BTA2023 AshantiGold’s Bibiani Mine is poised for a new chapter as the underground mining project gains momentum following a comprehensive Definitive Feasibility Study (DFS). The study, which evaluated the technical and financial viability of underground operations, confirms an extended lifespan for the mine, marking a significant milestone in its revitalization journey.
Promising Future for Bibiani Underground Operations
The DFS reveals a promising future for underground mining at Bibiani, with an initial mine life of seven years projected to yield 831,000 ounces of gold. The operation boasts an all-in sustaining cost (AISC) of just $1,035 per ounce, making it a financially attractive venture.
Dave Anthony, Chief Executive Officer of Asante, expressed optimism about the mine’s trajectory:
“We are pleased to confirm the potential for an underground mine development with an initial life of seven years at Bibiani. Since acquiring the property in 2021, we have revitalized operations and reshaped the business plan to support long-term growth.”
He also highlighted ambitious goals, including annual production exceeding 250,000 ounces by 2026, driven by the start of underground mining in Q4 2025 and additional growth initiatives already underway.
Key Developments Driving Growth
Several initiatives are bolstering Bibiani Mine’s growth and operational efficiency, including:
- Bibiani-Goaso Highway Bypass: Completed in June 2024, facilitating improved access to mineralized zones.
- Sulphide Treatment Plant: Scheduled for completion by Q2 2025 to enhance processing capacity.
The DFS specifically focused on the underground potential beneath the Bibiani Main and Walsh pits, providing a clear roadmap for transitioning from open-pit to underground mining operations.
Expert Collaboration on the Definitive Feasibility Study
The DFS was developed by Bara International (UK), with contributions from industry leaders such as:
- Middindi Consulting (South Africa) for geotechnical studies.
- SLR Consulting (South Africa) for geohydrology analysis.
According to a release on the Ghana Stock Exchange (GSE), the study outlined a strategy to maximize extraction from the Bibiani Main and Walsh orebodies.
Cost Efficiency and Mine Design Strategy
The DFS highlights the cost benefits of transitioning to underground mining.
- Open-Pit Costs: The current cost per ounce from open-pit operations is $1,341/oz.
- Underground Mining Costs: Estimated at a lower $1,050/oz, making underground operations a more cost-effective option.
The study encourages an earlier shift to underground operations, reducing the dependency on open-pit mining and aligning with the mine’s long-term sustainability goals.
A New Era for Bibiani Mine
The revitalization of Bibiani Mine underscores AshantiGold’s commitment to innovation and sustainability. With its underground operations set to commence in late 2025, the mine is well-positioned to become a cornerstone of Ghana’s mining industry, contributing significantly to the nation’s economic development.
As the mine transitions to underground operations, AshantiGold aims to deliver increased production, reduced costs, and sustainable growth, ensuring Bibiani remains a vital asset in Ghana’s gold mining sector.
