Finance Minister Ken Ofori-Atta has revealed ambitious plans for the Ghana Integrated Aluminium Development Corporation (GIADEC) during the 2024 budget presentation in Parliament.
He said GIADEC, in collaboration with its strategic partners, is set to undertake crucial activities in 2024.
This includes the drilling and Mineral Resource Estimate (MRE) for Project 3, marking a significant step forward in the corporation’s development initiatives.
Simultaneously, the commencement of Valco retrofit and Project 2 mine development underscores GIADEC’s commitment to advancing key projects in the integrated aluminum industry.
The minister highlighted GIADEC’s recent completion of the Mineral Resource Estimate (MRE) Report, conducted in accordance with Joint Ore Reserves Committee (JORC) standards.
The outcomes of this report affirm substantial bauxite quantities, indicating the project’s commercial viability.
Ken Ofori- Atta stated on a parallel note, the Ghana Integrated Iron & Steel Development Corporation (GIISDEC) has achieved a critical milestone by finalizing a strategic conceptual layout.
Endorsed by KPMG, this master plan is poised to guide the growth, promotion, and overall development of the integrated iron and steel industry.
In a bid to ensure the commercial viability of various mineral discoveries and inferred deposits of iron ore,the Finance Minister said GIISDEC has commissioned a high-level Mineral Resource study.
“Mr.Speaker, to ensure that various mineral discoveries and inferred deposits
of iron ore are commercially viable, a high-level Mineral Resource study has been commissioned by GIISDEC working with its Private Partners. This capitalintensive activity has been offloaded to Ghanaian Private Partners to produce a standard Bankable report at no cost to Government of Ghana”.Ken Ofori–Atta stated .
Collaborating with private partners, this capital-intensive initiative will produce a standard Bankable report at no cost to the Government of Ghana.
The objective is to prevent the Integrated Iron and Steel Industry (IISI) from facing continuous declines in domestic production and processing of metallic minerals, reducing dependence on foreign supplies.
“This is to ensure that the Integrated Iron and Steel Industry (IISI) is not faced
with the continuous decline of domestic production and processing of metallic minerals and the associated dependence on foreign supplies for our needs”. The Finance Minister said.
Source: Mybrytfmonline.com/Obed Ansah
