VALCO is a strategic asset in Ghana - President Kufuor

Accra, March 17, GNA - President John Agyekum Kufuor on Wednesday said the Volta Aluminium Company (VALCO) being a strategic asset in Ghana, the Government was prepared to discuss its current state of affairs and operations with prospective investors.

President Kufuor said this when a three-man delegation from Aluminium Company of America (ALCOA) Primary Metals paid a courtesy call on him at the Castle, Osu.

Kaiser Aluminium and Chemical Corporation has 90 per cent shares in VALCO, which it has agreed to sell to Ghana and ALCOA holds the remaining 10 per cent.

President Kufuor said, "ALCOA being an equity shareholder in VALCO, a strategic asset in Ghana it is ideal to talk about the current state of affairs".

Mr Randall M. Overbey, President of the Primary Metals Department of ALCOA, who led the delegation said, they were in Ghana to discuss the state of VALCO with the Government.

They are expected to visit some bauxite deposits at Kibi in the Eastern Region and Nyinahin in the Ashanti Region during the visit.

VALCO, a major long-term investment in Ghana by Kaiser, is one of the largest private enterprises and the second largest smelter in Sub-Saharan Africa. It is a major producer of primary aluminium for the world market.

The Company employed close to 2,000 people when it was in full capacity, 99.3 per cent of who were Ghanaians, with 324 of them holding technical, professional and managerial positions.

The construction of VALCO began in 1964. The smelter shipped its first aluminium in 1967 and the plant has been expanded twice to its present design capacity of 200,000 tonnes a year and running five pot lines.