One of the world’s oldest and largest independent commodity trading companies, Gerald Group, has taken over the operations of the Bogoso and Prestea mines under the name Blue Gold Bogoso Prestea Limited.

Blue Gold Bogoso Prestea Limited took over the mines operations from Future Global Resources (FGR) after a major break in December 2023 following agitations by aggrieved staff who demanded a change of owners, citing reasons of inefficiency and mismanagement.

Blue Gold Bogoso Prestea Limited, in a September 2 statement, indicated “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 Ghana Mineworkers’ Union joined the aggrieved staff with a series of picketing at the Ministry of Lands and Natural Resources that commenced in November 2023 in demands for a leadership change of the mine.

The mines takeover forms part of a strategic partnership with $8 billion turnover over the next 18 years.

Below is the full statement.

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.