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 latest disclosures reveal that the previous operator, Future Global Resources (FGR), left behind significant liabilities, including about $25 million in unpaid electricity bills; over $25 million owed to workers; and 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 projects full drainage by August 2026, highlighting the scale of rehabilitation required.
This context, Heath argues, is often missing in public discourse, which focuses more on current delays than inherited challenges.
The company has also responded to certain public discourses that have suggested that it lacked techinical and financial capacity.
According to the firm, the lease granted to it in December 2024, followed a “thorough review” which found its technical and financial proposal satisfactory.
The company has dismissed claims that it lacked any such 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.
Heath further clarified that the controversial “$800 company” narrative is misleading, explaining that its initial stated capital reflects standard registration requirements and not actual operational investment.
On legality, 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.
