Ghana League champions Medeama Sporting Club have secured a significant financial deal with Nguvu Mining, replacing Goldfields as their shirt sponsor for the 2023–24 Premier League season.
The club did not reveal the financial details of the deal, but sources within has it that the deal is between $300,000 and $400,000 a year.
Mauve and Yellow will sign the deal on Friday, October 6, 2023, at a scheduled press conference in the Ghanaian capital, Accra.
The Nguvu Mining logo will be embossed on the club’s famous Mauve and Yellow shirt for the new season, a massive financial relief for the CAF Champions League campaigners.
The two-time Ghana FA champions have qualified for the group stage of Africa’s elite inter-club competition after sterling heroics against Guinea giants Horoya AC, and that momentous feat was achieved for the first time.
However, the club has expressed frustration at the lack of financial support after mining giant Goldfields pulled out of their sponsorship, claiming financial constraints.
Back ground of Nguvu Mining
The decision by Nguvu Mining to sponsor the club has been timely, as the Ghanaian champions marshal resources to compete against the crème de la crème of African football.
Nguvu Mining was started by Angela List, a Ghanaian with over 20 years of experience in the mining industry, mainly in mining services.
The first acquisition of an operating mine was Adamus Resources Limited in Ghana from Endeavour Mining in the last quarter of 2016.
In 2018, Nguvu acquired Segala Mining SA in Mali, also from Endeavour Mining.
In 2019, the group acquired 80% of Samira Hill SA, a mine in Niger formerly owned by Semafo Inc., from the government of Niger.
This was followed by the acquisition of Northern Ashanti Mines Co. Ltd., formerly Owere Mines, in Ghana.
The group also has an advanced mine in Burkina Faso, acquired from Newmont, and expects that to go into production by the end of 2023.
Other assets in the group include exploration licenses in Cote d’Ivoire and Liberia.
Nguvu currently recovers, produces, and sells around 250,000 ounces of gold on an annual basis. This production is expected to grow further from current operations and new developments.
Nguvu currently employs around 3,000 people. 90% of its workforce is locally employed, as is 60% of its management.
