Asante Gold plans underground expansion at Bibiani Mine

Asante Gold Corporation has in its Definitive Feasibility Study (DFS) for the Bibiani Mine confirmed a seven-year underground mining plan that could yield approximately 831,000 ounces of gold at an attractive all-in sustaining cost (AISC) of $1,035 per ounce.

This expansion follows the company’s revitalization of Bibiani since its acquisition in 2021.

Key developments include a planned underground mining commencement in late 2025 and upgrades to existing facilities, such as the sulphide treatment plant, set for completion by mid-2025.

These improvements aim to support an ambitious target of annual production exceeding 250,000 ounces by 2026.

The Definitive Feasibility Study outlines a $116 million initial capital expenditure, with a post-tax net present value (NPV) of $516 million at a gold price of $2,500 per ounce.

The project is expected to generate $675 million in net cash flow, showcasing robust economic viability.

Asante’s focus on underground mining leverages modern techniques like sublevel open stoping and mechanized cut-and-fill to optimize resource extraction from Bibiani’s Main and Walsh pits.

The initiative complements ongoing surface operations, ensuring steady production as the underground phase ramps up.

This expansion underscores Asante’s commitment to sustainable growth and reinforces its position as a leading gold producer in Ghana.