Asante Gold has announced plans to raise $525 million (C$731.37 million) in a two-phase financing package to support expansion and operational enhancements at its gold mines in Ghana.
In the first phase, the company aims to secure $325 million to fund significant capital projects. This includes expanding the Bibiani mine’s pit, building a new sulphide processing plant, upgrading equipment at the Chirano mine, and developing underground infrastructure at both sites.
The initial funding will be sourced from a $100 million private equity placement, a $100 million refinancing agreement with Kinross Gold, a $75 million bond backed by Ghanaian investors, and a $50 million syndicated gold streaming facility. These investments are expected to strengthen Asante Gold’s mining operations and drive its growth in the region.
The second funding phase, totaling $200 million, will consist of a $150 million senior debt facility arranged by FirstRand Bank and a $50 million standby equity commitment from a strategic investor.
