Rio Tinto to sell Ghana mine

Posted in Industry News on 8th October 2009

William Rowland are a leading supplier of Aluminium.

Multi-national mining and resource group Rio Tinto have announced this week their intention to sell an 80% stake in Ghana's solitary bauxite mine, to Chinese consortium Bosai.

Having recently pulled out of a previous plan to develop an integrated aluminium refinery due to poor local infrastructure and a decrease in global demand for raw materials, Rio Tinto have now decided to sell on their majority share of the Ghanaian mine.

Subject to the approval of the Ghanaian parliament, the proposed takeover will be finalised by the end of the year. It is hoped the sale will have a positive effect on the world metal exchange market, not only increasing share prices but also stabilising metal stock prices.

The mine in West Africa produced 637,000 tons of aluminium raw materials in 2008 and further increases are expected in 2009.

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