GIADEC, RUSAL agree on $1.5BN alumina refinery in Ghana

The Ghana Integrated Aluminium Development Corporation (GIADEC) and Russian aluminium company RUSAL have reached an agreement to jointly build and operate a 1.2-million-tonne-per-year alumina refinery in Ghana. The deal, finalized in Moscow on October 29, 2026, during the 3rd Russia-Africa Forum, also encompasses bauxite mining and processing activities using resources from the Nyinahin deposit.

The refinery, with an estimated cost exceeding $1.5 billion, is projected to take about 36 months to construct. It will be fueled by natural gas and supplied with bauxite from mining operations expected to yield five million tonnes of ore annually. Two joint ventures will oversee the projects: Nyinahin Bauxite Limited and Ghana Alumina Company.

RUSAL will shoulder the financing and hold the majority shares in both entities. A RUSAL representative emphasized the agreement as a significant step towards bolstering RUSAL's raw material base, noting the company's extensive 20-year experience in Africa to aid the Ghanaian initiatives. GIADEC, for its part, expressed that the partnership aligns with its goal of establishing an integrated aluminium industry to enable Ghana to process its bauxite domestically instead of exporting the raw mineral.

The corporation anticipates the projects will attract substantial investment, generate thousands of jobs, enhance rail and port infrastructure, and offer opportunities for local contractors, suppliers, and other Ghanaian businesses. The agreement also allows for joint exploration of newly identified hills in the Bono, Western, Ashanti, and Eastern regions to determine the commercial viability of their bauxite deposits.

GIADEC's involvement will extend beyond equity ownership in the joint ventures to encompass employment during construction and operations, local procurement, and infrastructure development.