mining
14 March 2025
Mining Technologymining
Mar 14, 2025Mining Technology
Panama has authorised the export of copper concentrate from First Quantum’s Cobre Panama mine, which has been shut for the past two years.
The move boosted the Canadian miner’s shares by 15% on the Toronto Stock Exchange (TSX), reported Reuters.
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President Jose Raul Mulino announced the decision, which includes restarting a power plant essential for operating the Punta Rincon port, approximately 27km north of the mine.
The port will be utilised as a hub to export the copper from the mine.
The country’s Trade and Industry Ministry supported Mulino’s comments but emphasised that discussions with First Quantum could only proceed if the miner suspends its arbitration against the Panamanian Government.
The ministry stated: “Any sort of approach will depend on the immediate suspension of those processes.”
The ministry also clarified that restarting the power plant does not equate to resuming mining activities. “This decision does not mean a reactivation in mining activity,” it stated.
First Quantum has yet to comment on the status of its legal action against Panama.
The previous government ordered the mine’s closure in late 2023 due to environmental concerns, leaving 120,000 tonnes of copper concentrate stockpiled.
Before its shutdown, the mine contributed 1% to global copper output, the report said.
President Mulino highlighted the need to remove stranded copper products from the mine, stating that Panama should be reimbursed once the products are processed abroad.
He plans to review the mine’s future more comprehensively next week, stating: “The issue of the mine will be approached with great responsibility and taking into account at all times the national interest.”
First Quantum welcomed the president’s decision to restart the power plant and his remarks on exports, saying: “We welcome the statements made by the president… regarding the authorisations to export copper concentrate.”
First Quantum announced in August last year that it was seeking damages after the forced closure of the mine, following a supreme court ruling.
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Mozambique Approves Investment Projects Valued At About Us$5 Billion In…The Mozambican government has approved 115 investment projects valued at about US$5 billion in the first half of 2025, with the potential to create 17,000 jobs. Prime Minister Benvinda Levi announced the figures on 30th August, at the closing of the 60th Maputo International Fair (FACIM).
The largest project is Green Energy Mozambique, a US$3 billion industrial park in Sofala province. The complex is expected to generate 10,000 direct jobs and boost production of key materials including aluminum, steel, cement, batteries, and solar panels.
More than 88% of total investment was directed to Sofala, far ahead of Maputo. Foreign capital accounted for US$3.2 billion, with contributions from investors in 25 countries. The funds mainly target industry, transport, communications, and services. Domestic investment stood at US$144 million.
Levi said the results show the Mozambican economy is rebounding after climate shocks and post-election tensions, with the private sector driving growth. She also highlighted the launch of a US$250 million mutual guarantee fund during the fair to support recovery and expand private sector participation.
These achievements align with the country’s strategy to strengthen investor appeal. In recent years, Mozambique has pursued reforms to attract capital, including the creation of the Investment and Export Promotion Agency (APIEX) and the adoption of a new investment law in 2023. The country now offers tax and customs incentives, along with special economic zones in agriculture, aquaculture, and less-developed regions.
According to UNCTAD, Mozambique ranked fourth in Africa for foreign direct investment inflows in 2024, reaching US$3.55 billion, up from US$2.5 billion in 2023, when it placed sixth.
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01 September 20252 min readMozambique Approves Investment Projects Valued At About Us$5 Billion In…
Africa Mining Market
01 September 2025
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Harmony Gold Reports A 20% Revenue Increase To Us$4.07 Billion In Fy2025Harmony Gold, South Africa’s leading gold producer, announced a 20% increase in revenue to US$4.07 billion for its fiscal year 2025, ending June 2025. This marks a significant rise from the US$3.2 billion reported a year earlier, primarily driven by higher gold prices during the period.
