The Ghana Bauxite Company Limited (GBCL) says the acquisition of 80 per cent stake in the Company by Ofori-Poku Company Limited (OPCL) was carried out transparently, adhering to all regulatory requirements and due diligence standards.
According to the GBCL, it has taken note of recent commentary regarding the sale of the company to OPCL, which contains misleading and inaccurate assertions, and assure the public of their commitment to transparency and ethical business practices.
A press statement issued by the Corporate Affairs Department yesterday in Accra, stated that in 2010, the Government of Ghana, as 20 per cent shareholder, had the opportunity to acquire the 80 per cent shares in GBCL from Rio Tinto but declined, leading to the sale of shares to BOSAI Minerals China.
It said the government in 2022 once again chose not to exercise its right of first refusal which the OPCL lawfully acquired the 80 per cent stake from BOSAI Minerals on the same terms as offered to government. "The claim that GBCL was valued at $12.5 million in 2022 and is now worth over $1 billion is misleading and lacks factual basis.
