Ghana ditches $1.2b bauxite deal, courts global investors for one of West Africa’s richest untapped reserves

Ghana has cancelled a $1.2 billion bauxite lease awarded to local firm Rocksure International and is now seeking a foreign partner to develop one of West Africa’s richest untapped bauxite reserves.

The government is in advanced talks with international players, including Dubai-based Emirates Global Aluminium (EGA) and Chinese firms, sources said.

The move signals a strategic shift by Ghana, which holds an estimated 900 million metric tons of bauxite, ranking seventh globally, but has struggled to attract long-term investment in mining and refining infrastructure, according to Reuters.

The cancelled lease covered the Nyinahin Hills in central Ghana, home to roughly 376 million metric tons of bauxite, the raw material used to produce aluminium.

It was the foundation of a joint venture between Rocksure and the state-owned Ghana Integrated Aluminium Development Corporation (GIADEC) to build both a mine and an alumina refinery.

Rocksure held a 70% stake in the Asante Bauxite Company JV, while GIADEC and the Ghanaian government held 20% and 10%, respectively.

However, the lease was never ratified by parliament, making it void under a 2019 Supreme Court ruling.

Ghana, Africa’s leading gold producer, has lagged behind its neighbour Guinea, in bauxite production. GIADEC is now actively courting new partners to fill the void left by Rocksure. Among them is EGA, which signed a memorandum of understanding with GIADEC in June to explore joint development opportunities in Ghana.

The company noted that no binding agreements had been signed and declined to disclose potential investment figures, timelines, or resource estimates.

A third source said EGA had previously considered investing in Ghana in 2022 but held back to avoid straining its relationship with Guinea, where it held a mining license. “They didn’t want Guinea to feel they were shifting focus to Ghana,” the source noted.

Now, with its Guinea license revoked over delays in building a refinery, EGA is repositioning. “Sourcing bauxite from Ghana aligns with our objective to grow aluminium production by diversifying our supply base,” the company said.

According to the Ghana Chamber of Mines, national bauxite output is projected to rise to 2 million metric tons in 2025, up from a record 1.7 million tons in 2024, a sign of Ghana’s growing ambitions in the sector.