Gov’t Denies Cancelling $1.2bn Bauxite Lease to Rocksure International

The Ministry of Lands and Natural Resources has dismissed reports suggesting that the government has cancelled a $1.2 billion bauxite lease awarded to Rocksure International in favour of foreign partners.

In a strongly worded statement issued on Wednesday, July 30, the Ministry described the claims as false, baseless, and misleading, asserting that no valid lease agreement existed for Rocksure International that could have been cancelled in the first place.

The Ministry explained that although Rocksure was linked to a proposed bauxite lease, the agreement was never ratified by the 8th Parliament of Ghana before its dissolution in January 2025, making it legally invalid. Citing a 2019 Supreme Court ruling, the Ministry noted that any unratified mining lease is considered null and void, rendering the purported cancellation legally impossible.

Additionally, the Ministry disputed the widely circulated $1.2 billion valuation of the Nyinahin bauxite deposit, calling it “unsubstantiated and grossly misleading.” It clarified that no official valuation had placed the project at that figure and suggested the number was a deliberate distortion aimed at creating public discontent.

To clarify the structure of Ghana’s aluminium development plans, the Ministry highlighted the role of the Ghana Integrated Aluminium Development Corporation (GIADEC). Established by law, GIADEC is the statutory body responsible for:

• Overseeing Ghana’s bauxite-to-aluminium industrialisation agenda
• Partnering with strategic investors
• Managing key infrastructure projects such as the Western Railway Network, Takoradi Port Expansion, and plans for a new alumina refinery and aluminium smelter
• Retrofitting VALCO to enhance its operational and commercial viability

The Ministry concluded that all current and future partnerships are consistent with GIADEC’s legal mandate and national vision to develop an Integrated Aluminium Industry for Ghana’s long-term economic transformation.