Exploration, development and operating company Asante Gold produced and sold 53 503 oz of gold in its third quarter, ended October 31.

It generated revenues of $116.3-million for the quarter and has identified synergies of $5.5-million to $7-million a year between its Bibiani mine and the newly acquired Chirano project – both in Ghana.

The Bibiani process plant treated about 230 000 t of ore in November. This is 18% ahead of the ramp up schedule and Asante plans to increase throughput to 250 000 t a month of ore by the first quarter of 2023.

Further, a near-mine exploration programme continues and Asante is working to extend the Bibiani openpit's life-of-mine from 8.3 years to more than ten years. 

At Chirano, which was acquired in August, about 265 000 t of ore was treated in November, as budgeted.

Asante has initiated a Chirano Transition and Business Improvement Plan, targeting an increase in Chirano gold production by 30% and a reduction in all-in sustaining costs by 10% for the 2024 calendar year.

The company has also started initiatives to capture synergies between the Bibiani and Chirano mines. A principal initiative is the development of an access road to directly link the mines' process plants, which are about 20 km apart. This road will support shared services activities and will be developed further, to become a mine haul road, so that ore can be treated where most appropriate.

Detailed studies to identify and capture synergies between the two mines are advanced. Opportunities to reduce costs and improve our operations have estimated value of about $5.5-million to $7-million a year.  

Asante has established a Synergy project management team to deliver opportunities to share infrastructure and realise operational cost reductions.

“We have made exceptional progress thus far in 2022. Over the past 12 months, we have transformed Asante from an early-stage exploration company to a midtier gold producer.

"Over the past five months, we have made payments totalling $56.8-million towards closing our Bibiani acquisition and repaying our gold forward sale agreement. Looking forward, we have consolidated two operating mines near each other, creating a district scale land package with tremendous exploration potential.

"Value creation initiatives are proceeding across our business as we look to make the Bibiani-Chirano complex one of the top mining districts in Africa,” Asante president and CEO Dave Anthony.