Blue Gold has secured $140m (CI$116.42) in committed funding to finance the restart of the Bogoso and Prestea gold mine in the western region of Ghana.
The financing comprises a new $65m secured loan and a previously announced $75m equity line of credit that remains undrawn.
The funding is aimed exclusively at restarting the 5.1 million-ounce (moz) Bogoso and Prestea gold mine in Ghana, contingent on settling a lease dispute with the Government of Ghana.
According to the company, the $65m commitment, provided by a new institutional investor, is structured as a secured loan solely to finance the restart of the mine.
The funds are currently held in escrow with lawyers, pending resolution of the lease dispute.
Blue Gold said it is prepared to drop litigation with the Government of Ghana if the lease issue is resolved immediately.
Blue Gold CEO Andrew Cavaghan said: “This funding, along with the amount that is already committed, clearly evidences our capacity to invest and restart in 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. We immediately disputed the legality of this action, and the matter is now in international arbitration.
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“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 company stated that operating the Bogoso and Prestea mine aligns with its strategy to tokenise its gold production to create a global, gold-backed currency.
Blue Gold said it is preparing to roll out this initiative via its recently launched digital division.
The company is focused on acquiring and consolidating high-potential mining assets in key jurisdictions worldwide.