Blue Gold, a prominent British mining firm operating the Bogoso Prestea Mines in Ghana, is at the center of a heated dispute with Ghana’s Minerals Commission and the Ministry of Lands and Natural Resources over the alleged illegal reassignment of mining licenses. The company, which has plans to list on the New York Stock Exchange, claims its existing licenses are being overlooked despite providing evidence of significant financial backing.
Blue Gold has presented definitive documentation from investors demonstrating access to over US$100 million in daily liquidity. However, the Minerals Commission and outgoing Natural Resources Minister Samuel Abu Jinapor reportedly remain unwilling to consider the company’s existing licenses or review its documentation.
Instead, they are allegedly moving to transfer the licenses to Heath Goldfields Limited (HGL)—a company with no prior mining experience and a share capital of just 10,000 cedis.
Critics have raised concerns about the deal’s legality and motivations, pointing to its political undertones. HGL has been linked to the family of a former Ghanaian Finance Minister and is reportedly associated with Yıldırım Holding, a Turkey-based family-owned conglomerate involved in coal mining and shipping.
The Minerals Commission is said to have held a board meeting on Wednesday, 11th December 2024, with plans to finalize the transfer of the mines to HGL and their Turkish partners, Yıldırım Holding, by 12th December 2024—weeks before the incoming government, led by John Mahama, assumes office on 7th January 2025.
Critics argue the move is both illegal and politically motivated. Under Ghanaian law, any new mining licenses require Parliamentary ratification to be enforceable. With the current Parliament nearing the end of its term and a likely shift in power to an NDC-dominated legislature, analysts say there is little chance the decision will gain Parliamentary approval.
The situation has sparked fears of a potential international legal dispute, with stakeholders warning that the transfer could undermine investor confidence and damage Ghana’s reputation in the global mining sector.
