Gerald Group, a leading global commodity trading company, has acquired and taken over the management of the Bogoso and Prestea mines through its subsidiary, Blue Gold Bogoso Prestea Limited.
This transition follows a significant interruption in December 2023, prompted by protests from disgruntled employees who sought new ownership due to concerns over poor management and inefficiencies under the previous operator, Future Global Resources (FGR).
Blue Gold Bogoso Prestea Limited, in a September 2 statement, indicated “over 200 staff resumed work in August and the company will continue to expand the number of workers on site during September and October.”
In solidarity with the disgruntled employees, the Ghana Mineworkers’ Union staged a series of protests at the Ministry of Lands and Natural Resources, starting in November 2023, to press for a change in leadership at the mine, amplifying the calls for new ownership and management.
The acquisition of the mines is part of a long-term strategic partnership expected to generate a significant turnover of $8 billion over the next 18 years, marking a substantial investment and commitment to the mines’ future operations and growth.
Read full statement below.
Blue Gold announces the restart of the Bogoso and Prestea mine on the back of entering a strategic partnership with $8bn turnover Gerald Group
Accra, September 2, 2024 — Blue Gold Bogoso Prestea Limited, the new owner of the Bogoso and Prestea gold mining leases, is pleased to announce that it has restarted operations at the Bogoso and Prestea mine following a period of care and maintenance, since December 2023.
Underground mining activities and dewatering has commenced, and the team are preparing the processing plant for gold pour. In parallel 9km of access roads has been prepared for the commencement of the tailings lift, which will be completed under the supervision of the engineer of record, Knight Piesold. Over 200 staff resumed work in August and the company will continue to expand the number of workers on site during September and October.
The decision to restart the mine coincides with the conclusion of a strategic partnership and funding with global metal and mining company, Gerald Group. Under the terms of the agreement Gerald will invest in the mine to increase resilience and throughput capacity of the processing plant and the underground operations.
Gerald Group will act as the offtaker of the material and will provide technical support to the leadership team and active involvement in the governance of the company.
