The Vancouver-based gold miner said it expects gold production at Bibiani to exceed 15,000 oz. per month by mid-year.
Acquired from Australia’s Resolute Mining (ASX, LON: RSG) in 2021, the Bibiani mine represents one of Asante’s two main assets based in Ghana. Its other producing mine is Chirano, acquired from Kinross Gold (TSX: K) in 2022.
The gold forward purchase agreement follows a string of financings by Asante to support its growth plans in the African nation. These include a $100 million equity private placement, an approximate $100 million refinancing with Kinross, a $75 million bond funded by Ghanaian investors and a $50 million syndicated gold stream facility.
The initial deposit from Fujairah, its second-largest shareholder, will cover gold deliveries from Bibiani commencing March 28 through June 28, 2025.
Shares of Asante Gold rose 2.7% in late afternoon trading Thursday, for a market capitalization C$566.6 million.
