Asante Gold sets out $116m Bibiani undergound project
ASANTE Gold Corp, the Ghanaian miner, said on Tuesday it planned to mine 798,000 ounces of gold from underground resources at its Bibiani mine taking annual production to more than 250,000 oz.This is following a definitive feasibility study which found the gold from underground could be mined at an all-in sustaining cost of $1,035/oz. The projected internal rate of return was judged to be 71% with a post capex net present value of $516m.Capital required for the project was $116m over two years, net of pre-completion revenue from 33,000 oz. Underground mining would help sustain mining at Bibiani for seven years, the company said.“Since Asante acquired the Bibiani property in 2021, we have revitalised the operation and reshaped the business plan,” said Dave Anthony, CEO of Asante Gold.“We are on a path to achieving annual production of more than 250,000 oz in 2026 and beyond, further supported by commencement of underground mining in the fourth quarter and other growth initiatives that have already advanced,” he added.Asante is partly owned by Ghana and represents the West African nation’s desire to play a greater economic role in its resources. Other investors include a wealth fund belonging to the Fujairah emirate in the UAE, and Emiral Resources, founded by Boris Ivanov, who once headed the international unit of Russia’s Gazprom.The company bid for Newmont’s Akyem mine in Ghana, which Antony said truly belonged in his firm. But Asante was outbid by China’s Zijin Mining Group which offered $1bn for Akyem.The post Asante Gold sets out $116m Bibiani undergound project appeared first on Miningmx.Weiter zum vollständigen Artikel bei Mining.com
Quelle: Mining.com
