Author: Prosper Kwaku Selassy Agbitor
The Volta Aluminium Company Limited (VALCO) has recorded a significant improvement in its financial performance, moving from an Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) loss of US$13.08 million in 2025 to a positive US$1.3 million for the nine months ending September 2026.
The turnaround represents an improvement of approximately US$14.38 million, despite operational challenges that affected the company’s production volumes during the period.
Chief Executive Officer of VALCO, Dr Robert Makila Sambian, disclosed this during the Ministry of Lands and Natural Resources’ Progress Series, where he presented an update on the company’s performance, achievements and future development plans.
He said VALCO generated revenue of US$103.85 million during the first nine months of 2026, representing a 13 per cent increase over the US$91.78 million recorded during the corresponding period in 2025.
The improved revenue performance was achieved despite a decline in aluminium production, highlighting the company’s efforts to strengthen its operational and financial position.
VALCO produced 29,596 metric tonnes of aluminium during the period, compared with its planned target of 39,813 metric tonnes. The output also represented a 13.6 per cent decline from the 34,254 metric tonnes produced during the same period last year.
The production shortfall followed a power grid system collapse and transformer failure on June 29, 2026, which resulted in a total electrolytic power outage lasting approximately seven hours and 20 minutes.
Although the plant survived the prolonged outage, several operating cells were affected, reducing the number of stable cells available for production.
Dr Sambian said management had since initiated measures to stabilise operations, increase the number of active cells and restore production capacity.
The company has also adopted a new equipment acquisition model, moving away from renting critical mobile equipment to a structured pay-to-own arrangement. This has enabled the acquisition of 16 lift trucks, two payloaders, a dump truck and other operational equipment.
VALCO’s workforce also increased from 785 employees in December 2025 to 848 as of October 2026. Management expects the number to rise to approximately 1,500 when all five potlines are fully restored.
The financial improvement forms part of a broader turnaround strategy aimed at restoring production, strengthening operational efficiency and positioning the company for long-term growth.
