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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