Inside the $87 Million debt Heath Goldfields inherited at Bogoso-Prestea
Heath Goldfields says it stepped into a financial and operational crisis at the Bogoso-Prestea mine, one that included nearly $87 million in debt, unpaid salaries, and a flooded underground system. The company's disclosures reveal that the previous operator, Future Global Resources (FGR), left behind liabilities, including about $25 million in unpaid electricity bills and over $25 million owed to workers, as well as debts to institutions such as SSNIT, GRA, and GRIDCo. By the time Heath took over in late 2024, operations had ceased, and the mine had been inactive for nearly two years.
Heath says it has since paid more than GH¢139 million to workers and is restructuring remaining obligations through agreements with unions and stakeholders. The underground mine, which was completely flooded after power cuts halted pumping systems, is now undergoing continuous dewatering at a rate of 10 million litres per day. The company has dismissed claims that it lacked technical and financial capacity, stating it has already deployed over US$52 million into the mine and secured an additional US$65 million financing facility from global commodity trader, Trafigura.
The company projects full drainage by August 2026, highlighting the scale of rehabilitation required. The firm pointed to a Supreme Court ruling in November 2025, which upheld the validity of the lease transfer after a challenge by the previous operator. The company insists it remains compliant with Ghana's mining laws and continues to operate under a valid permit issued in December 2025.
Quick Summary
Heath Goldfields is addressing significant challenges at the Bogoso-Prestea mine. The company says it inherited massive debt and operational failures - raising questions about the mine's future.
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