GIADEC Holds Maiden Media Engagement In Accra
The Ghana Integrated Aluminium Development Corporation, (GIADEC) has held its first media engagement in Accra with the aim of sensitizing journalists on the operations and achievements of the establishment since it was inaugurated in March 2019.
The platform also provided an opportunity for Journalists to ask questions to be better informed and report accurately on the Bauxite and Aluminium Industry.
Addressing the Journalists, the Chief Executive Officer Michael Ansah said GIADEC was also using the platform to deepen their working relation with the Media.
Highlighting some duties and achievements of the organisation, Mr. Ansah said GIADEC was working effectively to assume the Government of Ghana’s full interests across the value chain in the Integrated Aluminium Industry and will hold a minimum 30% stake in any new mine, refinery or smelter alongside private investors.
“There is an ongoing investor engagement process where over 40 companies – both Ghanaian and International (Africa, Americas, Asia Pacific and Europe) expressed interest in bidding to be selected to develop various aspects of the aluminium value chain. The process is ongoing and no new bauxite mining licences have been awarded as at December 2019” he added.
Mr. Ansah said GIADEC was hoping to achieve up to four mining concessions (one in Awaso already in operation plus up to 3 additional – two in Nyinahin and one in Kyebi), two or three new refineries with a combined capacity of 4-6 million tonnes of alumina (refined bauxite) and retrofit of VALCO to increase production capacity to 300,000 metric tonnes of aluminium with a new smelter with production capacity of up to 500,000 metric tonnes of aluminium.
He stated that this aspiration will lead to the creation of over 35,000 new jobs (10,000 direct and 25,000 indirect).
“It is also expected that there will be an annual boost to the economy of about $10 billion (roughly 15% of country’s expected GDP as at end of 2019). The $10 billion boost will be achieved through mining, refining and smelting (approx. $2-3 billion) in addition to contributions from the downstream and allied industries” he disclosed.
On global positioning, the CEO said with the estimated reserves, Ghana would rank 8th in the world for bauxite reserves. (after China and above India). With expected annual production of 10-20 million tonnes, Ghana would be the 6th largest bauxite producing country in the world.
He said “GIADEC understands the importance of the role played by Traditional Leaders, local communities and other stakeholders and has begun engaging with them since the company was established earlier this year”.
The Corporation is also developing a robust stakeholder engagement strategy and plan that has started to identify key stakeholders and will address their concerns throughout the project.