Yiadom Boakye Amponsah – Managing Director of FGR/Blue Gold
Blue Gold and its partner, Future Global Resources (FGR), are pursuing a $1 billion arbitration claim in the United Kingdom against the government for not re-instating their mining licence.
Blue Gold, which is listed on the NASDAQ stock exchange, has signed a US$80 million termsheet and says it has repeatedly demonstrated to the government its ability to fund the asset.
The company insists it has the capital to settle creditors and properly restart operations at the mine. However, Blue Gold said the government’s indecision has left the mine in limbo.
Blue Gold and FGR have confirmed that they will press ahead with their legal challenge, with the first hearing scheduled to take place shortly in London.
“The next step in the arbitration process is imminent and will result in an international injunction against anyone utilising the mine,” a source claimed.
The stalemate comes at a time when gold prices are at record highs, amplifying the economic costs of inaction. Communities around the mine are facing job losses, growing dissatisfaction and declining prospects, while the state risks forfeiting badly needed revenue.
Industry analysts argue that refusing to reinstate the licence of a NASDAQ-listed company while courting American financial support undermines Ghana’s credibility with international investors.
With arbitration proceedings set to intensify in the coming days, the government must weigh the risks of further legal and financial penalties against the urgent need to restore operations at one of the country’s mines.
Addressing the media, Yiadom Boakye Amponsah, Managing Director of FGR/Blue Gold, said its mining lease was revoked by the government in September 2024. However, under Section 27 of Act 703, lease rights remain valid until at least 30 days after the resolution of any dispute.
This, he alluded, means the company’s assets and rights should have been preserved until the case was settled.
The Managing Director stressed that FGR/Blue Gold has the financial and technical capacity to restart operations.
He revealed that the company had already secured funding in August 2024, but was prevented from resuming work.
He added that the firm has now raised an additional US$80 million for the mine and is urging the government to restore its lease so it can repay creditors and revive the dormant operation.
Despite filing for international arbitration, Mr. Amponsah said the company is ready to withdraw the case if its mining rights are reinstated.
FGR/Blue Gold, he emphasised, will continue to pursue legal and peaceful avenues “to avoid chaos and maintain peace in the catchment area.”
A Daily Guide Report