Blue Gold Acquires Bogoso Prestea Mine, Resumes Operations

Blue Gold Bogoso Prestea Limited, the new custodian of the Bogoso and Prestea gold mining leases, has recommenced operations at the mines following a protracted period of care and maintenance since December 2023. This significant development coincides with the conclusion of a strategic partnership and funding agreement with the global metals and mining conglomerate, Gerald Group.

The restart marks the resumption of underground mining activities, including dewatering, alongside preparations at the processing plant for an imminent gold pour. Concurrently, 9 kilometers of access roads have been constructed to support the tailings lift, a critical operation to be executed under the oversight of Knight Piesold, the engineer of record.

The workforce on-site, bolstered by the return of over 200 staff members in August, is set to expand further throughout September and October as operations ramp up.

The strategic alliance with Gerald Group entails substantial investment to enhance the resilience and throughput capacity of both the processing plant and the underground mining operations. Gerald Group, in its role as offtaker, will also provide technical expertise and play a pivotal role in the governance of Blue Gold Bogoso Prestea Limited.

Blue Gold Bogoso Prestea Limited assumed ownership of the Bogoso and Prestea leases from FGR Bogoso Prestea Limited in May 2024. As part of the acquisition terms, FGR Bogoso Prestea Limited is entitled to a share of the revenue generated, which will be utilized to address its creditor obligations.

Located within Ghana’s Ashanti gold belt, the Bogoso and Prestea mines rank among the nation’s oldest and most significant mining concessions. Blue Gold Holdings has outlined an ambitious vision to transform these assets into a multi-generational, low-cost gold-producing operation, with an estimated mine life of 18 years, underpinned by 5.1 million ounces of measured and indicated resources as documented in the SK-1300 filing with the U.S. Securities and Exchange Commission (SEC).

Gerald Group, a stalwart in the global commodities sector, is recognized for its extensive expertise in the trading of non-ferrous, ferrous, and precious metals. With a distinguished history spanning six decades, Gerald Group operates from its headquarters in London, with trading hubs in Shanghai, Stamford, and Switzerland. The company manages a global footprint of 18 offices across 40 countries, including three mining operations in West and Central Africa, and reports an annual turnover of $8 billion.

Source:norvanreports.com