Ghana President: Alcan On Verge Of Bauxite, Alumina Deal

LONDON --Alcan Inc. (AL) is on the verge of signing a deal to mine bauxite and refine it into alumina in Ghana, the country's president, John Agyekum Kufuor, said Wednesday.

Speaking to a small audience at Chatham House in London, Kufuor said the deal will reap significant benefits for Ghana because it has previously exported any bauxite ore produced.

"We've mined bauxite in Ghana for 60 years but we're always freighted it out to countries outside Ghana," Kufuor said. "Even the existing smelter in Ghana imports alumina to covert to aluminum - why do this, when bauxite could be processed and refined into alumina there?" he added.