Gold prices have surged approximately 30% since January 2025, mirroring the growth observed in 2024. Harmony Gold benefited from a 27% increase in the average gold price realised from its sales, climbing from US$1,999 per ounce to US$2,620 per ounce over the period. This revenue growth occurred despite a 5% decline in the group’s production, which fell from 1.56 million ounces to 1.47 million ounces year-on-year.
The reported results predominantly reflect gold volumes from its South African mining operations, the historical core of its portfolio, including mines in the Witwatersrand basin such as Moab Khotsong, Kusasalethu, and Doornkop. Harmony Gold also maintains operations in Papua New Guinea with the Hidden Valley mine and produces platinum and uranium as by-products.
With gold currently trading at US$3,398 per ounce, analysts anticipate continued price increases through the end of 2025, with Goldman Sachs forecasting up to US$3,700 per ounce. Harmony Gold projects stable production for the current fiscal year, targeting between 1.4 million and 1.5 million ounces.
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29 August 20252 min readHarmony Gold Reports A 20% Revenue Increase To Us$4.07 Billion In Fy2025
Africa Mining Market
29 August 2025
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Qatar’S Al Mansour Holdings Signs Us$20 Billion Deal With MozambiqueQatari private conglomerate Al Mansour Holdings will invest US$20 billion in Mozambique, the presidency announced on 27th August 2025.
The deal will channel funds into energy, agriculture, oil and gas, renewable power, infrastructure, fisheries, livestock, tourism, housing, hospitals and logistics, according to a statement. Mozambique’s five-year development plan for 2025 – 2029 prioritises rural electrification and domestic gas production.
President Daniel Chapo, who took office in January, has also set out plans to revive agro-industry to complement subsistence farming. Roughly 80% of Mozambique’s cultivated land is currently devoted to food for household consumption, according to the U.S. Department of Agriculture.
Al Mansour’s chairman Sheikh Mansour bin Jabor bin Jassim Al Thani said the group aims to support, not compete with, local efforts. “We are not here to compete; we are here to complement. We are not here to take; we are here to build,” he said at the signing ceremony.
The Mozambique deal follows other large-scale investments announced by Al Mansour Holdings this month: a US$12 billion commitment to Botswana on 21st August, and a US$19 billion agreement with Zambia on 18th August. In April, Qatar and Egypt also finalised a US$7.5 billion investment pact.
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28 August 20252 min readQatar’S Al Mansour Holdings Signs Us$20 Billion Deal With Mozambique
Africa Mining Market
28 August 2025
mining
Qatar’S Al Mansour Holdings Signs Us$20 Billion Deal…Qatari private conglomerate Al Mansour Holdings will invest US$20 billion in Mozambique, the presidency announced on 27th August 2025.
The deal will channel funds into energy, agriculture, oil and gas, renewable power, infrastructure, fisheries, livestock, tourism, housing, hospitals and logistics, according to a statement. Mozambique’s five-year development plan for 2025 – 2029 prioritises rural electrification and domestic gas production.
President Daniel Chapo, who took office in January, has also set out plans to revive agro-industry to complement subsistence farming. Roughly 80% of Mozambique’s cultivated land is currently devoted to food for household consumption, according to the U.S. Department of Agriculture.
Al Mansour’s chairman Sheikh Mansour bin Jabor bin Jassim Al Thani said the group aims to support, not compete with, local efforts. “We are not here to compete; we are here to complement. We are not here to take; we are here to build,” he said at the signing ceremony.
The Mozambique deal follows other large-scale investments announced by Al Mansour Holdings this month: a US$12 billion commitment to Botswana on 21st August, and a US$19 billion agreement with Zambia on 18th August. In April, Qatar and Egypt also finalised a US$7.5 billion investment pact.
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28 August 20252 min readQatar’S Al Mansour Holdings Signs Us$20 Billion Deal…
Africa Mining Market
28 August 2025
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Fortescue Posts $5.2 Billion ProfitFortescue has reported a net profit after tax (NPAT) of $US3.4 billion ($5.2 billion) for the 2024–25 financial year (FY25), shipping a record amount of iron ore as the company continues to consolidate strong relations with China.
