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Ghana News

VALCO Closes in on Strategic Investor for Smelter Retrofitting

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VALCO, Ghana’s aluminum smelting company, has announced that it is making significant strides in locating a strategic investor by the end of 2023. The cabinet approved the identification and engagement of a strategic partner by VALCO and the Ghana Integrated Aluminium Development Corporation (GIADEC) to retrofit the smelter to world-class standards.

Speaking at the company’s Annual General Meeting (AGM), VALCO Board Chairman, Dr. Henry Benyah, stated that transaction advisors had been engaged to manage the process of searching for a strategic partner with the technical capacity to deploy the most competitive smelter technology. The chosen partner would make necessary investments and provide strategic global linkages for an agreed equity stake in the restructured VALCO.

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VALCO has experienced stable operations for the past two years, recording its best-ever performance in 2022 and posting an adjusted EBITDA positive return of USD5.39 million, second only to the results of 2021. This progress is significant, especially when compared to the challenges that threatened the smelter’s future in the past decade.

However, the Chief Executive Officer, Dan Acheampong, cautioned that VALCO is not yet out of the woods. The company is committed to continuous improvement and building upon the current improved performances to become a world-class melter.

In summary, VALCO is making progress towards retrofitting its smelter to world-class standards with the help of a strategic investor, and this move is expected to take the company to greater heights.

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