Prestea-Bogoso mine deal frozen as EOCO probes acquisition process

The Economic and Organised Crime Office (EOCO) has launched an investigation into alleged fraudulent activities surrounding Heath Goldfields Ltd.'s acquisition of the Prestea-Bogoso Mine within the mining sector.

Heath Goldfields Ltd. assumed ownership of the Bogoso-Prestea Mine in November 2024, acquiring the asset from Future Global Resources (FGR), the parent company of Blue Gold International.

FGR had previously purchased the mine from Golden Star Resources in October 2020.

According to reports from the Ghana Mine Workers Union (GMWU), financial constraints led to the mine ceasing operations in December 2023.

However, despite FGR's denial, allegations suggest that the mine was seized from the company, which was reportedly just five weeks away from listing on the New York Stock Exchange.

The mine has since been allegedly transferred to a Ghanaian-owned entity.

In response, FGR has issued a notice of dispute to the Ministry of Lands and Natural Resources, the Minerals Commission, and other stakeholders.

The company is reportedly preparing to seek an injunction to block the transaction.

Amid these allegations, EOCO has initiated an investigation into Heath Goldfields Ltd.'s acquisition of the Prestea-Bogoso Mine.

As part of the probe, EOCO has requested documentation related to the transaction and has directed the freezing of the acquisition process until the investigation is concluded.

In a letter dated December 23, 2024, EOCO's Executive Director, Maame Yaa Tiwaa Addo-Danquah, instructed the Chief Executive of the Minerals Commission to provide information and documents related to the transaction, citing Section 19 of the EOCO Act.

The GMWU has expressed its satisfaction with the government's decision to grant mining leases for the Prestea-Bogoso Mine to Heath Goldfields Ltd.

The union has pledged its support and commitment to work with the company to revitalize operations at the Prestea-Bogoso Mine.



FKA/MA