The iron ore major shipped a record 198.4 million tonnes (Mt) in the year to June 30, supported by strong supply chain performance and lower hematite C1 costs of $US17.99 per wet metric tonne. Underlying EBITDA came in at $US7.9 billion with a margin of 51 per cent.
“As the industry’s lowest-cost producer, we’ve delivered another strong set of results – record shipments, disciplined cost performance, solid earnings and a continued focus on safety,” Fortescue metals and operations chief executive officer Dino Otranto said.
“In line with our commitment to deliver returns to shareholders, the Board has declared a fully franked final dividend of $0.60 per share, bringing total dividends declared for FY25 to $1.10 per share, representing a 65 per cent payout of net profit after tax.”
The company joined the Australian Prime Minister and other major iron ore miners in a visit to China in July to strengthen trade relations with the country.
“The Australian Prime Minister’s recent visit to China, which I was honoured to join, highlighted the value of collaboration between governments and industry,” he said. “It was a strong signal for strengthening relationships in key markets – something underscored by our recent RMB (Renminbi) term loan facility which was made possible through Fortescue’s long-standing partnerships with Chinese institutions.”
Looking ahead, Fortescue growth and energy chief executive officer Gus Pichot said the company was balancing operational excellence with future growth.
“Green energy and green hydrogen remain key to our future, including our green iron strategy,” he said. “Construction of our Green Metal project in the Pilbara is underway and the pilot plant will soon begin producing green iron using green hydrogen.”
Fortescue is targeting FY26 shipments of 195–205Mt, with continued investment in decarbonisation and new growth projects.
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26 August 20252 min readFortescue Posts $5.2 Billion Profit
Australian Mining
26 August 2025
mining
Fortescue Secures $3 Billion Loan In Landmark China DealFortescue has secured a Renminbi-denominated (RMB) $14.2 billion ($3 billion) syndicated term loan, marking the first RMB facility of its kind by an Australian company.
The deal, backed by leading Chinese, Australian and international lenders, is a significant step in Fortescue’s capital strategy and highlights its strong, long-standing ties with China.
Proceeds from the five-year unsecured facility will support general corporate purposes and Fortescue’s decarbonisation goals, including partnerships with Chinese suppliers and technology leaders.
Fortescue executive chair Andrew Forrest said the loan represents more than just financial backing.
“It’s a signal of what is possible when partners are aligned in ambition,” Forrest said. “As the United States steps back from investing in what will be the world’s greatest industry, China and Fortescue are advancing the green technology needed to lead the global green industrial revolution.
“China continues to lead the world in industrial scale and innovation. Fortescue shares that ambition and drive. This landmark RMB financing strengthens our long-standing partnerships with Chinese institutions and opens new frontiers for collaboration.”
Fortescue group chief financial officer Apple Paget said this financing deepens its engagement with existing financial partners and further expands the company’s banking syndicate to institutions with Renminbi lending capabilities.
“The exceptional demand through the syndication process is recognition of Fortescue’s strong credit profile, track record for operating excellence and disciplined capital allocation,” Paget said.
“It marks another milestone in execution of our capital management strategy, diversifying funding sources, enhancing flexibility and lowering our cost of capital, including achieving Fortescue’s lowest ever cost of debt. It reinforces our position as responsible custodians of capital.”
The facility was arranged by Bank of China and Industrial and Commercial Bank of China (Sydney branches), with a 12-month availability period and repayments starting 18 months after close.
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08 August 20252 min readFortescue Secures $3 Billion Loan In Landmark China Deal
Australian Mining
08 August 2025
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Newmont Finalises Its Us$1 Billion Sale Of The Akyem Gold…The gold mining industry witnessed a significant transaction in August 2025 as Newmont Corporation finalised its US$1 billion sale of the Akyem gold mine to Zijin Mining Group. This strategic divestiture represents a pivotal moment in Newmont’s portfolio optimisation strategy and signals important shifts in the global gold mining landscape amidst changing gold prices analysis.
