Post by
phoenix_trader on Jun 04, 2020 10:14pm
Ghana government buys Sprott debt - jobs in N Ghana
Does this mean Ghana will guarantee the senior mine finance debt?
Nordgold will have to raise the bis to .60 and likely not accepted.
Solomon Asamoah, CEO of the Ghana Infrastructure Investment Fund stated:
"As one of Africa's largest and most significant new gold discoveries, we at GIIF are very pleased to be able to enter into this very important transaction which ensures increased Ghanaian participation, through our capacity as a Sovereign owned fund.
"As stated many times by our President, H.E. Nana Akufo Addo, we believe it is very important that there is increased paid participation in all sectors of the domestic economy by Ghanaians, including the mining sector. GIIF is looking to play an important role by supporting both feeder and spin-off industries made possible by the increased economic activity and accompanying new infrastructure arising from the mining operation. The development of this large-scale gold mine is very important to Ghana as it will assist in bringing much needed jobs to the Upper East Region of Northern Ghana."
Comment by
phoenix_trader on Jun 04, 2020 10:22pm
The Company continues to work with the Special Purpose Committee and its advisors, Maxit Capital LP (Nth America), Hartleys Limited (Australia), BMO Capital Markets and Cannacord Genuity, to review all strategic alternatives.
Comment by
lumpy13 on Jun 05, 2020 7:23pm
At this point, all this means is that the GIIF, which is partially owned by the govt, has bought Sprout's debt. Hopefully, it will lead to GIIF lending more or investing in the project. Sprout can redeploy the money elsewhere.