Electrochem’s $80 Million Salt Project Set For Stock Market 

Deputy Minister for Lands and Natural Resources responsible for Mining, George Mireku Duker, has disclosed that, the wholly-owned indigenous salt mining firm, Electrochem Ghana Limited, is set to list on the Ghana Stock Exchange.

He said, the move would allow every Ghanaian to invest and have shares in the project, as part of government’s commitment to build local champions in the mining industry.

He stressed that, listing Electrochem Ghana on the stock market, is a proof of the company’s accountability and transparent credentials.

Speaking during a working visit to company’s project site at Ada on Wednesday, August 7, Mr Duker, commended the Chairman of McDan Group of Companies, management and staff, for the visionary and landmark salt mining project, which has so far created over 1,800 direct jobs in the area.

“I’m so impressed and happy that we are building local champions in the industry. I believe McDan must be motivated and encouraged, and I also want to appeal to the people to support this enviable project. This project is one of the best in Africa, and per what has been indicated to me, they are producing not less than 650,000 metric tons, ramping it up to a million next year and two million subsequently. If this is realized, then we are talking about creating millions of revenues and jobs,” he said.

The Deputy Minister, also applauded the company for its local content representation by hiring chunk of its workers from communities within its catchment areas.

With the company expected to grow significantly in the coming years, Mr Duker, called for an all-hands-on-deck approach, with a special appeal to some of the disgruntled residents from the various Ada communities, to come on board and ensure the success of the company.

He noted that since its arrival, Electrochem Ghana Ltd, has shed positive light on the people of Ada and made them a topic of global interest, as well as a beacon of positive news for the area.

Mr Duker, took stock of the socio-economic impact of the Songhor project on the area and the country at large, noting that the company, is generating significant revenue for the Minerals Income Investment Fund (MIIF).

Calls for Collaboration

He believes that, a strong and collaborative relationship between mining companies and communities in the catchment areas, is crucial to the effective harnessing of the resources and therefore advised mining companies, to consider those communities as key and indispensable partners in their activities.

He appealed to management of Electrochem, to create a trust fund that allows the communities to enjoy direct benefits from the revenue generated from the salt mining.

He believes that, such an initiative will help strengthen the relationship between the company and the various communities.

“The Songhor has a history of litigation, because the people of the area, have not benefitted enough, but if we take into cognizance how this project is progressing, then obviously the people are going to earn more.

In terms of CSR, their projects are quite impressive. They’ve injected $3 million into getting women into trade, some sporting facilities they have constructed for them, and other facilities they intend to do for them. These are projects that will impact the people,” Mr Duker, told the media after touring the $80 million investment facility.

Mr Duker, commended the company for embarking on a journey to build a refinery, explaining that the initiative is in line with the government’s policy of moving Ghana from raw material exploitation to value addition.

The CEO of McDan Group of Companies, Mr Kwaku Ampromfi, who spoke on behalf of the company, praised Mr Duker for the visit, noting that the Tarkwa-Nsuaem lawmaker, has been consistent with his support for the company.

He explained that the company is taking pragmatic measures to continue its expansion and also deliver on its Corporate Social Responsibility (CSR) commitments to the communities to ensure that residents enjoy the benefits of their resources.

Nene Agudey, the Vice President of the Ada Traditional Council, said that Electrochem’s arrival, was an answer to years of prayer from the indigenes for an effective harnessing of their resources.

He assured that, the traditional authorities, will continue to work with the company to resolve the stand-offs and ensure that the salt is harnessed for the development of Ada and Ghana, at large.

Source: Anchorghana.com