The Akyem sale marks a decisive move by Newmont to streamline its global operations and focus on what it defines as Tier 1 assets. With the transaction now complete following Ghanaian parliamentary approval, industry analysts are closely examining the implications for both companies and the broader gold market performance.
The transaction reached its conclusion when Newmont received the final payment of US$100 million (approximately A$154 million) after Ghana’s Parliament ratified the extended Akyem East mining lease. This final payment completed the total transaction value of US$1 billion, with Zijin Mining Group as the buyer.
The deal was structured in two distinct phases:
After accounting for taxes and transaction costs, Newmont’s after-tax proceeds from the sale totaled approximately US$770 million. As stated in Newmont’s official announcement, “The proceeds will support Newmont’s capital allocation priorities, which include reducing outstanding debt and returning capital to shareholders.”
The Akyem divestiture aligns with Newmont’s strategic focus on what it classifies as Tier 1 assets. According to company documentation, these assets must meet specific criteria:
While Akyem has been a productive asset in Newmont’s portfolio, the mine no longer aligned with these strategic parameters, prompting its inclusion in the company’s divestiture program.
The concept of “Tier 1” assets has become increasingly important in the gold mining sector as companies focus on quality over quantity. These premium assets typically offer superior margins, operational stability, and reduced geopolitical risk compared to smaller or higher-cost operations.
The Akyem transaction represents just one component of Newmont’s comprehensive portfolio optimisation strategy. This broader initiative aims to refine the company’s asset base following several major acquisitions and position it for sustainable long-term performance.
Newmont’s divestiture program has been substantial in scope and impact:
This systematic pruning of non-core assets follows Newmont’s transformational acquisitions in recent years, including the Goldcorp and Newcrest Mining deals that significantly expanded its global footprint.
Newmont has outlined clear priorities for the proceeds from its divestiture program:
These priorities reflect the company’s focus on long-term financial health rather than maintaining size for its own sake – a philosophy that has gained traction across the gold mining sector.
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04 August 20253 min readNewmont Finalises Its Us$1 Billion Sale Of The Akyem Gold…
Africa Mining Market
04 August 2025
mining
Newmont Finalises Its Us$1 Billion Sale Of The Akyem Gold Mine To Zijin Mining…The gold mining industry witnessed a significant transaction in August 2025 as Newmont Corporation finalised its US$1 billion sale of the Akyem gold mine to Zijin Mining Group. This strategic divestiture represents a pivotal moment in Newmont’s portfolio optimisation strategy and signals important shifts in the global gold mining landscape amidst changing gold prices analysis.
The Akyem sale marks a decisive move by Newmont to streamline its global operations and focus on what it defines as Tier 1 assets. With the transaction now complete following Ghanaian parliamentary approval, industry analysts are closely examining the implications for both companies and the broader gold market performance.
The transaction reached its conclusion when Newmont received the final payment of US$100 million (approximately A$154 million) after Ghana’s Parliament ratified the extended Akyem East mining lease. This final payment completed the total transaction value of US$1 billion, with Zijin Mining Group as the buyer.
The deal was structured in two distinct phases:
After accounting for taxes and transaction costs, Newmont’s after-tax proceeds from the sale totaled approximately US$770 million. As stated in Newmont’s official announcement, “The proceeds will support Newmont’s capital allocation priorities, which include reducing outstanding debt and returning capital to shareholders.”
The Akyem divestiture aligns with Newmont’s strategic focus on what it classifies as Tier 1 assets. According to company documentation, these assets must meet specific criteria:
While Akyem has been a productive asset in Newmont’s portfolio, the mine no longer aligned with these strategic parameters, prompting its inclusion in the company’s divestiture program.
The concept of “Tier 1” assets has become increasingly important in the gold mining sector as companies focus on quality over quantity. These premium assets typically offer superior margins, operational stability, and reduced geopolitical risk compared to smaller or higher-cost operations.
