By: Creamer media

The funding, which comes from a new institutional investor, is structured as a secured loan for the exclusive purpose of financing the restart of the 5.1-million-ounce mine.

The funds are being held in escrow with lawyers, conditional on the resolution of the lease dispute with Ghanaian government.

“This 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,” CEO Andrew Cavaghan asserts.

“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.

“We are confident of reaching a resolution to this dispute, including settlement, to ensure this important mine is brought back into production as quickly as possible,” he adds.

Operating the Bogoso and Prestea mine ties in with the company’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 states