Asante Gold Secures $470M to Boost Ghanaian Gold Output

Canadian mining firm Asante Gold has secured $470 million in credit and equity commitments to support the expansion of its operations in Ghana. The funding will fully finance the company’s growth strategy, including the Bibiani and Chirano gold projects.

The financing package includes $175 million from private funds advised by Appian Capital Advisory and a $170 million credit facility from South Africa’s FirstRand Bank Limited. The transaction is expected to close by the end of July 2025.

“This comprehensive Financing Package will allow Asante to realize the true potential of our assets,” said Dave Antony, President and CEO of Asante Gold. He added that the capital will enable the company to increase its production capacity to over 500,000 ounces of gold per year by 2028 while reducing operational costs.

At the $116 million Bibiani Mine, the company is targeting first gold production, with a construction contractor expected to be appointed in Q3 2025. Asante also plans to expand operations at the Chirano Mine, including underground development, infrastructure upgrades and additional drilling to grow the resource base.

Asante Gold expects to generate more than $2 billion in free cash flow through 2029.