Claims that a landmark gold offtake agreement between Heath Goldfields Ltd and Trafigura Pte Ltd is worth up to $2.8 billion are being challenged, with official disclosures indicating a far smaller and more conditional arrangement.

A widely circulated narrative had suggested the deal covered the purchase of 700,000 ounces of gold doré from the Bogoso–Prestea mine at projected prices between $3,300 and $4,000 per ounce.

However, this valuation is now under scrutiny following a review of Trafigura’s public statements and the underlying contractual agreement.

In its official communication, Trafigura stated that it is providing $65 million in debt financing to support the restart of oxide operations at the Bogoso–Prestea mine, rather than committing to a multi-billion dollar gold purchase.

Analysts say the higher valuation figures appear to be based on projected future production and assumed gold prices, rather than any firm financial commitment.

Details from the debenture agreement show the transaction is structured primarily as a secured financing arrangement, not a straightforward gold sale.

Under the agreement, Heath Goldfields has pledged a wide range of assets as collateral, including mining leases, processing facilities, equipment, bank accounts, insurance proceeds, and key commercial contracts.

In return, Trafigura has been granted fixed and floating charges over these assets, as well as rights to revenues and contractual flows—effectively placing much of the mine’s operational base under security control.

The agreement also outlines significant enforcement powers in the event of default.

These include the ability for Trafigura to take possession of assets, sell mining properties, appoint a receiver to manage operations, and directly collect revenues.

Industry observers warn that failure to meet repayment obligations could result in the operator losing control of the mine.

Although the agreement references future delivery of gold doré, it is tied to a prepayment model in which funding is provided upfront and repaid through gold deliveries over time.

This means the total value of the arrangement depends on future production levels and market prices, rather than representing a guaranteed lump-sum transaction.

Experts say the portrayal of the deal as a multi-billion dollar windfall risks misrepresenting its true nature.

Instead, the agreement is being described as a financing lifeline aimed at restarting operations, backed by extensive collateral and carrying notable risks.

As scrutiny intensifies, stakeholders are calling for greater transparency to clearly distinguish between projected revenues and actual contractual commitments tied to the Bogoso–Prestea operation.