Doubts Over Heath Goldfields’ $135m Funding Drive

Heath Goldfields Limited’s reported efforts at securing $135 million in funding have intensified doubts about the company’s capacity to effectively manage the Bogoso–Prestea Mine.

The Catchment Area Community Alliance, a pressure group, has described the move as concerning, noting that it falls significantly short of the $500 million investment initially promised when the company took over the lease.

According to the group, the funding gap raises serious questions about the company’s ability to maintain operations, ensure safety, and invest in critical infrastructure such as underground mining systems.

They argue that the development undermines confidence in the company’s long-term viability and reinforces calls for its replacement.

Read blow the full unedited Press Statement, dated 31 March 2026, and signed by the Assemblyman for Bondaye, a mining community in the Prestea-Huni Valley Municipality of the Western Region, William Adomako:

PRESS STATEMENT

Members of the press, ladies and gentlemen, we thank you for honouring our invitation and for your continued role in informing the Ghanaian public. We have convened this press conference today to bring national attention to serious matters affecting the Bogoso–Prestea Mine, the livelihoods of our people, and the safety of communities within the mine’s catchment area.

Ladies and Gentlemen, in September 2024 when the mining leases of the FGR Bogoso Prestea Mine were terminated, we received the news with happiness especially when we were promised the leases would be reassigned to a financially capable investor. In November 2024, the mining leases were assigned to Heath Goldfields Limited (HGL) who promised to secure and invest $500 million into the Bogoso-Prestea Mine.

This development brought relief and the community was looking forward to a safe and responsible mining activity. Unfortunately, what we see today is worse than yesterday.

Ladies and Gentlemen of the Press, the processes of acquiring an Environmental Permit to commence mining operations involves the conduct of an Environmental Social Impact Assessment (ESIA) which requires mandatory stakeholders or community engagement to address the impact of mining operations and associated mitigation measures. We wish to inform the public and all other authorities who matter that such engagement was not carried out whether in groups or with the community at large before commencing open pit mining at Bondaye. The issues below corroborate the lack of due diligence of the Minerals Commission and the Environmental Protection Authority (EPA).

Ladies and Gentlemen, the people of Bondaye have been educated that, under the Prestea Mining Lease, Grant of Mineral Right (The company shall however not conduct operations in a reserved area, restricted area, protected area or designated area and shall not without the prior written consent of the Minister conduct any operations).

(i) Within 100 meters of any forest reserve, river, stream. Installation, reservoir, dam, public road, railway or area appropriate for a railway.

Ladies and Gentlemen, we wish to ask the Hon. Minister of Lands and the Chief Executive Officer (CEO) of the Environmental Protection Authority (EPA) whether they have permitted or consented to any open pit mining activities to be conducted at Bondaye where the public road is approximately less than 50 meters

from the Pit and some occupied buildings less than 200 meters from the Pit where blasting per regulations requires occupied buildings to be 500 meters away from the blast.

We are deeply concerned by Heath Goldfields Limited’s blasting operations in areas where the open pit is in close proximity to an established township (i.e., Bondaye). We have been educated that, under the Ghana Minerals and Mining (Explosives) Regulations, a minimum exclusion distance of 500 metres is required between blasting operations and occupied buildings. Ladies and Gentlemen, the situation here in Bondaye is unbearable. What we see here is nowhere close to responsible mining.

Ladies and Gentlemen, we are also concerned about the continued non-operational status of the Prestea Underground Mine, which historically served as one of the most important sources of employment within the municipality employing more than 1000 people. The underground mine requires effective pumping and dewatering systems to maintain optimal operational levels and ensure safe and efficient mining activities. Unfortunately, the lack of adequate investment and operational capacity has resulted in delays in achieving these critical operational conditions.

Ladies and Gentlemen, our people have been laid off from work due to the non-operational status of the Prestea Underground Mine. This situation has significantly worsened the economic conditions within the township. Regrettably, many of the affected former workers have not received their severance payments.

In addition, their statutory obligations, including SSNIT and Tier 2 pension contributions, remain unpaid.

Lastly, regarding the proximity of Heath Goldfields Limited’s ongoing open-pit mining activities to the underground shaft located at Bondaye, which forms a critical component of the mine’s underground infrastructure. Current operations indicate that open-pit mining is being conducted at a distance of less than 100 meters from this shaft.

Such close proximity poses significant technical and safety risks to the structural integrity and stability of the shaft. Underground shafts are vital access and ventilation structures that support underground mining operations, and any disturbance caused by nearby blasting, excavation, or ground movement may compromise their stability. This situation raises concerns about potential ground instability, structural damage, and the long-term viability of the underground infrastructure.

To conclude, ladies and Gentlemen, we are disappointed with official communication from Heath Goldfields Limited which suggest that the company is now working to secure $135 million to invest in the operations. Ladies and Gentlemen, we are of the view that this is a deviation from the basis upon which the Bogoso-Prestea mining leases were assigned to Heath Goldfields Limited.

At this point, we wish to add our voices to our astute Divisional Chiefs, Political actors and activist, civil societies and well-meaning Ghanaians who have petitioned the President for a financially capable investor to replace Heath Goldfields.

Thank You.