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Asante Gold commences trading on local bourse

BY: Emmanuel Bruce
Ekow Afedzie (left), Dr Sulemanu Koney (arrowed), joined by management members of Asante Gold and GSE after the listing.

ASANTE Gold Corporation has commenced trading on the local bourse after it received the final approval from the Securities and Exchange Commission (SEC) and the Ghana Stock Exchange (GSE).

The company is listing by ‘Introduction’ since it is already trading on the Canadian Stock Exchange.

Listing by introduction is a way of listing shares already in issue on another exchange.

The company is therefore offering its 315 million shares, valued at GH¢8.87 per share to the Ghanaian public.

This brings the number of companies listed on the GSE to 36.

Local participation

Speaking at the ceremony, the Chief Executive Officer of Asante Gold Corporation, Dave Anthony, said the listing was to allow a whole new group of Ghanaian investors the opportunity to invest in the growth of their own local gold mining industry.

He said the company had been exploring for gold in Ghana since 2012 and working at several sites, including Kubi, Betenase and Fahiakoba, southwest of Kumasi.

“Following a strategic review conducted in March 2021, our vision was changed to become a Tier -1 mining company in West Africa, with Ghana as our principal base of operation,” he stated.

New model

The Executive Vice President and Country Director of Asante Gold, Frederick Attakumah, for his part, said the company represented a new model in the multinational mining space, characterised by significant local ownership, for the true benefit and participation of citizens of mineral-endowed African countries.

He said the issue of local ownership of mining entities had been the critical missing link for well over a century in the African mining industry.

“We are confident that this new model will ensure greater integration of mining investments with our local economies for everyone’s benefit.

“To this end, and post the enactment of the Minerals and Mining Regulations on Local Content and Local Participation (L.I. 2431) in October 2020, Asante Gold Corporation will become the first large-scale mining company to be listed on the GSE,” he stated.

He said the company was proudly an indigenous Ghanaian mining multinational, which has achieved exponential growth on the Canadian Securities Exchange on a scale that very few companies could only dream of.

“Today, and with a valuation in excess of CAD$500 million (or US$ 400 million), we are bringing this growth track record, and opportunity, home to the GSE for the benefit of the good people of Ghana,” he said.

The Managing Director of the Ghana Stock Exchange, Ekow Afedzi, expressed excitement and hope to use the new local content policy to get more gold companies to list on the stock exchange.