aluminium Development Corporation Act, 2018 (Act 976), to develop and promote a globally competitive Integrated Aluminium Industry in the country.
Empowered by its object under the Act 976, GIADEC holds and manages all of the government’s current and future interests and investments in the aluminium industry, including the entire production value chain.
The corporation currently has GoG’s entire shares in two existing companies – Volta Aluminium Company Limited (VALCO) and Ghana Bauxite Company Limited.
GIADEC is seeking to partner with strategic investors, including local participation across the entire bauxite and aluminium value chain – mining, refinery, smelter, and downstream industries.
The corporation, together with a Ghanaian private partner, shall hold not less than 30 per cent stake in any new aluminium ventures involving a mine, refinery or smelter.
The corporation is currently at various stages of development of four aluminium projects, including the Awaso, two mines in Nyinahin-Mpasaaso, and the Akyem mine.