The Akyem transaction represents just one component of Newmont’s comprehensive portfolio optimisation strategy. This broader initiative aims to refine the company’s asset base following several major acquisitions and position it for sustainable long-term performance.
Newmont’s divestiture program has been substantial in scope and impact:
This systematic pruning of non-core assets follows Newmont’s transformational acquisitions in recent years, including the Goldcorp and Newcrest Mining deals that significantly expanded its global footprint.
Newmont has outlined clear priorities for the proceeds from its divestiture program:
These priorities reflect the company’s focus on long-term financial health rather than maintaining size for its own sake – a philosophy that has gained traction across the gold mining sector.
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04 August 20253 min readNewmont Finalises Its Us$1 Billion Sale Of The Akyem Gold Mine To Zijin Mining…
Africa Mining Market
04 August 2025
mining
Newmont Finalises Its Us$1 Billion Sale Of The…The gold mining industry witnessed a significant transaction in August 2025 as Newmont Corporation finalised its US$1 billion sale of the Akyem gold mine to Zijin Mining Group. This strategic divestiture represents a pivotal moment in Newmont’s portfolio optimisation strategy and signals important shifts in the global gold mining landscape amidst changing gold prices analysis.
The Akyem sale marks a decisive move by Newmont to streamline its global operations and focus on what it defines as Tier 1 assets. With the transaction now complete following Ghanaian parliamentary approval, industry analysts are closely examining the implications for both companies and the broader gold market performance.
The transaction reached its conclusion when Newmont received the final payment of US$100 million (approximately A$154 million) after Ghana’s Parliament ratified the extended Akyem East mining lease. This final payment completed the total transaction value of US$1 billion, with Zijin Mining Group as the buyer.
The deal was structured in two distinct phases:
After accounting for taxes and transaction costs, Newmont’s after-tax proceeds from the sale totaled approximately US$770 million. As stated in Newmont’s official announcement, “The proceeds will support Newmont’s capital allocation priorities, which include reducing outstanding debt and returning capital to shareholders.”
The Akyem divestiture aligns with Newmont’s strategic focus on what it classifies as Tier 1 assets. According to company documentation, these assets must meet specific criteria:
While Akyem has been a productive asset in Newmont’s portfolio, the mine no longer aligned with these strategic parameters, prompting its inclusion in the company’s divestiture program.
The concept of “Tier 1” assets has become increasingly important in the gold mining sector as companies focus on quality over quantity. These premium assets typically offer superior margins, operational stability, and reduced geopolitical risk compared to smaller or higher-cost operations.
The Akyem transaction represents just one component of Newmont’s comprehensive portfolio optimisation strategy. This broader initiative aims to refine the company’s asset base following several major acquisitions and position it for sustainable long-term performance.
Newmont’s divestiture program has been substantial in scope and impact:
This systematic pruning of non-core assets follows Newmont’s transformational acquisitions in recent years, including the Goldcorp and Newcrest Mining deals that significantly expanded its global footprint.
Newmont has outlined clear priorities for the proceeds from its divestiture program:
These priorities reflect the company’s focus on long-term financial health rather than maintaining size for its own sake – a philosophy that has gained traction across the gold mining sector.
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04 August 20253 min readNewmont Finalises Its Us$1 Billion Sale Of The…
Africa Mining Market
04 August 2025
mining
Glencore To Cut Costs By Us$1 BillionGlencore plc said it will cut about US$1 billion of costs after a review of its sprawling network of mines and smelters, as it raised the long-term profit forecast for its commodity trading unit for the first time since 2017.
Glencore’s position as both a large producer and third-party trader of metals and minerals sets it apart from rivals, which broadly focus on one or the other business. The company has been grappling with lower prices for some of its key commodities – particularly coal, which is traditionally its biggest earner. Its refining business has also been hit by some of the lowest metal processing fees on record.
