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Real Economy News in Real Time
R/€ = 16.37 Change: -0.08
R/$ = 14.37 Change: -0.04
Au 1415.63 $/oz Change: 31.55
Pt 811.60 $/oz Change: 8.01
 
 
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Ghana seeks investors to mine bauxite to fund infrastructure

23rd May 2019 BY: Bloomberg

ACCRA – Ghana is inviting investors to submit plans on how to tap the nation’s bauxite deposits as the government seeks to leverage more of its mineral resources to fund infrastructure.

The government will receive proposals from interested parties until the end of the year on how to expand production and build refining and smelting capacity for the manufacturing of alumina and aluminum, said Michael Ansah, chief executive officer of Ghana Integrated Aluminium. The agency was created last year to implement the government’s strategy for the industry.

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The government wants to raise annual output through this round of deals to 5-million metric tons, from 1.4-million tons at the moment, Ansah said. West African neighbor Guinea, the largest exporter of bauxite to China, produced about 50-million tons of the aluminum ingredient in 2018, according to the U.S. Geological Survey.

The government of President Nana Akufo-Addo is seeking to use the proceeds of bauxite mining to build schools, hospitals, bridges and roads. Last year, it concluded a $2-billion deal with China’s Sinohydro Corp. for infrastructure projects, an agreement that it will finance with the proceeds of refined bauxite sales. The country also mines gold, diamonds and manganese, and is the world’s second-biggest grower of cocoa.

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Ghana’s plans to increase bauxite output come even though the aluminum market has declined for the past year, reversing a surge in April 2018 that happened in the wake of sanctions on major producer United Co. Rusal. 

EDITED BY: Bloomberg
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