Oti Region: Investors express interest in 10 iron ore blocks, says GIISDEC
The board chair of GIISDEC, Farouk Aliu Mahama, said the interest of the locals in iron ore communities will be paramount in any agreement reached with investors
At least 10 local and foreign investors have expressed interest in funding mineral resource estimation (MRE) in 10 iron ore blocks in the Oti Region.
According to the board chairman of the Ghana Integrated Iron and Steel Development Corporation (GIISDEC), Farouk Aliu Mahama, none of the investors will exclusively own a concession, adding that the interest of the locals in the region will be considered in any partnership agreement with the investors.
He said one of the main objectives of the government is for local investors to play an integral role in the mining sector.
Mahama said once that is achieved it will reduce the effect of capital flight and raise more revenue to grow the economy.
Mahama, who doubles as the MP for Yendi, said the government remains committed to building a viable, orderly, sustainable and environmentally-sound mining industry to contribute meaningfully to the national economy.
He said once investors are picked for the various blocks the communities will see more development as well as create employment opportunities.
“Exploring the iron and steel industry to harness the opportunities given us by nature, calls for strong collaboration between the Oti Region and GIISDEC,” Mahama said.
The Oti regional minister, Joshua Makubu urged local investors to take advantage of the move by the government and help create wealth in the iron ore industry through responsible mining.
The large iron ore deposits have been discovered in Akokrowa, a farming community in the Oti Region.
According to the Ghana Geological Survey Authority, its investigations have uncovered that the iron ore is 55.22 weight percent (fe) and of a higher grade.
Solomon M-Ahiable
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