Blue International Group Expands into the Mining Sector – Strategic diversification to facilitate long-term value creation and positive socioeconomic impact
Blue International Group (“Blue”, the “Group” or the “Company”), an owner and operator of high-quality long-term assets that safely and sustainably harness the natural resources in sub Saharan Africa, is pleased to announce its entry into the mining sector.
Originally exclusively focused on developing, owning and operating renewable power projects in sub Saharan Africa, the company has recently expanded into the mining sector. The company decided to enter this sector because, like energy, mining also drives compound and sustainable economic development, and critically, the two sectors are also often operationally co-dependent on one another, bringing the opportunity for strategic synergies across the Blue International business.
The Company’s long-term investment philosophy, where its assets are developed to deliver reliable dividends for its shareholders, is driven by the creation of sustainable economic, social and environmental value.
The mining assets are developed and operated through Future Global Resources (“FGR”), established by Blue in 2020, whereas the energy assets are developed and operated through Joule Africa (“Joule”) established by Blue in 2011. The two business divisions are operated independently of one another however the entire group is managed through a single integrated Executive Committee composed of senior representatives from Joule and FGR as well as the Blue International senior leadership team.
The most recent acquisition by Blue is the Bogoso-Prestea gold mine, which is located within the world-famous Ashanti Gold Belt in Ghana and was previously owned by Golden Star Resources. Bogoso-Prestea is the first asset within Blue’s mining portfolio and establishes the Group as the owner of the largest gold concession in Ghana. The concession comprises an 80-kilometre strike and the mine has a 3.3-million-ounce N143-101 compliant resource, with an in-situ value of $5.9bn ($1,800 per oz gold price), which is being mined within only 1-kilometre of the overall strike. With so much more of the strike to be explored and developed, Blue considers there to be considerable long-term value for its shareholders.
Sustainable development and operating responsibly is at the heart of Blue’s business practice. The Management Team is committed to making attractive financial returns while having a positive impact on the communities and countries in which it operates, and the planet as a whole. Blue’s Sustainable Business Principles, underpinned by governance, decision making processes and business integrity management systems, create a long-term sustainable business.
Andrew Cavaghan, Executive Director of Blue, commented: "Our strategy is tailored to achieve a better balance between responsible growth and sustainable practices. Moreover, our activities in sub-Saharan Africa in both mining and renewables are strategically complementary in terms of the co-dependence of the two sectors. They will enable us to deliver our vision of bringing shared environmental, social and economic value across the Group for the benefit of all our stakeholders. Our acquisition of Bogoso-Prestea is the first step into the mining sector and the first of a number of high-quality, long-life acquisitions we plan to make over the coming years."
Ben Romney / Chris Judd / Ariadna Peretz
Tel: +44 (0)20 7466-5000