Ten investors ready to exploit iron ore in Oti Region

Mr Farouk Aliu Mahama, the Board Chairman of the Ghana Integrated Iron and Steel Development Corporation (GIISDEC), has said 10 local and foreign investors have expressed interest in mining iron ore in the Oti Region.

None of the investors would exclusively own a concession but would rather sign a Memorandum of Understanding with GIISDEC and the host communities to mine within a specific period, to benefit the region and the nation at large, he said.

Mr Mahama said exploring the iron and steel industry to harness the opportunities required a strong collaboration between the region and GIISDEC for accelerated development.

The vision of the Akufo-Addo-led Administration was to ensure dominance in the mining sector by Ghanaian industry players, therefore, GIISDEC would continue to give topmost privilege to local investors to mine, he assured.

“This will lead to retention of revenue from the sector in the country, which will result in the growth of the Ghanaian economy,” he added.

Mr Aliu Mahama made this known at a durbar in Dambai when he led members of the Board and Management of GIISDEC and some investors to tour the Oti Region and see the prospects there.

Some of the investors included Africa Exploration and Mining Ghana Limited, Gem Global Ventures, Cloudline Ghana Ltd, Q3 Company Ltd, and Star Steels Ltd.

Others were Shokram Ltd, B5 Plus Ltd, Fabrimetal Ltd, Planet One Group and Magya Mining and Contract Services Ltd.

There will be more community engagements with key stakeholders including chiefs and opinion leaders in Akroso, Akpafu, Santrokofi, Asato, Buem Bodada and Bowiri traditional areas on the need to support mining of iron ore in the area.

Mr Aliu Mahama asked for operational office space in the region to help decentralise its activities and, therefore, called for support and co-operation from the traditional authorities and assemblies to ensure successful exploitation of iron deposits.

He said the Government remained committed to building a viable, sustainable, and environmentally-sound mining industry, anchored on integrity, transparency, and accountability.

He expressed the belief that iron ore mining could make a meaningful contribution to national economic development as well as ensure efficient management and utilisation of mineral resources for the benefit of all.

Government had demonstrated beyond doubt its unflinching support towards sanitising the mining sector and rid it off illegalities, Mr Aliu Mahama said, and reiterated GIISDEC’s plans to attract investors to Oti to mine mineral resources and create jobs.

Mr Joseph Makubu, the Regional Minister, urged local investors to take advantage of the opportunity and help create wealth in the iron industry through responsible and sustainable mining practices.

Large iron ore deposits have been discovered at Akokrowa, a farming community in the Region through the Geological Survey Authority’s investigations.

Source: GNA