The operations of the Bogoso and Prestea mines have been taken over by one of the world's leading global commodity trading companies, Gerald Group, under the name, Blue Gold Bogoso Prestea Limited.

The takeover of the mines' operations by the company is part of a strategic partnership that aims for an $8 billion turnover over the next 18 years.

In a statement issued on the development, it was announced that underground mining activities and dewatering have commenced, and the team is preparing the processing plant for gold pour.

"Nine kilometers of access roads have been prepared in parallel 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 statement said.

The takeover of the mines by Blue Gold follows operational issues faced by Future Global Resources (FGR), which has been suffering from declining performances since 2017, accumulating over $200 million in losses, much of which is owed to local suppliers, government agencies, and its workforce.

FGR owned 90% of the project, with the Government of Ghana holding the remaining 10% interest.

The Bogoso-Prestea mine has a proud history dating back to 1912, during which time it has produced over 9 million ounces of gold.

See the full statement below:

Blue Gold announces and 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.

MA/AE

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