Asante Gold Corporation is ramping up operations at the Bibiani Gold Mine in Ghana, backed by a $100 million gold forward sale agreement that is expected to boost production in the coming months significantly.
The company has announced plans to more than double its monthly gold output by February and reach 23,000 ounces monthly by September 2025.
In a statement released on January 31, 2024, Asante Gold’s President and CEO, Dave Anthony, said the funding deal with strategic partner Fujairah is allowing the company to accelerate activities at Bibiani, ensuring sustained growth.
“We are pleased to report a rapid increase in operational activities at the Bibiani mine, funded by the $100 million gold forward agreement with our key strategic partner, Fujairah,” he said. “This will more than double monthly gold production by February 2025, with additional catalysts for growth expected to follow over the course of the year, supported by the company’s financing plans that continue to advance.”
The company is pushing forward with extensive stripping activities at both the Main Pit and the Russel Pit, with material movement expected to increase by 300 percent by June 2025. The Russel Pit, which was initially considered a starter pit, has exceeded expectations, with gold production surging by over 700 percent in the last quarter of 2024 to reach upwards of 7,000 ounces per month.
Asante has now initiated an aggressive drilling program to assess further expansion into a new zone, Cutback #3, later in 2025.
Mining activities at the Main Pit have also accelerated, with stripping operations reportedly 200 percent ahead of schedule since ramp-up efforts began in November 2024. The mining contractor is expanding its fleet to meet production targets, while work on Cutback #2 is set to begin in the first quarter of 2025.
In addition, preparations for an underground mining project are expected to commence in late 2025, marking another significant step in Asante’s long-term strategy.
As part of its expansion efforts, the company is also making critical investments in processing infrastructure. The commissioning of a sulphide treatment plant is on track for completion in May 2025, which is expected to enhance the efficiency of gold recovery.
The company has further disclosed that it will double the number of trucks and excavators in its contractor fleet by June 2025 to support the sharp increase in production.
In the company’s production outlook, Asante expects to ramp up its monthly gold output to 9,000 ounces by February, increase it to 12,000 ounces by June, and hit 23,000 ounces by September 2025. These projections reflect the company’s confidence in its ongoing expansion efforts at Bibiani and its ability to capitalize on new growth opportunities.
Asante Gold operates both the Bibiani and Chirano Gold Mines in Ghana and has been making significant investments to optimize production at both sites.
The Bibiani Gold Mine, located in Ghana’s Western North Region, has a long history of production, with over 4.5 million ounces of gold extracted to date.
The mine is fully permitted and has an operational processing facility with a capacity of three million tonnes per year. Asante resumed mining activities at Bibiani in February 2022, with the first gold pour recorded in July of that year. Commercial production was officially declared in November 2022.
