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Asante completes $500m financing to support Ghana gold mines

Bibiani mine

Bibiani mine

26th August 2025

By: Mariaan Webb

Creamer Media Senior Deputy Editor Online

     

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Canada’s Asante Gold has completed a $500-million financing package that will support the development and expansion of its Bibiani and Chirano gold mines in Ghana.

The company announced on Monday that it had received net proceeds from a $125-million second utilisation under its $150-million senior debt facility. A $5-million first drawdown under the same facility was completed on August 14, while a $20-million revolving credit facility is now fully available.

“Closing this financing is transformative for Asante,” said president and CEO Dave Anthony. “With $500-million in capital secured, we are well-positioned to execute on our growth plans for Bibiani and Chirano, targeting annual gold production over 500 000 oz by 2028 at significantly lower all-in sustaining costs. We remain focused on disciplined execution and delivering results for shareholders as these funds are deployed immediately.”

Proceeds from the financing will be used for growth and development spending at Bibiani and Chirano, a cash payment to Kinross – which was completed on August 12 – the retirement of short-term liabilities, and general working capital.

Asante has also put in place a price protection programme to satisfy the conditions for full access to its senior debt facility. The measures include a short-term forward sale of about 154 000 oz of gold between September 2025 and April 2026, at an average price of $3 386/oz, and the purchase of deferred premium puts covering up to 395 000 oz of gold between May 2026 and January 2028, with strike prices ranging between $3 000/oz and $3 100/oz.

These hedging arrangements, executed with RMB, provide downside protection during the company’s operational ramp-up while allowing full upside exposure should the gold price rise.

Edited by Creamer Media Reporter

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