The Chief Executive Officer of the Ghana Integrated Aluminium Development Corporation (GIADEC), Reindorf Twumasi Ankrah, has announced that the Corporation is open to forming partnerships with global investors who share in its vision of establishing an Integrated Aluminium Industry (IAI) in Ghana and with the financial capability and industry expertise.
During an investor engagement session with the African Selection Group (ASG), Mr. Ankrah highlighted that GIADEC requires more than $6 billion to fully develop the aluminium value chain.
He pointed out that due to the current economic situation in Ghana, the Corporation cannot rely solely on central government funding. Therefore, GIADEC is actively seeking partnerships with suitable investors committed to the IAI.
On his part, John Kamara, the Managing Director of ASG emphasized that ASG’s vertically integrated business model is well-aligned with GIADEC’s approach.
He expressed ASG’s keen interest in Ghana’s aluminium value chain, particularly in the retrofitting and modernization of the VALCO smelter.
Mr. Kamara further noted that ASG is prepared to make the necessary capital investment in the short to medium term and implement a strategic plan in two phases aimed at enhancing VALCO’s efficiency and boosting its production capacity from 60,000 to over 300,000 metric tonnes annually.
According to him, Phase 1 will involve upgrading production facilities and capacity expansion, implementing energy efficiency measures and technological upgrades and modernising the potlines and supporting infrastructure to enhance energy efficiency and operational stability he added.
Phase 2 will see the construction of an in-country alumina refinery, ensuring a stable and cost-effective supply of alumina to VALCO while reducing dependence on imported alumina to feed the VALCO plant.
Mr. Kamara also emphasized that ASG intends to adopt advanced, sustainable refining processes that offer significant environmental and operational benefits over the traditional Bayer process.
Regarding power supply, Mr. Kamara noted that ASG would explore innovative technologies and alternative energy sources within Ghana’s energy mix to ensure a reliable and cost-effective power supply to sustain operations.
The ASG delegation also included David Woodall, Group Operating Director, Wayne Apted, Chief Financial Officer, and Quinton Charaud, member of the Finance Team.
ABOUT THE AFRICAN SELECTION GROUP (ASG)
African Selection Group (ASG) is an African-focused diversified natural resources group building a portfolio of metals and mining assets across the entire value chain in Africa.
ASG’s strategy is to work a fully funded pipeline of vertically integrated metal and mining projects integrated with a mine-to-market model, leveraging downstream capabilities and in-house marketing expertise.
ASG has successfully implemented mine-to-market models for tier-1 players in the EMEA and posses extensive expertise in in-country risk management.
