Blue Gold Bogoso Prestea Limited has resumed operations at the Bogoso and Prestea Mines, following a period of care and maintenance, a press statement issued by the management of the new company has announced. Blue Gold acquired the Prestea Bogoso mine lease from Future Gold Resources (FGR) in May 2023.
The decision 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 would invest in the mine to increase resilience and throughput capacity of the processing plant and the underground operations.
Additionally, Gerald Group would act as the off taker of the material and same would provide technical support to the leadership team and active involvement in the governance of the company.
The statement issued 2nd September 2024 explained that following the restart of operations underground mining activities and dewatering has commenced, and that the team members were preparing the processing plant for gold pour.
Additionally, 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.
The statement further announced that over 200 staff resumed work in August and the company would continue to expand the number of workers on site during September and October.
FACTS ABOUT THE ACQUISITION
Blue Gold Bogoso Prestea Limited acquired the Bogoso and Prestea gold mining leases from FGR Bogoso Prestea Limited in May 2024. FGR Bogoso Prestea Limited would receive a portion of the revenue from Blue Gold to address its creditor obligations.
The Bogoso and Prestea gold mines are among Ghana’s oldest and largest mining concessions, located within the Ashanti gold belt. Blue Gold Holdings aims to transform these assets into a 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 Security and Exchange Company (SEC).
