Asante Gold ramps up production at Bibiani mine in Ghana

Asante Gold (CSE: ASE, USOTC: ASGOF) says it has significantly ramped up activity at the Bibiani mine in Ghana, which would see its production sharply rise starting next month and increase further throughout the year.The ramp-up activities are being funded by the initial $100 million deposit from Fujairah Holdings, Asante’s second-largest shareholder, as part of a $500 million gold forward sale deal signed in December 2024.The ramp-up is driven by an ongoing expansion of the Russel pit and a rapid increase in equipment availability from the company’s primary mining contractor. The pit continues to outperform expectations, Asante says, with gold production up by more than 700% during the last quarter of 2024.Meanwhile, at the Main pit, mining is ahead of schedule by approximately 200% since starting the build-up program last November. The mining contractor is increasing its fleet to meet an agreed schedule of the production build-up.As a result, the Canadian miner expects to increase its gold production from the two pits to 9,000 oz. starting in February, then 12,000 oz. in June due to the acceleration of stripping activities. By then, the mine contractor fleet is expected to double, leading to a 300% increase monthly material movement compared to recent levels.Asante also anticipates commissioning of its sulphide treatment plant to be completed May. The facility is seen as a crucial step in increasing gold production at Bibiani to over 250,000 oz. per year and is expected to bring monthly production to 23,000 oz. in September.Asante Gold’s stock traded 4.8% higher at C$1.08 apiece by 11:30 a.m. ET Thursday, for a market capitalization of C$531.8 million ($369m).Weiter zum vollständigen Artikel bei Mining.com Weiter zum vollständigen Artikel bei Mining.com