The capital is set to improve the company’s mining activities and support its expansion in the area.

Asante Gold has unveiled plans to raise $525m through a two-stage financing package to support expansion and operational improvement strategies at its Ghanaian gold mines.

The company noted that the first stage of funding, amounting to $325m, is set to enable the company to embark on significant capital projects.

These include a pit expansion and the construction of a new sulphide plant at the Bibiani mine, equipment upgrades at Chirano and underground development at both sites.

The initial funding round includes a $100m equity private placement, a refinancing deal of approximately $100m with Kinross Gold, a $75m bond funded by Ghanaian investors and a $50m syndicated gold stream facility.

These funds are expected to enhance the company’s mining operations and contribute to its growth in the region.

The second phase of funding, totalling $200m, will comprise a $150m senior debt facility arranged by FirstRand Bank and a $50m standby equity commitment from an undisclosed strategic investor.

This additional capital will further support Asante Gold’s objective to organically increase its gold production, leveraging the estimated 6.6 million ounces of gold resources across the Bibiani and Chirano mines.

Last month, Asante Gold revealed a deal for equity financing with a strategic investor.