Blue Gold Limited, a next-generation gold development and technology company, has announced it has secured an additional $65 million in committed funding to finance the restart of the Bogoso and Prestea gold mine in Ghana.
The new financing brings the company’s total committed capital to $140 million, earmarked exclusively for reviving operations at the 5.1 million-ounce Bogoso-Prestea gold complex, one of Ghana’s most historic mining assets.
According to the company, the latest funding provided by a new institutional investor is structured as a secured loan and is currently held in escrow pending resolution of an ongoing mining lease dispute with the Government of Ghana.
Commenting on the announcement, Andrew Cavaghan, Chief Executive Officer of Blue Gold Limited, said the fresh capital underscores investor confidence in the project and the company’s ability to restore the mine’s operations.
“This funding, together with the amount already committed, clearly evidences our capacity to invest and restart the mine to bring it back into full production,” Mr. Cavaghan said.
He noted that the company’s investment efforts were disrupted in September 2024, when the previous Ghanaian administration took steps to prevent the restart by 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 that a resolution, including a settlement, will be reached soon to ensure this important mine is brought back into production as quickly as possible,” he added.
Located in Ghana’s Western Region, the Bogoso-Prestea mine has historically been a major source of gold output, employing thousands and contributing significantly to the local economy.
However, the successful restart of the mine could restore hundreds of jobs and boost investor confidence in Ghana’s mining sector, which remains a key driver of foreign exchange earnings.
Blue Gold Limited said the restart aligns with its strategic goal of merging gold production with digital finance.
The company’s Digital Division is currently developing what it calls the world’s first global, gold-backed digital currency, leveraging blockchain technology to tokenize its gold reserves.
The initiative, according to the company, aims to transform how value is stored and traded globally, using responsibly sourced gold as the foundation for a secure, asset-backed digital financial system.
“Operating the Bogoso and Prestea mine ties directly into our long-term vision to tokenize gold production and create a globally trusted, gold-backed currency,” Mr. Cavaghan said.
Listed on the NASDAQ Stock Exchange (Nasdaq: BGL), Blue Gold Limited is a next-generation gold development and technology company focused on acquiring and aggregating high-potential mining assets in strategic jurisdictions across the world.
The company blends traditional mining expertise with cutting-edge digital innovation to create sustainable value for investors and host communities.
While awaiting the outcome of arbitration proceedings, the company says all funds required for the restart of the Bogoso-Prestea mine have been secured and ring-fenced to ensure immediate deployment once the lease issue is resolved.
Blue Gold reaffirmed its commitment to working with the Ghanaian government and local stakeholders to bring the mine back to life, restore jobs, and strengthen Ghana’s reputation as a leading mining investment destination in Africa.
