Asante Gold Corporation has announced a US$525 million investment package to fund its growth plans and gold production facilities in Ghana.
The investment will be deployed in two phases, starting with US$325 million aimed at advancing the Bibiani and Chirano Mines as from the end of 2024. The funding will facilitate the completion of a sulphide treatment plant, enable open-pit stripping and relocate communities around Bibiani as well as support the development of underground mines, mobile equipment upgrades and resource expansion efforts at Chirano.
The package will help transform Asante’s balance sheet and strategy to increase gold production above 500,000 ounces per year by 2028, according to Dave Anthony, the company’s President and CEO.
A second financing round of US$200 million, scheduled for early 2025, will strengthen the company’s working capital to further drive its growth strategy.
“We look forward to welcoming our new Ghanaian and international financing partners, who recognize the unique opportunity we have to establish Bibiani-Chirano as Africa’s next Tier One gold district, against the backdrop of a historic gold bull market,” added Anthony.
Asante is raising the funding with Canadian mining firm Kinross Refinancing, Ghanaian institutions and other investors.
