FGR restructures Bogoso-Prestea ownership for long-term viability
The completion of this transaction is contingent upon approval from the Ministry
Future Global Resources (FGR) Bogoso Prestea Limited has inked agreements to restructure ownership of the Bogoso and Prestea mining leases, aimed at securing the mine's long-term viability.
Read full articleThe completion of this transaction is contingent upon approval from Ghana's Ministry of Lands and Natural Resources.
The mine, boasting a storied history dating back to 1912 with over 9 million ounces of gold produced, has faced challenges in recent years, accumulating significant losses.
“The Bogoso-Prestea mine has a proud history dating back to 1912, during which time it had produced over 9 million ounces of gold, however, since 2017, it has been suffering from declining performance, racking up over $200 million of losses, much of which is owed to local suppliers, government agencies and its workforce,” it stated.
FGR, taking over in 2020, has invested substantially to address these losses and revitalize operations. However, legacy debts and labor issues have hindered further investment.
The restructuring seeks to address these challenges and position the mine for sustainable growth.
Executive Chairman Andrew Cavaghan sees this move as pivotal for realizing the mine's full potential and ensuring benefits for stakeholders.
“The Bogoso-Prestea gold mine has the potential to be a Tier 1 gold-producing asset. We believe this transaction enables us to unlock this potential, delivering a multi-generational and sustainable business for our shareholders, our workforce, and the whole community.”
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