Latest news with #bauxite
Zawya
2 days ago
- Business
- Zawya
Ghana cancels $1.2bln bauxite deal, eyes global partnership, sources say
Ghana has cancelled a $1.2 billion bauxite lease with local firm Rocksure International, seeking a partnership instead with a big overseas company to tap one of West Africa's richest deposits, three sources with direct knowledge of the matter said. Potential partners include Dubai-based Emirates Global Aluminium (EGA) or a Chinese firm, two of the sources said. The termination marks a strategic pivot by Ghana, which holds an estimated 900 million metric tons of bauxite, the seventh largest globally, but has struggled to attract sustained investment in mining and refining infrastructure. Rocksure's lease covered the Nyinahin Hills in central Ghana, home to about 376 million tons of bauxite, the feedstock for aluminium. It was the basis for a joint venture between Rocksure and the state-owned Ghana Integrated Aluminium Development Corporation (GIADEC) to build a mine and alumina refinery, with Rocksure holding 70% of the Asante Bauxite Company JV. GIADEC and the government owned 20% and 10%, respectively. The lease was never ratified by parliament, rendering it void under a 2019 Supreme Court ruling. "By the Exton Cubic ruling, without ratification, you have no lease," one of the sources said, adding that the Ministry of Lands and Natural Resources had informed Rocksure. GIADEC declined to comment, citing ongoing negotiations. The lands ministry did not respond to requests for comment. Rocksure also declined to comment. Another of the sources said the firm had not been formally notified of the termination, only that GIADEC was exiting the JV. Ghana, Africa's top gold producer, lags in bauxite production behind regional peers like Guinea, a global bauxite giant. GIADEC is now actively courting new investors, including EGA and several Chinese firms, the GIADEC source said. EGA, which lost its mining license in Guinea over delays in building a refinery, signed a memorandum of understanding with GIADEC in June to explore opportunities in Ghana. 'EGA has expressed interest in jointly developing bauxite opportunities in Ghana and is currently assessing the technical and commercial parameters of such collaboration,' the company told Reuters in an email response to queries. EGA said no binding agreement had been signed, and did not disclose investment figures, resource estimates or timelines. A third source said EGA had previously considered investing in Ghana around 2022 but backed out to avoid jeopardizing its Guinea license. "They didn't want Guinea to feel they were shifting focus to Ghana," the source said. "Sourcing bauxite from Ghana aligns with our objective to grow aluminium production by diversifying our supply base,' EGA said. GIADEC aims to begin extraction and off-take from the area - known as Block B - in the first quarter of next year. While no deals have been finalised, talks with potential partners are at an advanced stage, according to the first source. "We're looking at all options to see which one serves the interest of the nation," the first source said. The Ghana Chamber of Mines projects national bauxite output will rise to 2 million tons in 2025, from a record 1.7 million tons this year. (Reporting by Maxwell Akalaare Adombila; Editing by Veronica Brown; Editing by Susan Fenton)
Reuters
2 days ago
- Business
- Reuters
Ghana cancels $1.2 billion bauxite deal, eyes global partnership, sources say
ACCRA, July 28 (Reuters) - Ghana has cancelled a $1.2 billion bauxite lease with local firm Rocksure International, seeking a partnership instead with a big overseas company to tap one of West Africa's richest deposits, three sources with direct knowledge of the matter said. Potential partners include Dubai-based Emirates Global Aluminium (EGA) or a Chinese firm, two of the sources said. The termination marks a strategic pivot by Ghana, which holds an estimated 900 million metric tons of bauxite, the seventh largest globally, but has struggled to attract sustained investment in mining and refining infrastructure. Rocksure's lease covered the Nyinahin Hills in central Ghana, home to about 376 million tons of bauxite, the feedstock for aluminium. It was the basis for a joint venture between Rocksure and the state-owned Ghana Integrated Aluminium Development Corporation (GIADEC) to build a mine and alumina refinery, with Rocksure holding 70% of the Asante Bauxite Company JV. GIADEC and the government owned 20% and 10%, respectively. The lease was never ratified by parliament, rendering it void under a 2019 Supreme Court ruling. "By the Exton Cubic ruling, without ratification, you have no lease," one of the sources said, adding that the Ministry of Lands and Natural Resources had informed Rocksure. GIADEC declined to comment, citing ongoing negotiations. The lands ministry did not respond to requests for comment. Rocksure also declined to comment. Another of the sources said the firm had not been formally notified of the termination, only that GIADEC was exiting the JV. Ghana, Africa's top gold producer, lags in bauxite production behind regional peers like Guinea, a global bauxite giant. GIADEC is now actively courting new investors, including EGA and several Chinese firms, the GIADEC source said. EGA, which lost its mining license in Guinea over delays in building a refinery, signed a memorandum of understanding with GIADEC in June to explore opportunities in Ghana. 'EGA has expressed interest in jointly developing bauxite opportunities in Ghana and is currently assessing the technical and commercial parameters of such collaboration,' the company told Reuters in an email response to queries. EGA said no binding agreement had been signed, and did not disclose investment figures, resource estimates or timelines. A third source said EGA had previously considered investing in Ghana around 2022 but backed out to avoid jeopardizing its Guinea license. "They didn't want Guinea to feel they were shifting focus to Ghana," the source said. "Sourcing bauxite from Ghana aligns with our objective to grow aluminium production by diversifying our supply base,' EGA said. GIADEC aims to begin extraction and off-take from the area - known as Block B - in the first quarter of next year. While no deals have been finalised, talks with potential partners are at an advanced stage, according to the first source. "We're looking at all options to see which one serves the interest of the nation," the first source said. The Ghana Chamber of Mines projects national bauxite output will rise to 2 million tons in 2025, from a record 1.7 million tons this year.
