(Kitco News) - Asante Gold (CSE: ASE) announced Monday that for the three months ended October 31, 2022, the company produced and sold 53,503 ounces of gold and recorded revenue of C$116.3 million, with cash balance of C$74.9 million reported at October 31, 2022.
The company said that in November 2022, the Bibiani gold mine’s ramp up is on track with ~230,000 tonnes of ore processed, 18% above plan, while Chirano achieved target production levels with ~265,000 tonnes of ore processed.
Asante also reported consolidated preliminary gold production of 23,760 ounces in November 2022, with 24,562 ounces delivered to refinery. Gold sold in the month totaled 29,550 gold equivalent ounces.
Importantly, according to a press release, Asante identified synergies between Chirano and Bibiani (~15 km apart) of approximately $5.5 to $7 million per year, with related initiatives scheduled to be rolled out through Q2 2023. Asante closed Chirano acquisition on August 10, 2022.
The company also said it initiated a Chirano business improvement plan targeting 30% increase in production and 10% decrease in AISC for calendar 2024, adding that Bibiani and Chirano gold mines have combined forecast production of approximately 400,000 ounces of gold for 2023.
Asante is a gold exploration, development and operating company with a portfolio of projects and mines in Ghana. Asante is currently operating the Bibiani and Chirano gold mines and exploring its Keyhole, Fahiakoba and Betenase projects for new discoveries.
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