Blue Gold Withdraws Lawsuits in Ghana, Focuses on International Arbitration
Blue Gold announced that it has withdrawn its suits pending before the Courts of Ghana, and does not currently intend to pursue any other legal avenues open to it in Ghana. The company has taken this step to concentrate its legal efforts and resources exclusively on the ongoing international arbitration proceedings, which it is pursuing under the bilateral investment treaty between the United Kingdom and Ghana. Blue Gold believes that the arbitration process provides the most appropriate and effective forum for the resolution of its claims and for securing an impartial determination on the merits. As previously disclosed, Blue Gold, through its subsidiary Blue Gold Holdings, is seeking damages in excess of $1B, alongside the previous owner of the mine, Future Global Resources. The arbitration recently held an inaugural Case Management Conference, during which procedural matters were addressed in accordance with the applicable arbitral rules. The company will provide further updates on the outcomes of this CMC, and any other material developments in the progression of the arbitration, as permitted under the agreed arbitral procedures and consistent with applicable legal and regulatory requirements.
