OPCL acquisition purely commercial – Ghana Bauxite Company

Ghana Bauxite Company Limited (GBC) has dismissed claims surrounding its acquisition by Ofori-Poku Company Limited (OPCL), calling them misleading. In a statement on March 17, GBC emphasized transparency and compliance in the sale process.

The company clarified that when Rio Tinto divested its 80% stake in 2010 and again when BOSAI Minerals sold its stake in 2022, the Ghanaian government declined its purchase rights, allowing OPCL to acquire the shares under the same terms.

GBC also refuted allegations of a drastic valuation increase from $12.5 million in 2022 to over $1 billion, attributing changes to investments and market factors. Claims of conflict of interest and insider trading were dismissed, with GBC insisting the acquisition was a legitimate business deal. The company reaffirmed its commitment to growth and urged the public to ignore false reports.