Glencore didn’t provide details of how the cost reductions would be achieved, which it said would be fully implemented by the end of 2026. It will give a further update when it reports financial results next week.
Across the industry, the world’s biggest miners are looking to remove costs and simplify as the industry faces lower prices for the most profitable commodities such as iron ore and coal. Anglo American plc has already been on a cost cutting drive, while Rio Tinto Group’s new chief executive officer has been tasked with streamlining the business.
“A comprehensive review of our industrial asset portfolio during the period recognised opportunities to streamline our industrial operating structure, to optimise departmental management and reporting, and to support enhanced technical excellence and operational focus,” CEO Gary Nagle said in a statement.
While the mining side of the business is under pressure, Glencore has increased the long-term forecast for annual profit in its trading business to US$2.3 billion to US$3.5 billion, up from a long-standing level of US$2.2 billion to US$3.2 billion. The trading unit earned US$1.35 billion in the first half, Glencore said.
The new range reflects growth in the existing metals and energy trading businesses, as well as expansion into new markets such as lithium and liquefied natural gas, Glencore said. It also cited “inflationary progression to today’s dollars”.
The increase comes after years of questions from analysts and investors about when it would adjust the range, which Glencore’s traders have consistently exceeded. The company resisted until now, arguing that earnings were temporarily inflated first by the impacts of the pandemic and then the fallout from Russia’s invasion of Ukraine, and that markets needed to normalise before it formed a new long-term view.
While commodity trading profits have moderated across the industry from the record levels seen in 2022-2023, some of the biggest players have indicated they expect earnings have reset at a new higher level. Rival Trafigura Group said earlier this year that its trading business had “reached a new cruising altitude” below the peaks of recent years, but significantly higher than the level of profitability it saw before the pandemic.
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30 July 20253 min readGlencore To Cut Costs By Us$1 Billion
Africa Mining Market
30 July 2025
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Ghana Cancels Us$1.2 Billion Bauxite Deal, Eyes Global…Ghana has cancelled a US$1.2 billion bauxite lease with local firm Rocksure International, seeking a partnership instead with a big overseas company to tap one of West Africa’s richest deposits, three sources with direct knowledge of the matter said.
Potential partners include Dubai-based Emirates Global Aluminium (EGA) or a Chinese firm, two of the sources said.
The termination marks a strategic pivot by Ghana, which holds an estimated 900 million metric tons of bauxite, the seventh largest globally, but has struggled to attract sustained investment in mining and refining infrastructure.
Rocksure’s lease covered the Nyinahin Hills in central Ghana, home to about 376 million tons of bauxite, the feedstock for aluminium.
It was the basis for a joint venture between Rocksure and the state-owned Ghana Integrated Aluminium Development Corporation (GIADEC) to build a mine and alumina refinery, with Rocksure holding 70% of the Asante Bauxite Company JV. GIADEC and the government owned 20% and 10%, respectively.
The lease was never ratified by parliament, rendering it void under a 2019 Supreme Court ruling.
“By the Exton Cubic ruling, without ratification, you have no lease,” one of the sources said, adding that the Ministry of Lands and Natural Resources had informed Rocksure.
GIADEC declined to comment, citing ongoing negotiations. The lands ministry did not respond to requests for comment.
Rocksure also declined to comment.
Another of the sources said the firm had not been formally notified of the termination, only that GIADEC was exiting the JV.
Ghana, Africa’s top gold producer, lags in bauxite production behind regional peers like Guinea, a global bauxite giant.
GIADEC is now actively courting new investors, including EGA and several Chinese firms, the GIADEC source said.
EGA, which lost its mining license in Guinea over delays in building a refinery, signed a memorandum of understanding with GIADEC in June to explore opportunities in Ghana.
“EGA has expressed interest in jointly developing bauxite opportunities in Ghana and is currently assessing the technical and commercial parameters of such collaboration,” the company told Reuters in an email response to queries.
