The IMF is evasive on whether it will review its Ghana programme under Mahama, but hints adjustments may be possible to align with economic goals.
Dave Anthony, Asante’s CEO, highlighted the strategic impact of the funding, noting its role in increasing the mine’s annual gold production capacity to over 250,000 ounces. The sulphide treatment plant, a pivotal part of this expansion, is projected to enhance gold recovery rates from 70% to nearly 92% upon completion.
By mid-year, Asante expects monthly gold output at Bibiani to surpass 15,000 ounces, underscoring the mine’s growing contribution to the company’s portfolio. The Vancouver-based miner acquired Bibiani in 2021 from Resolute Mining and Chirano, its second Ghanaian asset, from Kinross Gold in 2022.
The forward purchase agreement builds on Asante’s robust financing history, which includes a $100 million equity private placement, a $75 million bond funded by Ghanaian investors, and a $50 million syndicated gold stream facility. The initial deposit from Fujairah Holdings—Asante’s second-largest shareholder—covers gold deliveries from March 28, 2023, through June 28, 2025.
As news of the deal broke, Asante’s shares climbed 2.7% in late afternoon trading Thursday, increasing its market capitalization to C$566.6 million. The agreement solidifies Asante’s growth trajectory in Ghana’s gold mining sector while strengthening ties with its international investors.
