Russian aluminium producer Rusal has reached an agreement with the Ghana Integrated Aluminium Development Corporation (GIADEC) to jointly develop bauxite mining and alumina production projects in Ghana.

The agreement, announced on Thursday on October 29, 2026, during the Russia-Africa Summit in Moscow, will see the two companies establish joint ventures, with Rusal holding majority stakes in both.

The projects are expected to target the Nyinahin bauxite deposit in the Ashanti Region, which is estimated to contain more than 100 million tonnes of bauxite resources.

According to a statement by Rusal, the proposed partnership will involve the development of bauxite mining operations with an annual production capacity of up to five million tonnes, as well as the construction of an alumina refinery capable of processing 1.2 million tonnes annually.

The agreement represents a significant step towards Ghana’s ambition of developing an integrated aluminium industry that processes the country's bauxite locally instead of exporting the raw mineral.

GIADEC Chief Executive Officer, Reindorf Twumasi Ankrah, said the partnership aligned with the corporation's objective of establishing a fully integrated aluminium industry in Ghana.

He mentioned that the projects were expected to attract investment, create thousands of jobs and support improvements in the country's rail and port infrastructure.

Rusal, which is the world's largest aluminium producer outside China, has been seeking to strengthen its access to alumina, a key raw material used in aluminium production.

The company lost about 40 percent of its alumina supplies from Ukraine and Australia in 2022, prompting efforts to reduce its reliance on external suppliers.

Rusal already has significant operations in Africa, including bauxite mines and alumina production facilities in neighbouring Guinea.

The company produced 6.858 million tonnes of alumina in 2025, representing approximately 4.7 percent of global output and meeting about 85 percent of its alumina requirements.

The latest agreement follows Ghana's decision last year to cancel a $1.2 billion lease agreement with local company Rocksure International for the development of the Nyinahin bauxite deposit, as the government sought a foreign investment partner to advance the project.

The partnership with Rusal is expected to support Ghana's broader plans to develop its bauxite resources, establish domestic alumina processing capacity and create greater value within the country's aluminium value chain.

Ghana has long pursued plans to establish an integrated aluminium industry that connects bauxite mining, alumina refining and aluminium production, with the aim of increasing local industrial activity, creating employment and reducing dependence on raw mineral exports.

With additional files from Reuters

MA