Blue Gold (NASDAQ:BGL) has a further US$65 million of committed funding available to finance the restart of the Bogoso and Prestea Gold Mine in Ghana, bringing the total committed capital to US$140 million ($215.135 million).
The funding comes from a new institutional investor and is structured as a secured loan for the exclusive purpose of financing the restart of the 5.1 million ounce Bogoso and Prestea gold mine in Ghana.
The funds are being held in escrow with lawyers, conditional on the resolution of the lease dispute with the Government of Ghana.
CEO Andrew Cavaghan says the funding, along with the amount that is already committed, “clearly evidences our capacity to invest in and restart the mine to bring it back into full production”.
“The former Ghana administration took steps in September 2024 to prevent us from investing funds secured for the restart of the mine by wrongfully terminating the Bogoso and Prestea mining lease,” the CEO says.
“We immediately disputed the legality of this action, and the matter is now in international arbitration.
“We are confident to reach a resolution of this dispute, including settlement, to ensure that this important mine is brought back into production as quickly as possible.”
Operating the Bogoso and Prestea mine ties in with Blue Gold’s strategy to tokenise its gold production to create the world’s first global, gold-backed currency, which it is preparing to launch through its recently launched Digital Division.
Blue Gold is a next-generation gold development company focused on acquiring and aggregating high-potential mining assets across strategic global jurisdictions.
The company’s mission is to unlock untapped value in the gold sector by combining disciplined resource acquisition with innovative monetisation models, including asset-backed digital instruments.
Write to Adam Orlando at Mining.com.au
Images: Blue Gold
