Blue Gold Bogoso Prestea Limited has dismissed claims that the Ministry of Lands and Natural Resources terminated the mining leases of FGR Bogoso Prestea Limited as of September 3, 2024.
According to a statement from the new operators of the Bogoso and Prestea mines, they have not received any official notice regarding the alleged termination.
The statement also affirmed that the mining leases remain valid and are fully owned by the company.
The company reassured its employees to “maintain their composure and continue their work, as the termination process of a mining lease must adhere to established legal procedures to safeguard the interests of all stakeholders and ensure that due process is observed.”
This clarification follows a statement by the Minister of Lands and Natural Resources, Samuel Abu Jinapor, on September 18, 2024. He explained that the “decision to terminate the mining leases was made after reviewing various reports from the Minerals Commission, consulting a Ministerial Committee on the company’s operations, and engaging extensively with all relevant stakeholders.”
The acquisition of the mines by Blue Gold came after Future Global Resources (FGR) encountered significant operational difficulties, leading to a decline in performance since 2017 and accumulating over $200 million in losses, primarily owed to local suppliers, government agencies, and its employees.
FGR previously held a 90% stake in the project, with the Government of Ghana owning the remaining 10%.
The Bogoso-Prestea mine boasts a storied history since 1912 and has produced over 9 million ounces of gold.