Ghana: Asante Gold aims to add 10 tonnes to the country's gold production by 2025

Canadian mining company Asante Gold Corporation has unveiled an ambitious plan to increase Ghana's gold production to 500,000 ounces (around 15.5 tonnes) by 2028, with a significant contribution of 10 tonnes from 2025. The announcement, relayed by Agence Ecofin, is part of a strategy to expand operations at the Bibiani and Chirano mines, two of the company's key assets in the country.

Asante Gold, which already has a strong presence in Ghana with its Bibiani and Chirano mines, has recorded a significant increase in performance. For the 2024 financial year (ended 31 January 2024), the company generated revenues of $419 million, up 109% on the previous year, thanks to combined production of 214,950 ounces of gold.

To reach its target of 339,000 ounces in 2025 (around 10.5 tonnes), Asante is planning major investments. At Bibiani, the company is working on expanding the main pit and building a new sulphide processing plant to improve gold recovery. The mine is expected to produce between 110,000 and 120,000 ounces in 2025, compared with 76,516 ounces the previous year. At Chirano, optimisations, including an increase in mill capacity, will enable the mine to target 178,000 ounces in 2025, compared with 138,434 ounces in 2024.

Asante Gold's five-year plan, detailed in a recent press release, projects annual production of 500,000 ounces by 2028, with estimated free cash flow of more than $2 billion. This growth will be driven by a reduction in all-in costs (AISC) to less than $1,000 per ounce, strengthening the company's competitiveness in the global gold market.

"Our investments in infrastructure and processing technologies at Bibiani and Chirano position Asante as a major player in the Ghanaian gold industry," said Asante Gold's CEO during a webinar scheduled for 8 May 2025 to present these projections.

Ghana, Africa's leading gold producer, exported 128 tonnes of gold in 2023, generating $7.6 billion in revenue. Asante Gold's ambition to contribute 10 tonnes by 2025 will strengthen the country's position on the world stage. This increase is also in line with the Ghanaian government's efforts to maximise mining revenues, notably via the Minerals Income Investment Fund (MIIF), which holds a 3.5% stake in Asante Gold following a $20 million investment.

In addition, Asante is committed to working with local communities and giving preference to Ghanaian labour, as demonstrated by the award of contracts to local companies such as Harlequin International for the rehabilitation of the Bibiani plant.

Despite these ambitions, Asante Gold will have to navigate a global economic environment marked by geopolitical uncertainties and fluctuating gold prices, although HSBC forecasts a rise to $2,625 per ounce by 2025. The company will also need to ensure the environmental and social sustainability of its projects to maintain stakeholder support.

With a listing on the Ghana Stock Exchange (GSE) since June 2022, Asante Gold also offers local investors the opportunity to participate in this growth. With the price of gold hovering around $3,000 an ounce, Asante's expansion strategy could not only transform its own prospects, but also consolidate Ghana's reputation as Africa's Gold Coast.