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Asante Gold announce $140m forward gold purchase at 7.5% interest rate

3 years ago
in Business, Features, highlights, Home, home-news, latest News, Mining
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Asante Gold announce $140m forward gold purchase at 7.5% interest rate

Gold mining firm, Asante Gold Corporation, has announced a forward gold purchase programme worth $140m.

The forward gold purchase programme is at an interest rate of 7.53%, the gold mining firm notes.

In a press statement issued on July 15, 2022, Asante Gold announced that it has already completed the first tranche of the programme earning some $100m from the total $140m.

The $100m tranche, Asante Gold asserts, is from some strategic financial institutions in Ghana.

According to Asante Gold, repayment terms are to be 25% of the principal and interest in four equal installments of $26.88 million, with the final payment due July 12, 2023.

Settlement will be in US funds by delivery of  gold at the financial institutions’ designated gold refinery in Switzerland and sold at the then Bloomberg BGN XAUUSD spot market price less 7%. The annual interest rate of this gold forward  facility is 7.53%.  

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The Company assumes no derivative risks from the transaction as the loan principal is  denominated in US funds and repayments from gold deliveries will be made in US funds, thereby  providing a natural currency hedge. 

Through this facility Asante obtains an immediate and non-dilutive financing, repayable from gold  production. The Bibiani Mine has completed its commissioning, with the first gold pour announced  on July 7, 2022.

“The Company thanks the Financing Institutions for their confidence and financial support as Asante continues to develop its production profile in Ghana. The Company is also in advanced discussions on additional senior secured debt facilities to provide  for ongoing sustaining capital,” said Asante Gold. 

About Asante Gold Corporation 

Asante is a gold exploration, development and operating company with a high-quality portfolio of  projects in Ghana. Asante is currently operating the Bibiani Gold Mine with forecast production of 175,000 oz of gold over the next 12 months, is completing the acquisition of the Chirano Gold Mine from Kinross Gold Corporation (the Chirano Acquisition), and is developing to production its Kubi Gold mine, all located on the prolific Bibiani and Ashanti Gold Belts.

Asante has an  experienced and skilled team of mine finders, builders and operators, with extensive experience in  Ghana. 

Asante is listed on the Canadian Securities Exchange, the Ghana Stock Exchange and the Frankfurt  Stock Exchange. Asante is also exploring its Keyhole, Fahiakoba and Betenase projects for new  discoveries, all adjoining or along strike of major gold mines near the centre of Ghana’s Golden  Triangle. Additional information is available on the Company’s website at www.asantegold.com. 

About the Bibiani Gold Mine 

Bibiani is a historically significant gold mine situated in the western region of Ghana, with  previous gold production close to 5 Moz. It is fully permitted with available mining and processing  infrastructure on-site consisting of a 3 million tonne per annum mill and processing plant, and  existing mining infrastructure. Mining commenced in late February with the first gold pour  announced on July 7, 2022. The Company is targeting 175,000 oz of gold production over the next  12 months. 

The Current Mineral Resource Estimate for Bibiani, as reported in the Technical Report on the  Bibiani Gold Mine, Ghana, by Principal Author Ian M Glacken FAusIMM (CP), FAIG, CEng and  Qualified Person Dan Bansah MSc, MAusIMM (CP), FWAIMM, MGIG, dated November 7,  2021, and filed on SEDAR, is Measured and Indicated 20.1 million tonnes at 2.71 grams of gold  per tonne for 1.81 Moz of gold, plus Inferred 8.41 million tonnes at 2.78 grams of gold per tonne  for 0.75 Moz of gold from an open pit mine.

The Mineral Resource has been reported above a  0.65 g/t gold cut-off and has been depleted for both historical open pit and underground  development as of August 31, 2017. The Bibiani Main Pit mineral resource has been prepared by  Competent Persons (Optiro, 2017) using accepted industry practices and have been classified and  reported in accordance with the JORC Code (JORC, 2012).

There are no material differences  between the definitions of Measured, Indicated and Inferred Mineral Resources under the CIM  Definition Standards and the equivalent definitions in the JORC Code. The Satellite pit resource  is an update completed in 2018 by Resolute Mining Limited. The Satellite pit resource is also  reported above a cut-off grade of 0.65 g/t gold inside a pit shell defined at a gold price of US$1,950. 

Source: norvanreports
Tags: Asante GoldAsante Gold announce $140m forward gold purchase at 7.5% interest rateghana
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