Investors ready to sponsor Mineral Resource Estimation of Iron Ore in Oti Region
The board chairman of the Ghana Integrated Iron and Steel Development Corporation (GIISDEC) Farouk Aliu Mahama has revealed that ten Local and Foreign investors have expressed interest in funding Mineral Resource Estimation (MRE) in 10 Iron ore blocks in the Oti Region.
Speaking at a sensitization Durbar held in Dambai in the Oti region, he said, none of the investors will exclusively own a concession but will rather, be allowed to mine within a specific time on the terms under a memorandum of understanding signed. Mr. Mahama believes this will benefit the Oti Region and the nation at large and said GIISDEC will continue to prioritize local investors to participate in the industry to expand growth of the Ghanaian economy.
The Oti Regional Minister, Joshua Makubu on his part urged local investors to take advantage of the move by government and help create wealth in the Iron ore industry through responsible mining. He pledged the support of his outfit to what he described as a laudable initiative by government.
Meanwhile, large iron ore deposits are said to have been discovered in Akokrowa, a farming community in the Oti Region. According to Ghana Geological Survey Authority, its investigations have uncovered that the iron ore is 55.22 weight percent (fe) and of a higher grade quality