Yahoo
16-07-2025
- Business
- Yahoo
Construction of IRF and Upgrade of Ore Haulage Access Road Underway
Highlights Groundbreaking ceremony kicks of the construction of the Inland Rail Facility (IRF) and upgrade of the ore haulage access road The IRF and road are critical infrastructure projects for the transfer bauxite from the Minim Martap Mine to the Port of Douala Engineering work for rail and port infrastructure to start soon, and Canyon remains on track for start of production in early 2026 and first shipment in 1H 2026 PERTH, Australia, July 16, 2025 (GLOBE NEWSWIRE) -- Leading bauxite developer Canyon Resources Limited (ASX: CAY) ('Canyon' or the 'Company') is pleased to announce that construction of the Inland Rail Facility at Makor, Cameroon has commenced. The Inland Rail Facility is a key piece of infrastructure that will underpin the export supply chain for the flagship Minim Martap Bauxite Project ('Minim Martap' or 'the Project'). A ground breaking ceremony at the site was attended by senior government members, including community members, Canyon Executive Chairman Mr Mark Hohnen, and Canyon cornerstone investor Eagle Eye Asset Holdings Pte. Ltd. Construction of the IRF has commenced just months after the Company received approval from the Cameroon Government for the site location1, demonstrating its commitment to fast-tracking development of the Project. In addition to the above, the Company has also commenced upgrading the ore haulage access road which connects the Minim Martap Project to the IRF. Mr Mark Hohnen, Canyon Executive Chairman commented: 'Commencing construction of the IRF and upgrading the ore haulage access road were two key development milestones, as the Company continues to fast-track Minim Martap towards first production anticipated for early 2026 and delivering its maiden shipment of bauxite in 1H 2026.' 'The ore haulage access road and IRF will allow us to safely and cost effectively tranship bauxite from the mine to Port of Douala, from where we will export our product to growing global markets.' 'This is a great moment for our team and our very supportive stakeholders in Cameroon to celebrate. I'd like to thank the Canyon team for their ongoing hard work and dedication and our major shareholder Eagle Eye, who has been instrumental to our success to date. The future of Canyon is very exciting and I look forward to executing on our strategic plans and become the next major ASX-listed bauxite producer.' Canyon has secured rail access from Makor to the Port of Douala, and 65,000 m2 of land for the storage and loading of bauxite at the port. This will enable the Company to efficiently store and transport up to 6Mtpa of bauxite ore, which the Company intends to ultimately expand to 10Mtpa in line with increased production at Minim Martap. Mr Peter Secker, Canyon's Chief Executive Officer commented: 'The execution of these key project items will coincide with other infrastructure development works to underpin the Project's supply chain." 'Following the placement of the orders for critical path items including road construction and locomotives earlier this year, this is the next step in the Minim Martap development program. We are also gearing up to commence engineering and design work for other critical rail and port infrastructure. This includes rail sidings and passing bays, and port storage and loading infrastructure.' 'This an exciting time for Minim Martap and we look forward to updating investors on the development of the IRF and other milestones as we head towards production.'Ribbon cutting to launch the Minim Martap Bauxite Project Interim Minister of Mines, Industries & Technological Development Prof. Fuh Calistus Gentry, Camalco CEO Mr Rana Singh, Canyon Executive Chairman Mr Mark Hohnen, community leaders and members Technical launch of the Minim Martap Bauxite Project This announcement has been approved for release by Canyon's Board of Directors. Enquiries: Peter Secker Cameron Gilenko Chief Executive Officer Investor Relations & Media Canyon Resources Limited Sodali & Co T +61 8 6385 2263 T +61 6160 4909 E: info@ E: __________________________________1 Refer ASX Announcement 4 February 2025 'Approval of Inland Rail Facility by Government of Cameroon' Photos accompanying this announcement are available at
Zawya
09-07-2025
- Business
- Zawya
Emirates Global Aluminium says Guinea wrongfully terminated deal
Emirates Global Aluminium said on Wednesday that the Guinean government had wrongfully terminated an agreement with its subsidiary, Guinea Alumina Corporation, after a year-long dispute over the construction of an alumina refinery. Guinea's military government suspended GAC's bauxite exports and mining operations as part of West Africa's military-led states' increasingly aggressive push to extract greater benefits from their vast natural resources. The junta which seized power in 2021 in the world's second-largest producer of bauxite, the primary ore used to produce aluminum, had demanded that miners present plans to build refineries in order to generate capital for the country. EGA, equally owned by the Abu Dhabi sovereign wealth fund Mubadala and Dubai sovereign wealth fund the Investment Corporation of Dubai, said in a statement that it plans to pursue remedies through international tribunals. "These actions have made the continuation of GAC's operations and the development of an alumina refinery impossible," Abdulnasser Bin Kalban, chief executive officer of EGA, said in the statement. GAC will move ahead with the necessary process to make significant redundancies, which will initially affect more than 2,000 employees and contractors, the company said in the statement. "We have maintained GAC's employee workforce in difficult circumstances for as long as possible," Kalban added. Guinea's government did not immediately respond to a request for comment. Despite Guinea's stricter regulations, bauxite exports jumped 36% to a record 99.8 million metric tons in the first half of 2025, driven by robust Chinese demand.
News.com.au
08-07-2025
- Business
- News.com.au
Break it Down: Western Yilgarn bulks up bauxite resource to 205Mt
Western Yilgarn has announced a 16.5-million-tonne bauxite resource estimate for its Cardea-3 deposit in Western Australia.
