Asante Gold Closes Acquisition of Bibiani Mine
Asante Gold Corporation announced the successful completion of the purchase of the Bibiani Gold Mine in Ghana from Resolute Mining Limited for total cash consideration of USD 90 million. Resolute has received the initial USD 30 million cash payment from Asante with the balance of consideration payable in two equal instalments of USD 30 million on or before six and twelve months following closing.
Given the successful closing of the purchase, Asante is now finalizing its team that will develop the Bibiani Mine back to production, and we look forward to sharing those plans once completed.
Bibiani is a historically significant Ghanaian gold mine situated in the western region of the country. Bibiani has past production of 4Moz, is fully permitted with available mining and processing infrastructure on site consisting of a 3 million tonne per annum mill and processing plant, and existing underground mining infrastructure. Resolute acquired Bibiani in 2014, and placed the mine on care and maintenance following their acquisition to complete exploration activities designed to enable the development of an economically viable, long term, large scale underground operation. In July 2018, Resolute, based on some 50,500 metres of drilling completed since 2015, released an updated feasibility study for Bibiani and published current JORC compliant Mineral Resources of 21.7 million tonnes at 3.6 grams of gold per tonne for 2.5Moz of gold.