• Asante launches strategic review of Chirano and Bibiani mines

• Output fell sharply in 2025 despite higher gold prices boosting revenue

• Uncertainty grows over target of 500,000 ounces by 2028

Canada’s Asante Gold has launched a strategic review of its operations in Ghana after a difficult 2025, as production declined despite higher gold prices supporting revenue.

On April 2, the company said the review would focus on the operating plans for its Chirano and Bibiani mines, following a year of sharply lower output at both sites.

Like many gold producers, Asante benefited from strong global prices, allowing it to sell its output at higher rates. Revenue rose to $483 million, up from $458 million in 2024. But that top-line growth masked weaker operational performance, with both production and sales volumes falling.

Total output from the two mines reached 146,571 ounces in 2025, down from 189,600 ounces the previous year. Sales volumes dropped by 25% over the same period. Production also remained far below the company’s initial target of 339,000 ounces set under its current mining plan.

Asante attributed the shortfall to operational challenges that slowed the ramp-up of both assets. The company now plans to revise its projections to better align with current performance, while aiming for a more gradual and sustainable increase in output.

In its review report, Asante said the goal is to define an operating plan that is both achievable and durable. While production trends have improved in recent months, the company noted that results have yet to reach the consistency needed to support firm long-term forecasts.

The scope and timeline of the strategic review remain unclear, though updates are expected in May. Asante said it will present revised production guidance for 2026 and the medium term.

That uncertainty is already raising questions about the company’s longer-term ambitions, particularly its goal of reaching 500,000 ounces of annual production by 2028.

Although Asante said it continues to optimize operations at Chirano and Bibiani, it did not reaffirm that target in its latest communication. The growth outlook had previously supported recent fundraising efforts, including a C$156 million ($112 million) raise completed in December.

For now, several scenarios remain possible, including a potential delay in reaching that milestone. The outcome will depend largely on the findings of the ongoing review.

The developments are also being closely watched in Ghana, which holds a 10% stake in each of the two mines, both of which contribute to the country’s industrial gold output and export revenues.

Aurel Sèdjro Houenou