Medeama SC have agreed a deal with Nguvu Mining to become the new club's new shirt sponsor for the 2023/24 Ghana football season.
Nguvu replaces Gold Fields Ghana Limited who have terminated their contract with the club.
The new sponsorship deal is between $300,000 to $400,000 a year.
The Ghana Premier League champions will sign the deal on Friday, October 6, 2023, at a scheduled press conference in the Ghanaian capital, Accra.
Nguvu Mining logo will be embossed on the club's shirt for the new season in 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 of asking.
About Nguvu Mining
The decision of 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 having 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 Oz 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 and so is 60% of its management.