Ghanaian company makes strides in domestic gold mining asset acquisition

An undisclosed Ghanaian company is making great strides in the acquisition of the highly promising Namdini Gold Mining asset in the North of Ghana” of Cardinal Resources Limited

Last week the announcement was made of the recent purchase by the Ghana Infrastructure Investment Fund (GIIF), A Ghanaian State-Owned Fund, of a USD 23.8 million loan to the Australian gold mining company Cardinal Resources Ltd from the Canadian finance house Sprott.

It is clear from the Cardinal Resources website that this loan originally was primarily taken out to finance the feasibility study into the Ghanaian mining assets of Cardinal Resources and for working capital purposes.

It is now also understood that allegedly a prominent, yet unnamed, local Ghanaian business has made an offer to purchase the prized Ghanaian Namdini Gold Project from Cardinal Resources Ltd.

It is a very exciting prospect of having one of the premier prospective mining assets in Ghana with reportedly 5.1 million ounces of gold reserves, developed by a Ghanaian company for the benefit of Ghana, and bringing much-needed jobs to Ghanaians in these challenging times. It would not only support the local economy in the North of our country, but it would contribute significantly to the national interest by having a wholly-owned Ghanaian enterprise owning the mine, understanding the need for social and cultural content and deriving full value from our natural resources.

It is rumoured that the offer provides great value to the shareholders of Cardinal Resources in Australia, while at the same time maximizing local interest in the development; a win-win for both sides.