- Trafigura has agreed to buy 700,000 ounces of gold from Heath Goldfields’ Bogoso-Prestea Gold Mine, alongside providing $65 million to support its restart.
- The deal reinforces Ghana’s position as a leading global gold producer and secures Trafigura as the mine’s offtaker.
- After closure in 2024 under Blue International, the mine has reopened in 2026 under new management, creating jobs and aiming for more sustainable operations.
On Thursday, 9 April, commodities trader Trafigura signed a deal with Ghanaian gold mining company Heath Goldfields, committing to purchase 700,000 ounces of gold doré from the historic Bogoso-Prestea Gold Mine in Ghana.
Alongside the purchase, the agreement includes Trafigura providing $65 million in debt financing, supporting the mine in restarting its oxide ore operations following its shutdown in 2024.
Ghana is Africa’s leading gold mining country, with gold production peaking at 149,216 kilograms in 2018. The West African nation is among the world’s top ten gold producers, and in 2023, gold accounted for nearly half of Ghana’s total exports.
While the deal is currently worth around $2.3 billion – with gold prices of $3,300 per ounce – analysts revealed that, at gold’s projected trajectory, it represents approximately $2.8 billion.
The agreement positions Trafigura as the offtaker of the gold produced at the mine, with deliveries anticipated to begin later this year. The Bogoso-Prestea Gold Mine, located in Ghana, has produced over nine million ounces since 1912.
The mining company features a 1.5 tonne per annum carbon-in-leach (CIL) processing plant and is now compliant with the US Securities and Exchange Commission’s mineral resource and reserve reporting standard.
The new deal, advised by Sullivan & Worcester, marks Trafigura’s second venture into African gold. The first one was a debt financing transaction in late 2025, supporting the development of Baomahun Gold Project, Sierra Leone’s flagship large-scale commercial gold mine.
“Trafigura has been active across metals and minerals markets in Africa for over two decades, and the continent remains a cornerstone as we continue to expand our precious metals business,” said Gonzalo De Olazaval, Head of Metals and Minerals at Trafigura Group.
Reopening after 2 years
The mine shut down in 2024, following financial distress, political controversy, and humanitarian crisis, after the UK-based Blue International acquired the mine in 2020.
Blue International’s takeover was backed by high-profile British figures, who were later found to have lobbied British Diplomats and the Ghanaian government to support the venture, which constituted special access to the government prohibited by the House of Lords.
In 2023, the British government’s Future Fund invested £3.3 million of UK taxpayers’ money into Blue International. The mine faced financial difficulties as investment failed to materialise, operations became plagued by ‘industrial actions’ because workers’ salaries went unpaid for months, and local communities declined.
Blue International’s takeover was backed by high-profile British figures, including Lord Dannat, the former head of the British army.
As the company defaulted on debts and failed to maintain operations, the Ghanaian government intervened and revoked its mining license. Production restarted under Heath Goldfields in early 2026, creating 1400 jobs and committing to environmental compliance, infrastructure rehabilitation, and sustainable gold production.
Regarding the agreement with Trafigura, Trade Finance Global (TFG) heard from Patrick Appiah Mensah, Managing Director at Heath Goldfields. “It further provides the revenue certainty we need to accelerate investment, create sustainable employment, and deliver lasting value to our host communities. This is not just a commercial milestone, it is a statement of confidence in Ghana’s mining sector and in the ability of an indigenous operator to deliver at scale,” said Mensah.
