Definitive Feasibility Study Highlights Robust Returns for Asante Gold’s Bibiani Mine
Asante Gold Corporation has concluded a Definitive Feasibility Study (DFS) outlining plans to extend the lifespan of its Bibiani gold mine in Ghana through underground operations, with production slated to commence in late 2025.
The DFS highlights a robust opportunity to deliver 831,000 ounces of gold over an initial seven-year mine life, at an all-in sustaining cost (AISC) of $1,035 per ounce. The underground project will require an estimated capital investment of $116 million over two years, which is partially offset by pre-completion revenues of 33,000 ounces. The mine’s economic fundamentals include a post-tax net present value (NPV) of $516 million at a 5% discount rate and an internal rate of return (IRR) of 71%.
Dave Anthony, CEO of Asante Gold, described the study as a milestone for the Bibiani mine, which the company acquired in 2021. “We have reshaped the business and revitalized operations, setting the stage for annual production to exceed 250,000 ounces from 2026. Key developments, including the completion of the Bibiani-Goaso Highway bypass in 2024 and a new sulphide treatment plant by mid-2025, will further underpin our growth ambitions,” Anthony said.
The underground reserves comprise 11.93 million tonnes of ore at an average grade of 2.36 grams per tonne. These will complement existing open-pit operations, with an optimized combined mine plan currently under review.
Asante plans to finalize contractor selection by Q3 2025, with underground mining financed through revenue from its open-pit operations. The move is expected to solidify Bibiani’s position as a cornerstone asset in the company’s portfolio, contributing to Ghana’s role as a key gold producer in Africa.
