Ghana Bauxite Company denies misleading reports on OPCL acquisition

The Ghana Bauxite Company Limited (GBC) has dismissed recent reports suggesting irregularities in its acquisition by Ofori-Poku Company Limited (OPCL), describing them as misleading and inaccurate.

Image credit: GBC

In an official statement released on March 17, GBC reaffirmed its commitment to transparency, ethical business conduct, and regulatory compliance. The company sought to clarify misconceptions surrounding the transaction and reassure stakeholders of its integrity.

Providing historical context, GBC explained that in 2010, when global mining giant Rio Tinto divested its 80 per cent stake in the company, the Government of Ghana—then holding the remaining 20 per cent—chose not to exercise its option to purchase the majority shares. This decision opened the door for BOSAI Minerals Group of China to acquire the stake.

Similarly, in 2022, when BOSAI Minerals decided to divest, the Ghanaian government again opted not to exercise its right of first refusal. Consequently, OPCL acquired the 80 per cent majority stake under the same terms previously offered to the government, in full compliance with all legal and regulatory provisions.

GBC emphasised that the sale process was conducted with utmost transparency and due diligence, underscoring its adherence to ethical standards and corporate governance.

GBC has responded to recent reports suggesting a sharp rise in the company’s valuation—from USD12.5 million in 2022 to over USD 1 billion today—labelling such claims as unsubstantiated. The company emphasized that valuations naturally fluctuate, influenced by factors such as new investments, operational enhancements, and evolving market dynamics. Since OPCL’s acquisition, the company has received substantial financial backing and strategic guidance, leading to improved efficiency, increased production, and a stronger market position—all of which have contributed to changes in valuation.

Addressing allegations of conflict of interest, GBC firmly denied suggestions that an individual involved in the company’s valuation was later appointed OPCL’s Chief Financial Officer. The company clarified that all leadership appointments under OPCL are made solely based on professional qualifications and industry expertise, dismissing any insinuations of unethical conduct.

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