Ghana has cancelled a $1.2 billion bauxite lease with local mining firm Rocksure International, opting to pursue partnerships with major international companies to develop its vast bauxite reserves, three sources with direct knowledge confirmed to Reuters.
The decision, which affects the Nyinahin Hills concession – home to an estimated 376 million metric tons of bauxite – signals a strategic pivot by the government. Despite holding roughly 900 million metric tons of bauxite, the seventh largest globally, Ghana has struggled to attract sustained investment to mine and refine the ore into alumina.
Rocksure had held a 70% stake in the Asante Bauxite Company joint venture with the state-owned Ghana Integrated Aluminium Development Corporation (GIADEC) and the government. But 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 source said, noting that the Ministry of Lands and Natural Resources had communicated the position to Rocksure.
GIADEC is now actively courting new partners, including Dubai-based Emirates Global Aluminium (EGA) and several Chinese firms. EGA signed a memorandum of understanding with GIADEC in June to explore joint development 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 said in an emailed response to Reuters, adding that no binding agreements have yet been signed.
The shift comes as Ghana seeks to accelerate extraction and off-take from the Nyinahin Block B site in the first quarter of next year. National bauxite production is projected to rise to 2 million tons in 2025, up from a record 1.7 million tons this year, according to the Ghana Chamber of Mines.
The government says the new approach will prioritize partnerships that serve the national interest while positioning Ghana as a competitive player in the global aluminium industry.
