US$25 million so far injected in Bosogo Prestea Mines turnaround

FGR takes over Bogogo Prestea Mines

BPR to increase active mining operations

Blue International invests in BPR

As part of efforts to turn around the fortunes of the Bogoso Prestea Mines (BPR), a US$25 million capital has been injected towards operations this year.

In the last five years, BPR has recorded some losses due to operational and technical challenges.

But the latest

Read full article.move to revive the mine is being facilitated by new owners, Future Global Resources (FGR) which is aimed toward increasing active mining operations.

Providing updates to journalists on operations of the company, Chief Operating Officer of FGR, Adam Clode said his outfit intends to increase its capacity to 100,000 tonnes per month in the first half of 2022.

He also pointed out that FGR in 2021 embarked on a surface mining campaign which saw it successfully increase its active mining from 10,000 tonnes per month to 60,000 tonnes per month.

Clode further told journalists its planned expansion of open-pit operations is expected to provide employment avenues for host residents in the mining community.

“The strategic decisions that had been made so far by FGR and its parent company, Blue International (Blue) have started to yield results and reflected positively in the financial bottom line, as well as in safety."

“The all-in sustaining costs (AISC), which stood at US$3,230 per oz at the time of purchase of the mine, has reduced drastically to US$1,365 per oz. For the first time in five (5) years, BPM is now cash flow positive."

"The safety statistics also tell a very positive story, from a Lost Time Injury Frequency Rate (LTIFR) of 13.01 in 2019, to 2.08 in 2021. These positive changes have been possible on the back of substantial investments,” he explained.

According to Clode, Blue, through FGR, has invested over US$23million in exploration, equipment, and other aspects of the business within the past 15 months, with an additional planned capital injection of US$25million in 2022.

“Part of this investment will go into a refractory metallurgical study which many believe will define the future of the entire Bogoso Prestea operations. An end-to-end refractory project will cost over US$300million, and Blue is prepared to make this investment if the study confirms the economic viability of the refractory resource," he noted.

Adom Clode underscored the need for the BPR to maintain its social licence to operate, through constructive and transparent engagement with its host communities, as well as being a catalyst for economic prosperity through local employment, social investment.