Destruction of millions worth of properties forces FGR to temporarily shut down
Future Global Resources (FGR) has temporarily shutdown its operations at the Bogoso-Prestea gold mine due to the mass destruction of its properties running into millions of dollars by some individuals of a neighbouring community known as Dumase.
The destruction of the company’s properties norvanreports understands include cranes, cars, mining equipment, its administration block among others.
According to deep throat sources in FGR who spoke to norvanreports on the issue, the destruction of the company’s properties by the inhabitants of the Dumase Community, is on the back of the request by the community for FGR to undertake developmental projects in the community as well as provide jobs for its youth.
Per the information provided to norvanreports, FGR had agreed to the request made by the community and provided timelines to building a clinic, toilet facilities, a bridge among others for the community.
But despite the good faith shown by FGR, the community for some unknown reasons went ahead to demonstrate at the premises of FGR and eventually destroying properties of the company running into millions of dollars.
In a related development, a stand-off is gradually picking up between the incumbent and former owners of the Bogoso-Prestea gold mine, Future Gold Resources (FGR) and Golden Star Resources (GSR).
The growing impasse is evidenced by statements released into the public domain by both companies with FGR accusing GSR of providing it with material inaccuracies in information upon which it relied in deciding to acquire the Bogoso Prestea mine.
Further stating that it is going to investigate the said inaccuracies given their significant financial impact on the company.
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GSR on the other hand, has accused FGR of ‘deliberately’ rescinding its decision to pay some $15 million which forms part of the purchasing price of its 90 percent interest in the Bogoso-Prestea mine.
According to GSR, FGR’s decision to not pay the said amount follows claims by FGR of various alleged breaches of the Share Purchase Agreement (SPA) between it and GSR.
In the banter of accusations made by both companies, FGR has made claims of settling the outstanding and ongoing employee dispute relating to severance payments owed to staff at Bogoso Prestea which resulted in repeated industrial actions by the workers.
FGR claims that in the absence of GSR’s participation in the severance payment dispute, FGR negotiated with the mine workers to reach an agreement on severance which resulted in a peaceful return to operations and the cessation of the ongoing legal action against GSR.
This was after an industrial strike embarked by the mine workers lasted for 5 consecutive days.
FGR notes that despite making payments for the severance package of mine workers, it was not contractually obliged to do so under the Share Purchase Agreement (SPA) between it and GSR.
Indeed, checks made by norvanreports indicate that, FGR has held talks with workers of the mine and agreed to pay severance packages to the tune of $20 million.
The amount, norvanreports understands, was agreed to be paid in installments; 20 percent of the amount in October this year, 40 percent in October 2022 and the remaining 40 percent in 2023.
