$3.3 billion gold offtake deal links Singapore’s Trafigura with Ghanaian mine

Trafigura Group, a Singapore-based commodities giant, has signed an offtake agreement with Ghanaian miner Heath Goldfields Ltd to buy 700,000 ounces of gold doré from the Bogoso–Prestea Gold Mine in Ghana’s Western Region. The deal includes $65 million in debt financing to restart the mine’s oxide ore operations.

At today’s gold price of about $4,750 per ounce, the agreement is valued at more than $3.3 billion. Even if gold trades at a more conservative $4,000 per ounce, the deal still represents roughly $2.8 billion in committed offtake value. Deliveries are expected to begin later this year.

Trafigura funds Bogoso–Prestea restart

The Bogoso–Prestea Gold Mine, one of West Africa’s largest operations, has produced over 9 million ounces since 1912. Heath Goldfields completed the first gold pour at the site in February 2026, marking a return to production after two years of inactivity.

The asset includes a 1.5 million tonne per year carbon-in-leach (CIL) processing plant and is compliant with SK-1300 reporting standards set by the U.S. Securities and Exchange Commission. This is Trafigura’s first transaction in Ghana and its second across Africa, following a December 2025 financing deal for Sierra Leone’s first commercial-scale gold mine.

Gonzalo De Olazaval, Trafigura’s Head of Metals and Minerals, said the company is “pleased to support a Ghanaian-owned operation with strong operational capability and LBMA-compliant production.” He added, “Our experience in metals and minerals across Africa positions us to provide physical trading expertise and market access for assets like Bogoso–Prestea.”

Ghana boosts local mining ownership

The deal comes as Ghana intensifies efforts to boost local ownership in its mining sector. Ghanaian businessman Ibrahim Mahama’s Engineers and Planners Company won the bid to take control of the Damang gold mine from Gold Fields, following approval from the Ministry of Lands and Natural Resources.

The award followed a tender open exclusively to fully Ghanaian-owned firms, with Heath Goldfields, Vortex Resources Mining Group, and Maripoma Mining Services also competing. Engineers and Planners emerged as the only bidder meeting the technical, ownership, and financing requirements.

Located in the Western Region, Damang has been operated by Gold Fields since the 1990s. Production peaked at over 300,000 ounces annually two decades ago and totaled about 88,000 ounces last year. The government granted a one-year lease extension to ensure a smooth transition, with formal handover scheduled for April 18. A state-appointed team will oversee operations during the interim period.