Gerald Group, one of the world’s oldest and largest independent commodity trading companies, has assumed control of the Bogoso and Prestea mines, now operating under the name Blue Gold Bogoso Prestea Limited.
Blue Gold Bogoso Prestea Limited took over from Future Global Resources (FGR) after a significant disruption in December 2023, driven by agitations from staff who called for new ownership, citing inefficiency and mismanagement.
In a statement on September 2, the company announced that “over 200 staff resumed work in August, and the workforce will continue to grow throughout September and October.”
The Ghana Mineworkers’ Union supported the aggrieved staff, leading to a series of picketing at the Ministry of Lands and Natural Resources starting in November 2023, demanding a change in the mine’s leadership.
This takeover is part of a strategic partnership with an expected turnover of $8 billion over the next 18 years.
Below is the full statement.
Blue Gold announces the restart of the Bogoso and Prestea mine on the back of entering a strategic partnership with an $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 have commenced, and the team are preparing the processing plant for gold pour. In parallel 9km of access roads have 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 the resilience and throughput capacity of the processing plant and the underground operations.
Gerald Group will act as the off-taker of the material and will provide technical support to the leadership team and active involvement in the governance of the company.
Source: Adomonline
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