Blue Gold announces restart of Bogoso and Prestea mine following strategic partnership with Gerald Group

Blue Gold Bogoso Prestea Limited, the new owner of the Bogoso and Prestea gold mining leases, has announced it has restarted operations at the Bogoso and Prestea mine following a period of care and maintenance, since December 2023.

According to the company, underground mining activities and dewatering has commenced, and its teams 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," said the company in a statement.

It said 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 which terms 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 off taker of the material and will provide technical support to the leadership team and active involvement in the governance of the company.

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 will receive a por on 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 Ashantigold belt. Blue Gold Holdings says it aims to transform these assets into a multigenerational, low-cost gold producing operation, with an estimated 18-year life of mine.

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