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The Government of Ghana has cancelled a $1.2 billion bauxite lease agreement with local firm Rocksure International, as it seeks to secure a more strategic partnership with an established international company to harness the country’s vast bauxite reserves.
According to sources familiar with the matter, the government is in discussions with potential foreign investors, including Dubai-based Emirates Global Aluminium (EGA) and unnamed Chinese companies, to develop the Nyinahin Hills deposit in central Ghana—home to approximately 376 million metric tons of bauxite.
The terminated agreement was the foundation for a joint venture between Rocksure International and the Ghana Integrated Aluminium Development Corporation (GIADEC), with Rocksure holding a 70% stake in the Asante Bauxite Company, while GIADEC and the government owned 20% and 10% respectively.
However, the lease was never ratified by Parliament, rendering it legally void based on a 2019 Supreme Court ruling. “By the Exton Cubic ruling, without ratification, you have no lease,” one source explained, noting that the Ministry of Lands and Natural Resources had already informed Rocksure of the termination.
While Rocksure and the Ministry have yet to make official comments, GIADEC has remained silent, citing ongoing negotiations.
This strategic shift underscores Ghana’s ambitions to move beyond gold dominance and become a major player in global bauxite production. Despite having the world’s seventh-largest bauxite reserves—estimated at 900 million metric tons—Ghana still lags behind regional competitors like Guinea.
In June, EGA signed a memorandum of understanding with GIADEC to explore development opportunities in Ghana. Although no binding agreement has been reached, EGA confirmed that it is evaluating the technical and commercial aspects of the proposed partnership.
“Sourcing bauxite from Ghana aligns with our objective to grow aluminium production by diversifying our supply base,” EGA stated in an email to Reuters. The company, which previously backed out of investing in Ghana to avoid straining its license in Guinea, has now revived its interest in the West African country.
GIADEC plans to commence extraction and off-take from Block B in the Nyinahin Hills by the first quarter of 2026. Talks with potential partners are reportedly at an advanced stage, with national interest being the priority guiding these negotiations.
The Ghana Chamber of Mines has projected that national bauxite output will rise to 2 million tons in 2025, up from a record 1.7 million tons this year.
