Ghana Bauxite Company (GBC) has debunked claims surrounding its sale to Ofori-Poku Company Limited (OPCL), describing the allegations as inaccurate and misleading.
According to GBC in a press release sighted by Business & Financial Times, the acquisition process was transparent and adhered to all regulatory requirements and due diligence standards.
The release follows post made by a legal practitioner, Martin Kpeku, calling for a forensic investigation into the sale, citing concerns over valuation and potential conflicts of interest.
However, GBC maintains that the government had two opportunities to acquire a majority stake in the Company, first in 2010 and again in 2022, but declined both times.
As a result, the 80% shares in GBC were initially sold to BOSAI Minerals China in 2010. In 2022, OPCL lawfully acquired 80% stake from BOSAI Minerals on the same terms offered to the government, ensuring business continuity and commitment to the company’s long-term growth and development.
GBC also addressed claims that the Company was valued at $12.5 million in 2022 and is now worth over $1 billion, stating that these allegations are misleading and lack factual basis. The company explained that valuations fluctuate based on investment, operational improvements, and market conditions.
Since acquiring GBC, OPCL has made significant financial investments and strategic interventions that have enhanced efficiency, increased output, and strengthened the company’s market position. These improvements have naturally had an impact on the current valuation.
GBC is therefore urging the public to disregard misleading claims and trust that the Company’s growth is a result of strategic planning, investment, and sound management.
It was revealed that OPCL has been providing haulage services to GBC since 2013. The Company’s role in the bauxite mining operations has been instrumental in ensuring the smooth operation of the mine.
The acquisition of GBC by OPCL has been seen as a positive development for the Ghanaian mining industry. The Company’s commitment to transparency and good governance has been welcomed by stakeholders.
The Company’s operations have been recognized for their environmental stewardship, social responsibility, and governance. GBC has implemented various initiatives aimed at reducing its environmental footprint and promoting sustainable mining practices.
As a major player in the Ghanaian mining industry, GBC’s commitment to transparency and good governance is crucial.
The acquisition of GBC by OPCL has been transparent and in line with regulatory requirements. The company’s growth is a result of strategic planning, investment, and sound management.
The company said its commitment to transparency and good governance will be essential in promoting sustainable mining practices and ensuring the long-term success of the industry.
THEBFTONLINE.COM
