The decision to terminate the lease of the mine operated by Future Global Resources (FGR) at Bogoso Prestea Mining Limited has brought a wave of relief and excitement to both workers and the local community.
The Chairman of the Senior Staff Association at FRG Bogoso Prestea Mining Limited Mr. McDonald Kitson expressed his satisfaction with the recent developments. According to him, the decision by the Minister of Lands and Natural Resources confirmed the concerns raised by the association over the need for a more credible investor to take over the operations.
“We are super excited, the people of Bogoso Prestea. And if you have reporters there, you can check. The whole town is invaded. Everybody’s happy with just the termination of the leases of the mine. So, workers are excited and are happy, and we believe that this is a new breath for the operations and the community at large.”
Mr. McDonald Kitson the Chairman of the Senior Staff Association at FRG Bogoso Prestea Mining Limited
The workers had been eagerly awaiting a resolution to the ongoing challenges faced by the mine under FGR’s management. For months, the mine had struggled, leading to its eventual shutdown. The termination of the lease has given new hope to workers, as it paves the way for the introduction of a new investor with the capacity to revitalize the mine.
The Path Forward: Seeking a Credible Investor
Mr. Kitson emphasized the importance of finding a credible investor who would inject capital into the operations, ensuring the long-term sustainability of the mine. Reflecting on the association’s consistent stance, he stated.
“From day 1, our position has never changed. Our position has been that the Bogoso Prestea Mining Limited needs a credible investor, somebody who would inject capital into the operations to make it more sustainable and more viable.”
Mr. McDonald Kitson the Chairman of the Senior Staff Association at FRG Bogoso Prestea Mining Limited
The decision taken by the Minister, which confirmed these concerns, has opened the door for the Minerals Commission to scout for a more suitable investor who understands the gold mining industry and possesses the financial capacity to run the operation efficiently. Mr. Kitson was confident that the new direction would resolve the financial and operational deficiencies that plagued FGR’s management. While workers are excited about the prospect of a new investor, the question of when operations will resume fully remains. Mr. Kitson acknowledged that although some workers might return to handle immediate environmental and operational concerns, the full resumption of work under a new investor could take some time.
“This is not going to take place in a day or two, per practice. Usually, this takes place within a month or two. In the interim, as stated in the letter, the Minerals Commission is certainly going to take steps to prevent any negative impact or negative effects on the environment from the abandonment of the operations by FGR. So, this would need workers to be able to manage and handle.”
Mr. McDonald Kitson the Chairman of the Senior Staff Association at FRG Bogoso Prestea Mining Limited
The workers understand that this process will not be instantaneous. However, the prospect of a return to work within the next couple of months under a more competent investor has brought a renewed sense of optimism among the staff. The need for a competent investor is paramount in the minds of both the workers and the local community. Mr. Kitson pointed out the limitations of the previous investor, FGR, whose board members lacked adequate experience in gold mining operations.
“Unfortunately, this FGR team did not have a good understanding of gold processing and gold operations. If you look at the credentials of the board of directors and the directors of the mine, apart from one or two of them, they were new to mining operations.”
Mr. McDonald Kitson the Chairman of the Senior Staff Association at FRG Bogoso Prestea Mining Limited
The workers, therefore, are looking for an investor with deep knowledge of mining operations, particularly gold mining, as well as the financial strength to sustain the operations.
Financial Capacity: The Key to Success
One of the significant challenges faced by FGR was the lack of financial capacity to manage the mine effectively. Mining is a capital-intensive business, and Mr. Kitson was clear on the kind of investor needed to turn around the mine’s fortunes.
“We believe we’ll get a credible investor who has the financial capacity to be able to turn around the operations. The mine has been idle for the past nine months. So, there are things that need to be done.”
Mr. McDonald Kitson the Chairman of the Senior Staff Association at FRG Bogoso Prestea Mining Limited
Financial backing is critical, and the workers are counting on the Minerals Commission to identify an investor who meets the criteria necessary for long-term success. Mr. Kitson added; “Mining is one capital-intensive project or business. So, we need another company that also has the financial capacity to be able to turn around the operation.”
However, the Senior Staff Association, together with the workers, will be closely monitoring the process of selecting the next investor. They are determined to avoid a repeat of the past mistakes made when the mine was handed over to FGR, which lacked both the financial capacity and the operational experience required. As Mr. Kitson put it.
“For us not to repeat the sins of the past, for the mine to be given to a new person or somebody who doesn’t have a background in mining or the financial capacity, we’ll be following the process kindly to make sure that the right thing is done so that we don’t find ourselves in this situation again.”
Mr. McDonald Kitson the Chairman of the Senior Staff Association at FRG Bogoso Prestea Mining Limited
The termination of FGR’s lease at the Bogoso Prestea mine has ignited a new sense of hope for the workers and the surrounding community. With the prospect of a credible investor on the horizon, there is optimism that the mine’s operations can be revived, creating jobs and revitalizing the local economy. The workers remain cautiously optimistic as they look forward to a brighter future under new management.
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