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Blue Gold Limited (Nasdaq: BGL) has announced a fresh injection of $65 million in funding to restart operations at the Bogoso and Prestea gold mine in Ghana, bringing its total committed capital for the project to $140 million.
The company said the latest investment comes from a new institutional investor and is structured as a secured loan specifically meant to finance the mine’s restart. The funds, however, are currently being held in escrow pending the resolution of a lease dispute with the Government of Ghana.
Chief Executive Officer Andrew Cavaghan said the additional financing is a strong indication of the company’s commitment to restoring the mine to full-scale production.
“This funding, along with the amount that is already committed, clearly evidences our capacity to invest and restart the mine to bring it back into full production,” Cavaghan said.
He explained that a decision by the previous Ghanaian administration in September 2024 had disrupted the company’s plans to invest the initial funds secured for the mine.
“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. We immediately disputed the legality of this action, and the matter is now in international arbitration,” he stated.
Despite the ongoing dispute, Cavaghan said Blue Gold remains confident that the issue will be resolved soon.
“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.”
The restart of the Bogoso and Prestea mine forms part of Blue Gold’s broader strategy to integrate mining with financial technology. The company plans to tokenise its gold production as part of an ambitious project to create what it calls the world’s first global, gold-backed currency, through its recently launched Digital Division.
The post Blue Gold secures $140m to restart Bogoso-Prestea mine appeared first on The Herald ghana.
