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Desmond is key player in blank cheque mining firm’s potential €414m outlay | Business Post

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Dermot Desmond has emerged as a key player behind a New York-listed blank cheque company looking to spend $414 million on African gold mining companies as a hedge against what it regards as central bank-driven inflation.

Dermot Desmond: the businessman is the sponsor of African Gold Acquisition Corporation, effectively advising it on raising its funds through the stock market. Picture: Getty

The company, African Gold Acquisition Corporation, last year set out to raise $360 million from a public listing in New York, but the appetite for the investment meant it was oversubscribed, leaving it with a $414 million war chest.

 

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