Behind the scenes at FGR, the buyer of Golden Star Resources mine

Behind the scenes at FGR, the buyer of Golden Star Resources mine

At the end of 2018, La Mancha, billionaire Naguib Sawiris’ holding company, bought 30% of Ghanaian gold producer Golden Star Resources for nearly $126m, becoming its reference shareholder.

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            ▪ Behind the scenes at FGR, the buyer of Golden Star Resources mine

▪ At the end of 2018, La Mancha, billionaire Naguib Sawiris’ holding company, bought 30% of Ghanaian gold producer Golden Star Resources for nearly $126m, becoming its reference shareholder.

https://www.africabusinessplus.com/en/805234/behind-the-scenes-at-fgr-the-buyer-of-golden-star-resources-mine/

Back in March 2020, it acquired an additional 2% of the company, a few months before Golden Star sold its Bogoso Prestea gold mine at the end of July for $55m (or $95m if certain reserves are developed over the next few years) to Future Gold Resources (FGR). Of the $55m, FGR immediately paid $5m to Golden Star and mopped up its overdraft (negative working capital of $25m). The remaining $25m will be transferred in 2021 ($10m) and 2023 ($15m).

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