A US$600million iron ore project is set to commence by the end of 2025. The initiative aims to reduce the country’s reliance on imported steel products.
Ghana has significant iron ore reserves, estimated at 1.7 billion tonnes primarily located in regions like the Savanah and Oti, with an iron content exceeding 55 percent. Despite this potential, the country currently imports 800,000 metric tonnes of iron and steel annually, costing approximately US$900million.
The project will be led by Emmerland Resource Limited, a local company with the necessary licences to begin mining operations at the Shieni iron ore deposit in the Northern Region.
Williams Okofo-Dateh, Chief Executive Officer-Ghana Integrated Iron and Steel Development Corporation (GIISDEC), in an exclusive interview with B&FT said the Shieni project is positioned to become a cornerstone of the economy.
The initiative comes after decades of attempts by successive governments to establish an iron and steel industry in the country.
“The corporation’s mandate is to ensure development of the steel industry in Ghana and we are working closely with Emmerland Resource Limited to make this project a reality,” Mr. Okofo-Dateh said. “After years of groundwork, we are finally at a point where we can confidently say that the iron ore industry will take off this year.”
The Shieni iron ore deposit has long been recognised as one of the country’s most significant mineral resources, with an inferred resource of 1.312 billion tonnes grading 33.8 percent iron content. In comparison, the Opon-Mansi deposit in the Western Region has an estimated 147 million tonnes with a higher iron content of 52.5 percent.
Despite the discovery, no substantial progress had been made until the recent efforts by GIISDEC to attract private sector investment
Credit:BFTONLINE