- Total committed capital now at $140mn for mine restart
- Funding tied to resolution of Ghana government lease dispute
ACCRA, GHANA – Blue Gold Limited, a next-generation gold development and technology company, has secured an additional $65 million in committed funding to restart the Bogoso and Prestea gold mines in Ghana.
This brings total financing for the project to $140 million, the company officially announced.
The new funds, sourced from a fresh institutional investor, are structured as a secured loan dedicated exclusively to the restart of the 5.1-million-ounce Bogoso and Prestea operation. The money is being held in escrow pending the resolution of a lease dispute between the company and the Ghanaian government.
“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,” said Chief Executive Officer Andrew Cavaghan in a statement.
Lease dispute and arbitration
Cavaghan accused Ghana’s previous administration of obstructing Blue Gold’s investment efforts by terminating the mining lease in September 2024 – a move he described as unlawful.
“The former Ghana administration took steps… to prevent us from investing funds secured for the restart of the mine by wrongfully terminating the Bogoso and Prestea mining lease,” he said. “We immediately disputed the legality of this action, and the matter is now in international arbitration.”
He added that the company remains “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 Bogoso and Prestea mines, located in Ghana’s Western Region, were once key producers in West Africa’s gold belt but have been dormant amid the legal tussle. Blue Gold’s financing plan is expected to reopen the sites, boost employment, and restore investor confidence in the country’s mining industry.
Digital gold ambition
The company’s strategy extends beyond mining. Blue Gold plans to tokenise its gold output to create what it describes as “the world’s first global, gold-backed currency,” through its newly launched Digital Division.
Blue Gold Limited focuses on acquiring and developing high-potential mining assets in strategic global jurisdictions. Its model merges traditional gold mining with digital monetisation, using asset-backed instruments to make gold more accessible in global markets.
The company says it is committed to sustainable development, transparency, and responsible mining practices. “We believe that our commitment to responsible mining will enable us to create value for our shareholders while minimising our environmental footprint,” the company stated.
