GIADEC, Mytilineos bauxite and refinery project a giant step for Ghana – Asantehene

The Asantehene, Otumfuo Osei Tutu II has stated that the selection of Mytilineos S.A, a major global metallurgy and energy company that is listed on the Athens Stock Exchange, by the Ghana Integrated Aluminium Development Corporation (GIADEC), as a strategic partner to develop portions of Nyinahin bauxite resources and build a refinery is a giant step towards developing an Integrated Aluminium Industry (IAI) in Ghana.

During a courtesy call on the Asantehene at Manhyia Palace in Kumasi to introduce Mytilineos, the Asantehene said he was particularly excited about the bold steps being taken by GIADEC and its partners to refine bauxite into alumina in Ghana instead of exporting bauxite in its raw state out of the Country.

Otumfuo Osei Tutu II said developing every aspect of the bauxite value chain, that is, mining, refining, smelting, and producing Aluminium products will provide jobs for the teeming youth and contribute significantly towards the industrialization agenda of the nation.

He asked Mytilineos to engage the mining communities by training and harnessing local artisanal talent and sub-contractors in the execution of the project. Otumfuo further urged Mytilineos to conduct their operations responsibly and safely, adding that he and his sub-chiefs would provide all the support needed for the successful implementation of the project (Project 3A).

Chief Executive Officer of GIADEC, Mr Michael Ansah, expressed his gratitude to Otumfuo for his continuous support for all the projects being executed under the GIADEC’s Integrated Aluminium Industry (IAI) masterplan, particularly those in Ashanti. He emphasized that GIADEC’s vision is to ensure that all aspects of the bauxite value chain are developed, and a fully integrated Aluminium industry is established in Ghana.

Mr Ansah said Mytilineos has a strong commitment to the highest global standards of environmental sustainability and governance (ESG) excellence. Mytilineos was selected through a transparent and competitive three-round investor engagement process, launched by GIADEC in 2019, that attracted interest from approximately 40 companies from across the world.

President Nana Addo Dankwa Akufo-Addo in his speech at the 67th Independence Day celebration said GIADEC is one of the key organisations that would make “a great difference to the economic fortunes of Ghana.”

Mr. Ansah noted that the President’s remarks were justified as the bold steps being taken by GIADEC would position Ghana to take full advantage of the surge in the global demand for Aluminium and its related products.

Administrative Director of Mytilineos, Dimitrios Kakarouchas, thanked the Asantehene for his support and assured Otumfuo of their readiness to commence operations starting with the prospecting phase where Mytilineos will be undertaking Mineral Resource Estimates (MRE) to establish the bauxite quantities. He also pledged their commitment to ensuring environmental sustainability and social responsibility.

“At Mytilineos, we prioritize creating value for all stakeholders. Our involvement in Ghana’s energy sector has deepened our understanding of the local environment and people. We are expanding into metals, guided by a commitment to environmental sustainability and social responsibility, Dimitrios Kakarouchas said.

“Our initiatives aim to empower local communities, create over 1,500 quality job opportunities and stimulate economic activity. We are also dedicated to preserving the natural beauty of the region for future generations. We look to the future with optimism and determination. Together we will build a brighter, more prosperous and sustainable future for all” he added.

GIADEC’s IAI Masterplan involves four key projects: Project 1 – Expansion of existing mine at Awaso and building of a refinery. Project 2 – Development of a mine at Nyinahin-Mpasaaso and a refinery solution. Project 3 – Development of a mine at Kyebi, a second mine at Nyinahin-Mpasaaso, and the building of a refinery. Project 4 – The modernisation and expansion of the VALCO smelter to improve efficiency and increase capacity.

The delegation from GIADEC included Deputy CEO, Akwasi Osei-Adjei and other Managers and Senior Managers of the Corporation. The delegation also included senior executives of Mytilineos.

About GIADEC

GIADEC is a state-owned company responsible for the development of an integrated Aluminium industry in Ghana. The company’s portfolio of assets includes mining rights to all of Ghana’s 900 million tonnes of bauxite reserves, 100% shares in Valco – Ghana’s smelting company, and interest in Ghana Bauxite Company Limited, a producing mine that has been operating for over 70 years.

Through strategic partnerships, GIADEC, will hold equity stakes in new mines and refineries to be established, and drive integration of the bauxite – Aluminium value chain to create value. GIADEC is guided by its core values of Integrity, Respect, and Execution excellence. The company believes in shared prosperity, sustainability, and adherence to responsible environmental and operational practices.

About Mytilineos

Founded in Greece in 1990, MYTILINEOS has evolved into an industrial and energy multinational company, publicly listed on the Athens Stock Exchange. With an extensive presence across 5 continents and operations spanning 40 countries in Europe, Asia, Africa, the Americas, and Australia, MYTILINEOS has firmly established itself as a prominent player in the global market.

The company boasts a consolidated turnover of €6,306 million, showcasing robust financial performance and an EBITDA of €823 million, signifying its financial stability and growth trajectory.

With a workforce of 6,144 direct and indirect employees, MYTILINEOS is committed to sustainable growth, guided by the highest Environmental, Social, and Governance (ESG) performance indicators, aiming to reduce carbon dioxide (CO2) emissions by at least 30% by 2030 and achieve carbon-neutral business operations by 2050.

As a responsible corporate citizen, MYTILINEOS takes pride in its extensive social and environmental impact, reflected in its €3,058 million total social footprint, €120 million environmental expenditure, and €3.9 million social contributions.

The Metallurgy Sector at MYTILINEOS holds a leading position as the only vertically integrated bauxite, alumina, and aluminum producer in the EU. It boasts world-class bauxite mining facilities, alumina refineries, and aluminum casthouses.

In 2023, the company achieved a production capacity of ~240 Kt of Aluminum and ~870 Kt of Alumina, setting the standard for excellence in metallurgical production. The partner is proud to have reached an impressive 26% in Recycled Aluminium production, showcasing its commitment to sustainable and environmentally friendly manufacturing processes.