Asante Gold declares commercial production at Ghana mine

Canada’s Asante Gold (TSX-V: ASE; GSE: ASG) has begun commercial production at its Bibiani gold mine in Ghana, which is expected to produce 20,000 oz. […]
Bibiani is expected to produce 20,000 oz. of gold a month by early 2023. Credit: Asante Gold

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Canada’s Asante Gold (TSX-V: ASE; GSE: ASG) has begun commercial production at its Bibiani gold mine in Ghana, which is expected to produce 20,000 oz. of the precious metal a month by early 2023.

The news follows three months of of consistent production since the first gold pour in July, two months ahead of schedule, the company said.

All process plant and mine facilities have been operating on a 24 h/d basis from late June, with roughly 220,000 tonnes in September and about 206,000 tonnes in October, it said. Asante plans to increase throughput to 250,000 tonnes ore per month by early 2023.

The Vancouver-based miner said production in September surpassed 9,300 oz., which is 17% above the company’s start up plan. October production was 9,910 oz., 15% above plan, it noted.

“We are very pleased with the progress has been achieved at Bibiani,” president and CEO Dave Anthony said. “Over the past 12 months the Bibiani mine team has established a track record of over achievement and we look forward to increasing the value of this asset” 

The start of operations of Bibiani gold mine, which Asante acquired last year from Australia’s Resolute Mining (ASX, LON: RSG), comes at a time when Ghana is facing a decline in gold production.

Last year, the country’s total production of the precious metal fell 29.9% to slightly over 2.8 million oz. from the previous year, reaching its lowest level since 2008, according to official data. The drop means that Ghana is no longer the top gold producer in Africa, but the second, after South Africa.

Asante Gold has strong ties to Ghana, with Ghanaian citizens holding a significant shareholding, as well as board and executive roles.

THIS ARTICLE WAS ORIGINALLY POSTED ON MINING.COM

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