Blue Gold Bogoso Prestea Limited, the new owners of the Bogoso and Prestea Mine, have announced the resumption of the mine’s operations, following a period of care and maintenance, since December 2023.
Blue Gold decided on entering a strategic partnership with a US $8 billion turnover by Gerald Group.
In a statement copied to the Ghana News Agency in Tarkwa, the company said underground mining activities and dewatering had commenced, and the team was preparing the processing plant to pour gold.
It said in parallel nine kilometers of access road had been prepared for the commencement of the tailings lift, which would be completed under the supervision of the engineer of record, Knight Piesold.
It said over two hundred staff resumed work in August and the company would continue to expand the number of workers on site during September and October.
The decision to restart the Mine coincided with the conclusion of a strategic partnership and funding with global metals and mining company, Gerald Group, it added.
Under the agreement, Gerald would invest in the Mine to increase resilience and throughput capacity of the processing plant and underground operations.
In addition, they would act as the off taker of the material and provide technical support to the leadership team and active involvement in the company’s governance.
Blue Gold Holdings Limited acquired the Bogoso and Prestea gold Mine leases from Future Global Resources (FGR) Bogoso Prestea Limited in May 2024.
FGR Bogoso Prestea Limited which is among Ghana’s oldest and largest mining concessions, located within the Ashanti gold belt would receive a portion of the revenue from Blue Gold to address its creditor obligations.
The statement said, “Blue Gold Holdings aims to transform these assets into multi-generational low-cost gold producing operation, with an estimated 18-year life of mine based on the 5.1 million ounces of measured and indicated resources outlined in the SK-1300 filing with the SEC”.
Gerald Group, on the other hand, is one of the world’s oldest and largest independent commodity trading companies, specialising in the merchandise of non-ferrous, ferrous, and precious metals, along with related concentrates and raw materials.
With a distinguished track record spanning six decades, Gerald Group is renowned for its expertise in trading refined metals and raw materials globally.
The company has 18 offices across 40 countries, including three Mines in West and Central Africa, and an annual turnover of US $8 billion.
Source: GNA
