Wedoany.com Report-Nov. 6, Blue Gold, a gold development and technology company, has announced an additional $65 million in committed funding to support the restart of the Bogoso and Prestea gold mine in Ghana. This new commitment raises the total available financing for the project to $140 million. The funds, provided by a new institutional investor, are structured as a secured loan dedicated exclusively to restarting the 5.1-million-ounce gold mine.

According to the company, the funds are currently being held in escrow by legal representatives, pending the resolution of a lease dispute with the Ghanaian government. Blue Gold stated that the financial package underscores its capacity to invest in and resume operations at the historic mine.

CEO Andrew Cavaghan said: “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.” He added: “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.”

The Bogoso and Prestea mine, which holds significant gold reserves, is an important asset within Blue Gold’s portfolio. The company views its restart as a major milestone in advancing its broader growth strategy. Blue Gold plans to integrate the mine’s future gold output into its new initiative to tokenize gold production, forming part of a proposed global gold-backed digital currency. This effort is being developed through the company’s recently established Digital Division, which aims to combine precious metal assets with emerging financial technologies.

The secured funding provides Blue Gold with sufficient capital to progress the technical and operational work needed to return the mine to full-scale production. Once the dispute is resolved, the company intends to move swiftly toward restarting mining and processing operations.

Blue Gold emphasized that reactivating the Bogoso and Prestea mine aligns with its goal of leveraging both traditional gold assets and innovative digital platforms to expand its presence in the global gold and technology markets. The company maintains confidence in the project’s long-term economic potential and its contribution to the regional mining sector once operations resume.

With total committed capital now reaching $140 million, Blue Gold is preparing to advance the mine’s restart as soon as legal and regulatory conditions allow, reinforcing its commitment to sustainable development and responsible investment in Ghana’s mining industry.