Blue Gold Bogoso Prestea Limited resumes operations at Bogoso and Prestea Mines
Blue Gold Bogoso Prestea Limited, the new proprietor of the Bogoso and Prestea Mines, has announced the resumption of operations after a period of care and maintenance that began in December 2023. This move follows a strategic partnership with the Gerald Group, a global metals and mining company with a turnover of $8 billion.
In a statement issued to the Ghana News Agency in Tarkwa, Blue Gold revealed that underground mining activities and dewatering processes have restarted, with preparations underway to activate the processing plant. The company has also been working on a nine-kilometer access road, which is essential for the tailings lift project. This project will be supervised by the engineering firm Knight Piesold.
Over 200 employees resumed work in August, with plans to increase the workforce further during September and October. The decision to restart mining operations coincides with the completion of the strategic partnership and funding agreement with Gerald Group. Under this agreement, Gerald Group will invest in enhancing the resilience and throughput capacity of both the processing plant and underground operations. They will also act as the off-taker of the extracted material, provide technical support, and participate actively 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. As one of Ghana’s oldest and largest mining concessions, situated within the Ashanti gold belt, FGR Bogoso Prestea Limited will receive a portion of the revenue from Blue Gold to settle its creditor obligations.
Blue Gold Holdings aims to transform these assets into a multi-generational, low-cost gold-producing operation, with an estimated 18-year mine life based on 5.1 million ounces of measured and indicated resources, as detailed in the SK-1300 filing with the SEC. Gerald Group, a distinguished player in the global commodities trading market, specializes in non-ferrous, ferrous, and precious metals, as well as related concentrates and raw materials. With a robust track record spanning six decades, the company operates 18 offices across 40 countries, including three mines in West and Central Africa, and boasts an annual turnover of $8 billion.
