The Ghana Integrated Iron and Steel Development Corporation (GIISDEC) has given chosen investors to access a total of 10 iron ore blocks in the Oti Region.
The Ghana Integrated Iron and Steel Development Corporation (GIISDEC) has given chosen investors to access a total of 10 iron ore blocks in the Oti Region so they can conduct geoscientific research, also known as Mineral Resource Estimation (MRE). Iron ore deposits’ tonnage, grade, and value are evaluated as part of MRE, and this assessment forms the cornerstone of the basis for the investors’ and GIISDEC’s engagement. Given that it connects mineral discovery and commodity production, it is a vital stage in project preparation.
African Mining and Exploration Ghana Limited, Gem Global Ventures, Cloudline Ghana Limited, Q3 Company Limited, Star Steels Limited, Shokram Limited, B5 Plus Limited, Fabrimetal Limited, Planet One Group, and Magya Mining and Contract Services Limited are the 10 approved investors. Speaking yesterday at a ceremony held for chiefs and residents of Dambai, the Chief Executive of GIISDEC, KwabenaBonsuFordwor, said the allocation and demarcation were carried out in coordination with the Ministry of Lands and Natural Resources (MLNR) and the Minerals Commission.
He said that the allotted areas were old mines that extended from the Akpafu range to Akpafu-Todzi and eastward to the hill east of Santrokofi-Benua. Except for Akpafu-Todzi, the biggest and most advanced mine, he claimed that all the blocks were on or very close to the crest of the Santrokofi-Akuapem-Togo Range. He made it clear that the initial allocation’s objective was to convince a select number of investors to invest in geoscientific research. According to Mr. Fordwor, the nation’s iron ore reserves, notably those in the Sheini Hills, can drastically alter the country’s economic environment over time.
He stated that GIISDEC would depend on the assistance of the traditional rulers and community members to ensure a smooth process as the task of extracting the mineral from the earth and adding value to it draws near. If we want to quickly advance toward entering the league of the world’s steel manufacturers, we need this help. We anticipate the time when iron rods will be made locally and when a large number of our countrymen from our geological engineering faculties will join us as engineers,” the CEO continued.
When full production starts, GIISDEC, he said, will make an effort to foster friendly and mutually beneficial relationships with all stakeholders and completely discharge its Corporate Social Responsibility (CSR) obligations to the community. Farouk Aliu Mahama, the board chairman of GIISDEC, stated that by producing iron rods, steel, and associated goods for both domestic use and export, the nation is in a position to conserve foreign cash and strengthen the local currency.
He claimed that the country was on track to develop an industrialized economy that would rely on locally produced goods rather than importing iron rods and other associated goods due to the other deposits in Sheini and OponManso. The backbone of industrialization around the world, according to Mr. Joshua Makubu, regional minister for Oti, was iron and steel. He added that this discovery had greatly improved the quality of life in the area.
He gave every potential investor the reassurance they needed, promising that his company would provide them the drive they needed to work quietly. He added that the iron ore deposits in the area hold the key to the swift industrialization of the nation. He claimed that the government established the GIISDEC to promote the sustainable exploitation of the iron ore deposits throughout the country and to facilitate the grounds for a one-stop shop development of this natural resourc
