Asante Gold Corporation has embarked on an ambitious plan to extend the lifespan of the Bibiani Mine in Ghana through an underground expansion project, projected to generate over 250,000 ounces of gold annually starting in 2026.
This decision, backed by a robust Definitive Feasibility Study (DFS), positions Asante as a key player in the gold market while driving economic growth in one of the world’s most prolific gold belts.
The DFS Outlines A Compelling Financial Trajectory:
- Net Present Value (NPV): US$516 million post-tax at a 5% discount rate.
- Internal Rate of Return (IRR): A strong 71%.
- All-In Sustaining Cost (AISC): US$1,035 per ounce, compared to the US$2,500-per-ounce gold price assumption.
- Net Cash Flow: Forecasted at US$675 million over the mine’s life.
Under the Chief Executive Officer (CEO), Dave Anthony’s leadership, Asante anticipates a US$116 million initial capital investment over two years, partially offset by US$33 million in pre-completion revenues. “These results reaffirm the significant value we can unlock at Bibiani through underground mining,” said Anthony.
The expansion focuses on underground mining beneath Bibiani’s Main and Walsh open pits, with 11.93 million tonnes of ore at an average grade of 2.36 g/t of gold. Advanced geotechnical assessments informed the use of sublevel open stoping and mechanized cut-and-fill methods tailored to orebody characteristics.
Key infrastructure upgrades include, Enhanced Bibiani Process Plant, targeting 92% gold recovery by late 2025, Refurbishment of the Greg Hunter Decline for streamlined ore transport.
The DFS evaluated scenarios under varying gold prices (US$1,900 to US$2,500 per ounce), affirming profitability even at lower market values. With operational costs at US$35.20 per tonne, Bibiani is positioned as a competitive global player.
Exploration to upgrade inferred resources could further extend the mine’s life beyond the initial seven years. Asante’s broader strategy also emphasizes community development, as demonstrated by its recent completion of the Bibiani-Goaso Highway bypass.
Bibiani’s rich legacy of over 4.5 million ounces of historical gold production serves as a foundation for Asante’s forward-looking vision. Alongside its Chirano and Kubi projects, the company’s sustainable practices and technological innovation reinforce its leadership in Ghana’s mining industry and beyond.
