Emiral Resources has announced its growing mining portfolio through its latest strategic deal, underwriting C$34,8 million investment into Asante Gold as part of an institutional placement and share purchase plan for their acquisition of Resolute’s Bibiani Gold Mine.
Emiral Resources will consolidate approximately 19.9% of shares in Asante Gold and see our founder, Boris Ivanov joining their board as an advisor.
The deal has been completed on August 16, 2021.
Ali Rashed Alrashdi, Chairman of the Board of Emiral Resources said:
“Asante’s agreed purchase of the Bibiani mine will transform it into a cornerstone long-life asset. At Emiral Resources, we remain committed to organic and acquisitive growth. I am proud to announce this agreement to join forces and drive this transformational deal, which will allow us to grow our mining portfolio in Africa and deliver value from responsibly managed assets in a premier mining jurisdiction.”
Boris Ivanov, Board member and Founder of Emiral Resources said:
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We look forward to collaborating with Asante Gold and bringing our regional expertise to explore exciting new opportunities in the gold industry from resource expansion to new world-class discoveries and build on promising growth prospects.’
Alexander Smirnov, CEO of Emiral Resources commented:
“Executing the growth strategy set out by our board, we have concluded a strategic deal that enhances our portfolio and extends our footprint in Africa. We are excited to move forward and I would like to thank both teams at Emiral and Asante for making this happen.”
The Bibiani mine, situated in the western region of Ghana is historically significant and has produced 4 Moz gold in the past. Current JORC compliant mineral resources of Bibiani are 2.5 Moz of gold.
Asante will focus on bringing the Bibiani mine back to full production within the next year and continue to explore additional surface and underground targets on the base of the existing mine and 3 Mtpa processing plant.