Martin Kpebu (2nd L) addressing journalists
A GROUP by name the Catchment Area Community Alliance (CACA), is calling on the Minister for Lands and Natural Resources, Emmanuel Armah-Kofi Buah, to withdraw the mining lease granted to Heath Goldfields Limited (HGL) as it lacks the financial capacity required to manage the Bogoso/Prestea mines.
Speaking at a press conference in Accra, CACA spokesperson, Martin Kpebu, stated that despite Heath Goldfields securing the mining lease on December 13, 2024, on the back of ambitious commitments, the company has failed to deliver on its promise of a structured $500 million funding arrangement from Yilmaden Holding, which was presented as a key source of financial backing.
He said observable developments since the lease assignment raise concerns regarding the availability of the proposed initial investment of $150 million within the first 18 months, which was reportedly intended to settle employee entitlements, credit obligations, and undertake essential maintenance works.
“The basis upon which the Bogoso-Prestea Mining Leases were assigned to Heath Goldfields appears not to have produced any material outcome. Since the assignment of the leases, there is no publicly available evidence of such investment and an established business relationship between Heath Goldfields and Yilmaden Holding. Consequently, the purported structured funding of US$500 million from Yilmaden Holding has not been demonstrated.
“We are confident that the Minister will duly direct the Minerals Commission to terminate the lease since it is overwhelmingly clear that HGL is not financially sound to handle the operations of the mine. This is against the backdrop that Future Global Resources had its leases revoked following its inability to meet statutory payments and settle obligations to creditors,” he stated.
According to the group, draft report of the Prof. Kumah-led committee where Heath Goldfields presented a Phase 1 investment financing plan of $205 million, contradicts earlier plan of investing $500 million from Yilmaden Holding on which basis the Bogoso-Prestea mining leases were awarded to them.
“Shareholder loan, $30 million; Trafigura financing, $65 million; ECOWAS Bank for Investment & Development, $100 million; First Atlantic Bank, $5 million; Guaranty Trust Bank, $6 million,” the spokesperson disclosed.
Mr. Kpebu, however, mentioned that the only financing that has been disbursed was $30 million shareholder loan agreement from Eureka Capital Limited, adding that there was no record of any disbursement from the entities mentioned as of November 2025.
He said in terms of expenditure so far, the report indicated that Heath Goldfields has expended $12.8 million on ex-employee salaries and provident funds, $2.7 million on legacy suppliers debt, $8.2 million in preparatory works and infrastructure rehabilitation, amounting to a total of $23.7 million.
The group further stated that Heath Goldfields was also expected to pay a mobilisation fee of $500,000 between Q4 2024 and Q1 2025 to enable Veolia to commence maintenance and operation of the treatment plant.
Mr. Kpebu, however, alleged that the mobilisation payment was not made within the stipulated period, leaving an outstanding debt of approximately $1,300,000 remains unpaid.
This pattern, Mr. Kpebu explained, mirrors the failures that led to the termination of the previous operator and, therefore, called on the Minister for Lands and Natural Resources to terminate same without further delay.
“For the sake of Prestea-Huni Valley communities, national revenue, and the integrity of Ghana’s mining sector, we respectfully urge the Honourable Minister to exercise his powers under Section 68 of Act 703 to terminate HGL’s mining leases without further delay and initiate a transparent process for a genuinely capable investor. The people of Prestea deserve no less. Ghana’s gold resources must serve Ghana first,” he added.
By Ebenezer K. Amponsah