EGA said no binding agreement had been signed, and did not disclose investment figures, resource estimates or timelines.
A third source said EGA had previously considered investing in Ghana around 2022 but backed out to avoid jeopardizing its Guinea license. “They didn’t want Guinea to feel they were shifting focus to Ghana,” the source said.
“Sourcing bauxite from Ghana aligns with our objective to grow aluminium production by diversifying our supply base,” EGA said.
GIADEC aims to begin extraction and off-take from the area – known as Block B – in the first quarter of next year. While no deals have been finalised, talks with potential partners are at an advanced stage, according to the first source.
“We’re looking at all options to see which one serves the interest of the nation,” the first source said.
The Ghana Chamber of Mines projects national bauxite output will rise to 2 million tons in 2025, from a record 1.7 million tons this year.
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28 July 20253 min readGhana Cancels Us$1.2 Billion Bauxite Deal, Eyes Global…
Africa Mining Market
28 July 2025
mining
Ghana Cancels Us$1.2 Billion Bauxite Deal, Eyes Global PartnershipGhana has cancelled a US$1.2 billion bauxite lease with local firm Rocksure International, seeking a partnership instead with a big overseas company to tap one of West Africa’s richest deposits, three sources with direct knowledge of the matter said.
Potential partners include Dubai-based Emirates Global Aluminium (EGA) or a Chinese firm, two of the sources said.
The termination marks a strategic pivot by Ghana, which holds an estimated 900 million metric tons of bauxite, the seventh largest globally, but has struggled to attract sustained investment in mining and refining infrastructure.
Rocksure’s lease covered the Nyinahin Hills in central Ghana, home to about 376 million tons of bauxite, the feedstock for aluminium.
It was the basis for a joint venture between Rocksure and the state-owned Ghana Integrated Aluminium Development Corporation (GIADEC) to build a mine and alumina refinery, with Rocksure holding 70% of the Asante Bauxite Company JV. GIADEC and the government owned 20% and 10%, respectively.
The lease was never ratified by parliament, rendering it void under a 2019 Supreme Court ruling.
“By the Exton Cubic ruling, without ratification, you have no lease,” one of the sources said, adding that the Ministry of Lands and Natural Resources had informed Rocksure.
GIADEC declined to comment, citing ongoing negotiations. The lands ministry did not respond to requests for comment.
Rocksure also declined to comment.
Another of the sources said the firm had not been formally notified of the termination, only that GIADEC was exiting the JV.
Ghana, Africa’s top gold producer, lags in bauxite production behind regional peers like Guinea, a global bauxite giant.
GIADEC is now actively courting new investors, including EGA and several Chinese firms, the GIADEC source said.
EGA, which lost its mining license in Guinea over delays in building a refinery, signed a memorandum of understanding with GIADEC in June to explore opportunities in Ghana.
“EGA has expressed interest in jointly developing bauxite opportunities in Ghana and is currently assessing the technical and commercial parameters of such collaboration,” the company told Reuters in an email response to queries.
EGA said no binding agreement had been signed, and did not disclose investment figures, resource estimates or timelines.
A third source said EGA had previously considered investing in Ghana around 2022 but backed out to avoid jeopardizing its Guinea license. “They didn’t want Guinea to feel they were shifting focus to Ghana,” the source said.
“Sourcing bauxite from Ghana aligns with our objective to grow aluminium production by diversifying our supply base,” EGA said.
GIADEC aims to begin extraction and off-take from the area – known as Block B – in the first quarter of next year. While no deals have been finalised, talks with potential partners are at an advanced stage, according to the first source.
“We’re looking at all options to see which one serves the interest of the nation,” the first source said.
The Ghana Chamber of Mines projects national bauxite output will rise to 2 million tons in 2025, from a record 1.7 million tons this year.
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28 July 20253 min readGhana Cancels Us$1.2 Billion Bauxite Deal, Eyes Global Partnership
Africa Mining Market
28 July 2025
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