Blue Gold Secures $140 Million to Revive Ghana’s Bogoso-Prestea Mine

Blue Gold Limited has secured $140 million in new funding to restart operations at the Bogoso-Prestea Gold Mine, one of Ghana’s most historic mining sites. The company says the investment signals its readiness to bring the mine back into full production pending the resolution of a lingering lease dispute with the Ghanaian government.

The financing package includes a fresh $65 million secured loan from an institutional investor, alongside a previously announced $75 million equity line of credit. Both sums are held in escrow until the company and the government finalise terms allowing mining to resume.

This clearly evidences our capacity to invest and restart the mine, said Blue Gold chief executive Andrew Cavaghan, describing the deal as a vote of confidence in the project and Ghana’s broader mining sector.

Bogoso-Prestea, located in Ghana’s Western Region, is believed to hold an estimated 5.1 million ounces of gold and has long been a pillar of the country’s mining industry. However, operations were halted in 2024 after the previous government terminated Blue Gold’s mining lease over alleged unpaid obligations, pushing the company into international arbitration.

For months, Blue Gold has maintained that it remains committed to working with Ghanaian authorities to resolve the impasse and restore the area’s jobs and local economic activity. The mine’s revival, if approved, could significantly boost employment and regional development, especially in communities that have relied on gold production for decades.

READ MORE: Ghana Launches Sweeping Audit of Mining Firms in Decade’s Biggest Oversight Push

The company also plans to integrate new technology into its operations, including a gold-backed digital asset linked to its production output, a move it says will help modernise its financial and trading systems.

Industry observers view the deal as a sign of renewed investor confidence in Ghana’s mining sector, though the pending legal settlement remains a significant hurdle. The government has yet to issue an official statement on the latest funding announcement.

If the dispute is resolved and production resumes, the Bogoso-Prestea project could reestablish itself as a cornerstone of Ghana’s gold economy, and a case study in how stalled mining assets can be revived through financial restructuring and diplomacy.

About The Author

West Africa Weekly

author

See author's posts