The Africa Exploration and Minerals Group Limited (AEMG), a Ghanaian exploration company, has concluded the drilling phase of the country’s first-ever Mineral Resource Estimation (MRE) for iron ore, conducted at the Gyamurume Iron Ore Block in the Oti Region.

This initiative, financed by Republic Bank (Ghana) PLC is a part of the country’s quest to unlock its iron and steel potential. At an official site visit and closing ceremony, held in Asato and on-site at the drilling camp, Dr. Benjamin Dzoboku, Managing Director, Republic Bank (Ghana), reaffirmed his commitment to supporting the entire mining value chain, following the bank’s asset position of over $19.5 billion as of June 2025.

“This project is not only data-driven but future-shaping, setting the tone for Ghana’s emergence as a credible player in the global iron and steel value chain. While others stepped back, Republic Bank stepped forward because we believe in Ghana, in African enterprise, and transformative development through strategic finance,” he said.

“We will continue to champion responsible mining services that satisfy the Sustainable Development Goal 13 (Climate Action), exploration ventures, and the broader extractives sector with the same passion and belief,” Dr. Dzoboku added.

Chief Executive Officer (CEO) of Africa Exploration and Minerals Group Limited, Mr. Isaac Obeng Darko, expressed deep appreciation to Republic Bank, saying, “This is a historic moment, not just for AEMG, but for Ghana. Republic Bank will forever be remembered as the first and only bank to back this groundbreaking iron ore exploration project.”

AEMG's Commercial Manager, Mr. Stephen Amoako, further disclosed that although iron ore was the primary exploration target, initial technical results indicate multiple high-value discoveries, the full extent of which will be verified after sample analysis by Intertek Minerals. Intertek’s team also assured stakeholders of strict quality control and a quick turnaround time in delivering the results.

Deputy Chief Executive Officer of Ghana Integrated Iron and Steel Development Corporation (GIISDEC), Honourable Philip Oppong Amponsah, who represented the government, lauded AEMG for the milestone. He indicated that the Oti Region is poised to become Ghana’s leading iron ore hub, cementing its place on the global mining map.

AEMG Project Consultant, Professor Frank Nyame, who spoke on behalf of the Ghana Geological Survey Authority (GGSA), emphasized that the project had been executed with 100% local content—highlighting national capacity and self-reliance in technical exploration.

Professor Nyame noted that the youth of Gyamurume will be presented job opportunities as the project scales. He called for academic dedication and vocational preparedness to ensure local participation in the future iron and steel ecosystem.

District Chief Executive (DCE) of Kedjebi, Dr. Sam Suruj Issaka, pledged local government support, anticipating socio-economic upliftment through employment, infrastructure, and increased regional investment.

The event concluded with the official handover of the final drill core samples to Intertek Minerals, marking the transition into the next phase of analysis and resource validation.

The delegation that attended the closing ceremony included Osaberima Osei Bonsu, Asatohene, Togbega Gabusu VII, Paramount Chief of Hohoe, Dr. Sam Suraj Issaka, Kedjebi District Chief Executive, Honorable Philip Oppong Amponsah, the Deputy Chief Executive Officer of the Ghana Integrated Iron and Steel Development Corporation (GIISDEC), representatives from the Ghana Geological Survey Authority (GGSA), Intertek Minirals, SRK Ghana, the Minerals Commission (MINCOM), the Kedjebi District Assembly, traditional rulers, Mr. Isaac Obeng Darko, Chief Executive Officer of AEMG, Mr. Samuel Frimpong, Chief Operating Officer and Director Operations, AEMG, Mr. Stephen Amoako, Commercial Manager, AEMG, Mr. Jacob Hobenu, Head Corporate Banking, Republic Bank (Ghana) PLC and the Managing Director of Republic Bank (Ghana) PLC, Dr. Benjamin Dzoboku.

In 2022, the Oti Region discovered some iron ore resources. Former Oti Regional Minister Joshua Makuba noted that iron ore deposits were found in the Guan, Biakoye, Jasikan, Kajebi and Krachi districts. He revealed that the mining of ore would begin in 2023.

In that same period, the Ghana Geological Survey Authority (GGSA) indicated the iron ore deposits discovered at Akokrowa, a farming community in the Oti Region, are of the highest grade. Then-Chief Executive Officer of the GGSA, Dr. Daniel Boamah, stated that the iron ore was graded 55.22 weight percent. He noted that the government was determined to add value to the raw commodity, saying that the Ghana Integrated Iron and Steel Development (GIISDEC) would work closely with the GGSA and the community to provide a full value chain.

Ghana currently holds about 1.7 billion tonnes of iron ore reserves, including the Shieni deposit (1.3 billion tonnes at 33.8% Fe) and the Opon-Mansi deposit (147 million tonnes at 52.5% Fe). A US$600 million mining operation at Shieni is scheduled to begin in late 2025, with the goal of reducing annual steel imports valued at around US$900 million.

The broader national plan is to start domestic processing of iron ore by 2027, focusing on value addition and job creation.