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International Arbitration Forum

Blue Gold Holdings and Future Global Resources Limited v. Republic of Ghana

Case summary

At a glance

Parties
Future Global Resources Limited and Blue Gold Holdings Limited v. the Republic of Ghana
Forum and rules
No arbitration commenced in the published document. The investors stated they would start international arbitration under Article 10 of the UK–Ghana BIT if the dispute was not resolved by 14 January 2025.
Treaty
UK–Ghana BIT
Sector
Gold mining
Outcome
Pre-arbitration correspondence only. The published document is a letter from the investors' counsel to Ghana's Attorney General, and it records no decision.

The dispute

Future Global Resources Limited (FGRL) and Blue Gold Holdings Limited (BGHL) say they own and operate investments in Ghana, including the Bogoso Prestea Gold Mine, its mining leases, mining assets and shareholdings. They served Ghana with a Notice of Dispute under the UK–Ghana BIT on 14 October 2024, alleging mistreatment and unlawful expropriation, and asked for urgent amicable settlement talks. In a further letter of 13 November 2024, their counsel said that Ghana had not responded. The letter also said that, during the Minerals Commission's occupation of the Mine, gold tailings were being taken and sold by the Commission's "Interim Management Committee" and by other unauthorised persons. It further said that Ghana had acted that day to transfer the Mine and its leases to "Heath Goldfields Ltd.". The investors invoke Articles 3(1), 3(2), 3(3) and 7 of the BIT. The published document does not contain Ghana's position.

Key holdings

  1. No decision has been published. According to the letter, Ghana had not answered the investors' requests for urgent settlement discussions made in the Notice of Dispute of 14 October 2024. Letter ¶¶ 2–5
  2. The investors allege that gold tailings worth millions of dollars were being extracted and sold during the Minerals Commission's occupation of the Mine. They argue that Ghana's failure to stop this breaches full protection and security under Article 3(1) of the BIT. Letter ¶¶ 11–14
  3. The investors allege that on 13 November 2024 the Ministry of Lands and Natural Resources and the Minerals Commission acted to transfer the Mine and its leases to Heath Goldfields Ltd. They argue that this breaches fair and equitable treatment, full protection and security, the non-impairment clause, the observance-of-obligations clause and the expropriation clause (Articles 3(1), 3(2), 3(3) and 7). Letter ¶¶ 15–16
  4. The investors asked Ghana to preserve their assets and to hold settlement talks in Accra or London. They stated that they would start arbitration under Article 10 of the BIT if the dispute was not resolved by 14 January 2025, and reserved the right to seek interim relief. Letter ¶¶ 17–20

Procedural history

  1. 14 October 2024The investors serve Ghana with a Notice of Dispute under the UK–Ghana BIT.
  2. 13 November 2024The investors' counsel writes to Ghana's Attorney General requesting urgent protection of the investments and reiterating the request for amicable settlement discussions.
  3. 14 January 2025Date stated in the letter after which the investors would start arbitration under Article 10 of the BIT. The published documents do not show whether proceedings were started.

Tribunal, counsel and experts

For the claimant
Mayer Brown

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Keywords

Summary generated with AI from the published documents — refer to the award for the authoritative text.

Country
Treaty
Ghana - United Kingdom BIT (1989)