AshantiGold’s Bibiani Mines to have expanded lifespan
Following a comprehensive revitalisation and reshaping of the operations of AshantiGold’s Bibiani mines, the underground project is set to witness an expansion of its lifespan.
It follows the completion of a Definitive Feasibility Study (the “DFS”) assessing the technical and financial viability of extending the life of the Bibiani Mine through future underground operations.
“We are pleased to confirm the potential for an underground mine development with initial life of seven years at Bibiani. This will incorporate 831,000 ounces of gold produced and an attractive all-in sustaining cost (“AISC”) of $1,035 per ounce,” Chief Executive Officer of Asante, Dave Anthony, said, adding that: “Since Asante
acquired the Bibiani property in 2021, we have revitalised the operation and reshaped the business plan.”
He said the company was on a path to achieving annual production of more than 250,000 ounces in 2026 and beyond, further supported by commencement of underground mining in Q4 2025 and other growth initiatives that have already advanced.
These include the Bibiani-Goaso Highway bypass in June 2024 to facilitate access to additional mineralised material and completion of the new sulphide treatment plant, which is on track for Q2 2025.
The DFS focused specifically on underground mining potential below the existing Bibiani Main and Walsh pits.
It was developed and compiled by professional mining engineers from Bara International (United Kingdom) with Middindi Consulting (Geotechnical - South Africa) and SLR Consulting (Geohydrology - South Africa) as contributing sub-consultants.
Mine design strategy and geotechnical study
A release posted by the Ghana Stock Exchange (GSE) said: “The DFS investigates the underground extraction from the Bibiani Main and Walsh orebodies.
The base case considered for the open pit to underground transition was that open pit mining would continue to the extent of the viable life of open pit mining in the Main Pit (Pit 17).
When used as the basis for a preliminary financial model, the resultant open pit operating cost per ounce of gold produced was $1,341/oz.
The DFS analysis indicates that the proposed underground mining costs are approximately $1,050/oz.
It said from relevant comparison of open pit and underground mining cost analysis, this equates to the original design of Pit 9 thereby encouraging earlier curtailment of open pit operations and development of underground mining operations.