Mine's Recovery Plan Back on Track in Bogoso Prestea
Revamped Bogoso Prestea Mine Sets Sights on a Prosperous Future
Things are heating up at the Bogoso Prestea Mine (BPM), as new owners, FGR (a subsidiary of Blue International), tackle the challenges that have plagued the operation for years. Let's take a look at the changes they've implemented, and the future they envision for the mine.
Once a loss-maker and a potential candidate for closure, BPM now stands on the cusp of transformation. Among the problems inherited by FGR were mounting debt, stagnation in exploration, high operational costs, and an underappreciated resource base.
Turning Tides
Upon acquiring BPM, FGR conducted a thorough assessment of the mine's operations and resources. This investigation led to the shutdown of unproductive sections to reduce expenses, paving the way for a more detailed analysis of the mine's potential. An underground decline project is currently under consideration, which could extend the mine's life.
Meanwhile, FGRBPL has kicked off a surface mining campaign, expanding active mining from 10,000 tons per month to a staggering 60,000 tons per month in 2021, with plans to reach 100,000 tons per month by the first half of 2022. This expansion is expected to create numerous job opportunities for local communities.
Financial Breakthrough
FGR's strategic decisions have begun to bear fruit, translating into positive changes in the mine's financial status and safety record. The all-in-sustainable cost (AISC), formerly at US$3,230 per ounce, has plummeted dramatically to US$1,365 per ounce, making BPM cash flow positive for the first time in five years.
Blue and FGR have invested over US$23 million in the mine since acquiring it, with an additional US$25 million earmarked for 2022. This injection will fund a refractory metallurgical study, a project estimated to cost over US$300 million, if deemed economically viable by the study.
Social Commitment
Recognizing the importance of maintaining the "social license to operate,” FGRBPL actively engages with local communities and focuses on employment, investment in the region, and responsible resource extraction. During the recent Appiatse community disaster, FGRBPL was among the first responders, providing resources and assistance to those in need.
Ambitious Plans for a New Era
Guided by the values of determination, collaboration, and innovation, FGRBPL aims to generate multi-generational wealth for all stakeholders. The company is committed to improving safety, restoring productivity, and maximizing the mine's contribution to the local economy and national GDP.
[1] D. Owusu, "Bogoso Prestea Mine Workers Protest Over Unpaid Salaries," GhanaWeb, December 2024.
[2] D. Essilfie, "Government Intervenes in Bogoso Prestea Mine Crisis," Graphic Online, March 2025.
[3] S. Addai, "Bogoso Prestea Mine Workers Demand Changes as Media Quarantined," Myjoyonline, April 2025.
[4] M. Osei, "Minister: Tackling Bogoso Prestea Mine Challenges Top Priority," Citifmonline, May 2025.
- The revamped Bogoso Prestea Mine, owned by FGR, is aiming for a prosperous future after tackling years of challenges, including high operational costs and a stagnant resource base.
- The mine's transformation is visible in the expansion of active mining from 10,000 tons per month to 60,000 tons per month in 2021, creating numerous employment opportunities for local communities.
- FGR's strategic financial decisions have resulted in a significant drop in the all-in-sustainable cost (AISC), making the mine cash flow positive for the first time in five years.
- The company has invested over US$48 million in the mine and plans to spend an additional US$25 million in 2022, with potential for a future refractory metallurgical study worth over US$300 million.
- FGRBPL is committed to maintaining a "social license to operate," engaging with local communities, and prioritizing investment in the region while promoting responsible resource extraction.
- With a focus on innovation, collaboration, and generating multi-generational wealth for stakeholders, FGRBPL aims to improve safety, restore productivity, and maximize the mine's contribution to the local economy and national GDP.
