Blue Gold Limited, a gold development and technology company, has announced an additional $65 million in funding to restart operations at the Bogoso and Prestea mines in the Western Region.
This brings the total investment committed to the project by the company to US$140 million.
The latest funding, sourced from a new institutional investor, is structured as a secured loan dedicated solely to financing the revival of the 5.1-million-ounce gold asset.
The funds are currently being held in escrow pending the resolution of the ongoing lease dispute between the company and the Government of Ghana.
Chief Executive Officer of Blue Gold Limited, Mr Andrew Cavaghan, said the fresh capital demonstrates the company’s financial strength and commitment to restoring one of Ghana’s oldest and most important mining operations.
“This funding, together with the amount already committed, shows our capacity and determination to restart the mine and return it to full production,” he stated.
He said progress on the project was disrupted following the termination of the Bogoso and Prestea mining lease by the previous government in September 2024, an action the company considered unlawful.
The matter, he said, was now before an international arbitral tribunal.
Mr Cavaghan expressed optimism that a settlement would soon be reached to allow the mine’s full restart.
He said the project formed part of Blue Gold’s broader strategy to integrate gold mining with digital finance through the tokenisation of gold production to create a global gold-backed currency.
The company pledged to pursue responsible and transparent mining practices to deliver value to shareholders while contributing to Ghana’s mining sector revival.
