Ghana’s Ministry of Lands and Natural Resources has dismissed reports claiming the government terminated a $1.2 billion bauxite lease with local firm Rocksure International.
In a July 30 statement, the Ministry clarified no valid lease existed for the Nyinahin deposit, as Parliament never ratified the agreement rendering it legally void under a 2019 Supreme Court ruling.
“A cancellation cannot exist where there was no valid lease,” the Ministry stated, emphasizing the agreement lacked constitutional legitimacy from inception.
It further challenged the widely cited $1.2 billion valuation of Nyinahin’s reserves, calling the figure “unverified and misleading.”
The statement reaffirmed the Ghana Integrated Aluminium Development Corporation (GIADEC) as the sole entity mandated to manage bauxite resources and partnerships under Ghana’s national aluminium development strategy.
This reinforces GIADEC’s role in executing the country’s integrated industrial plan despite external speculation.
