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Gold production over an initial seven-year life will come to 798,000 oz. at an all-in sustaining cost of $1,035/oz. following project completion. The post-tax net present value (at 5% discount rate) is estimated at $516 million with a 71% internal rate of return.
Initial capital of the underground project — which will be phased in with open pit mining at the main pit — is pegged at $116 million over two years, net of pre-completion revenue from 33,000 oz. produced. Mineralized material from the underground operation will be processed in the existing Bibiani plant that was recommissioned in mid-2022.
Following the DFS release, Asante will seek to finalize the combined Bibiani open pit/underground mine plan. Selection of contractor to prepare underground mine infrastructure is planned for the third quarter of 2025, with development activity to follow in the fourth quarter, to be funded from open pit mining.
Full production from underground workings is expected in 2027.
250,000 oz. producer
“Since Asante acquired the Bibiani property in 2021, we have revitalized the operation and reshaped the business plan,” Asante CEO Dave Anthony said in Tuesday’s news release. Bibiani poured first gold in July 2022 following its acquisition from Resolute Mining.
Anthony also said that the underground project is part of the company’s vision to achieve annual production of more than 250,000 oz. at the Ghanaian operation in 2026 and beyond.
Other growth initiatives include the Bibiani-Goaso Highway bypass completed in June 2024 to facilitate access to additional mineralized material, and a new sulphide treatment plant that is on track for Q2 2025. In September 2024, Asante also began mining from a third satellite pit at Bibiani.
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