Chinese company to invest Ghana bauxite and aluminium industry

GNA reported that the Bonsai Minerals Group of China is teaming up with the Government of Ghana with USD 1.2 billion investment to revive Ghana's bauxite, aluminiun and allied industries.

Letters of Intent to provide the framework to fast track the development of the project have been signed among the partners, in a chain of achievements that have characterized President Mr John Evans Atta Mills' state visit to China.

The project involves the development of the Ghana Aluminium Refinery Plant and associated infrastructure such as electricity, water and roads to support the project. The partners are the Bosai Minerals Group, the China, Africa Fund and the Government of Ghana.

The proposed plant which would be established in Awaso in 2014, to revive the bauxite industry would have a final capacity of 2 million tons of bauxite per annum.

Ghana Government owns 20% while Bosai has 80% in the proposed investment. Bosai acquired all the interest of Rio Tinto Alcan in the Ghana Bauxite Company at Awaso last February and has since been poised to increase bauxite production to 1.5 million tonnes by 2011.

Mr Zlin Yuan MD of the Company announced during an interaction with President Mr Mills at Chongqing, that the investment would involve bauxite exploration as well as the processing of alumina for export to the Asian market and the rest of the world.

Mr Yuan said that the improvement of the supporting infrastructure is a necessary condition for the objectives of the investment strategy to be achieved.

He acknowledged that the commitment of the Government of Ghana to increase investment in infrastructure to facilitate the development of the alumina refinery plant and also to generally promote more direct investment in Ghana.

Mr Mills who was earlier hosted to a banquet by City Mayor Huang Qifan assured the meeting that the Government of Ghana would fulfill its part with the provision of the necessary environment so that the investment would yield fruitful results.

Accompanied by a delegation of Ghana's entrepreneurs and business people, President Mills invited the Chinese investors to dialogue with his delegation to identify areas of further cooperation for mutual benefits.