Government has been asked to clarify to the public the status of the proposed sale of its 70 percent shares in VALCO to a consortium of International Aluminum Companies before going ahead to pass the Aluminum Authority and Integrated Industry Bill. Third World Network (TWN) Africa, an advocacy think-tank headed by Dr. Yao Graham which made the call last week, said it is not clear why parliament wants to rush the passage of the bill in this tense election period, when it cannot be guaranteed that the members of Parliament have had time for thorough reflection on the substantive issues raised by the bill. "We have been informed that only last week, frantic efforts were made by both the Constitutional and Legal Affairs Committee, and Mines and Energy Committee of Parliament, to discuss this bill in the midst of these uncertainties and confusion." "It is over a month now since media reports had it that the purported buyers of government's 70 percent shares in VALCO denied having negotiated such a sale agreement with government and government is yet to come out and clarify its stand on this report," Dr. Graham pointed out. He said it is improper for Parliament to attempt passing the bill when there are unanswered questions about the true shareholders in VALCO and moreover, when it seems more like the partnership is a major driver to this bill. "The situation is compounded by the run-off announced by the Electoral Commission for the two major political parties which is likely to take most of the MPs out of parliament and this suggests Parliament is not ready; in terms of numbers or psychologically,” he added. On November 7 this year, Parliament approved a deal between government and a consortium of foreign aluminum companies including Norsk Hydro, a Norwegian Group, and Companhia Vale do Rio Doce for the consortium to acquire 70 percent of government's stake in VALCO for US$175.5 million. Media reports had it that Norsk Hydro denied any negotiations with government on the deal, but government is yet to explain the current status of affairs. In addition to the purchase agreement, a bill known as the Aluminum Authority and Integrated Industry Bill was also presented to Parliament. The bill intends to introduce a new institution solely to manage the bauxite industry. TWN wants government to clarify to the public the need for a separate institution, considering that there is a Minerals Commission that plays an oversight role in the mining sector. It called for a delay in processing passage of the bill and for a thorough discussion to be carried out since the proposed Aluminum Authority will have powers - to the extent that its decisions may be exempt from ratification by Parliament. Also, under the bill, the Authority is expected to hold at least a 25 percent equity stake in any joint venture company for mining bauxite. Source: B&FT