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Asante Gold on course to meet 400,000-ounce gold production target

BY: Business Desk Report

Asante Gold Corporation is on course to meet its 400,000 ounces’ gold production target after recording a 20.7 per cent increase in average monthly gold production for November and December 2022, as compared with the prior two months.

 

The increases were recorded from its Bibiani and Chirano Gold Mines, all located in Ghana.


In November and December, gold production on a combined basis for Bibiani and Chirano totaled 47,954 ounces for a monthly average of 23,977 ounces, up 20.7 per cent from previous 39,731 ounces or a monthly average of 19,866 ounces for September and October.

The November and December gold production monthly average was up 34.4 per cent from the monthly average of 17,834 ounces’ gold from August to October, 2022, Asante’s third fiscal quarter.

In a release, the company said it also continued its record of no lost time from injuries, consolidated preliminary gold production of 23,760 and 24,180 ounces respectively for November and December; and completed final US$30 million deferred payment, completing the Bibiani acquisition.

The company also completed US$54 million in first and second tranche payments on the Company’s gold forward sale agreement in October 2022 and January 2023 through the delivery of 16,249.60 and 14,113.51 ounces of gold, respectively.

The CEO of Asante Gold Corporation, Dave Anthony, in the release stated that “over the past 12 months Asante has been transformed from an early-stage exploration company to a mid-tier gold producer.

“The significant production gains in November and December bode well for the achievement of our 400,000-ounce target from Bibiani and Chirano for the fiscal year ending January 31, 2024. Over the past five months we have made payments totaling US$83.6 million towards closing our Bibiani acquisition and repaying our gold forward sale agreement.”

Looking forward, he said the company would continue to capture the benefits of owning these two nearby operating mines, which incorporate a district scale land package with significant exploration potential.


He said value creation initiatives were proceeding across its business as it looks to make Asante one of the top mining companies in Africa