Asante Gold Corporation has cancelled approximately $50 million in planned 2026 capital expenditures as part of an ongoing strategic review.
The mining company released a statement on June 25, 2026, indicating that its gold production in Q1 2026 was broadly stable compared to the previous quarter from its operations at Bibiani and Chirano gold mines in Ghana.
Acting Chief Executive Officer Campbell Baird said the first three months of the review focused on stabilizing operations and restoring capital discipline. “Projects have been rationalised, and the Company is beginning to move as one,” he said, adding that a late-July update would provide shareholders with a fuller picture of the company’s direction.
The company added that it held cost management workshops at both Bibiani and Chirano, finding out the variations in the mining, processing, labour, general and administrative expenses (GAE), and capital expenditures (capex) and implemented corrective measures such as eliminating the hire of third-party equipment, renegotiating some contractor agreements, and re-evaluating procurement and supply chain processes.
It also added that a stage-gate capital governance framework is also being implemented across both operations.
A review of Bibiani also reveals that the company is now considering a phased development over the three previously planned portal design, starting with a single portal in Q4 2026. Work is also underway to recover approximately 5,000 ounces of gold accumulated within the processing circuit, which is expected to provide a one-off production benefit in Q4 2026.
Asante said Phase 1 construction under its Bibiani Resettlement Action Plan is complete, with relocation of approximately 300 households expected to begin in early July. The company said it has invested approximately $50 million in the resettlement program to date.
Glenn Baldwin was appointed Chief Development Officer in June 2026 and is leading the capital project review. Q2 2026 production results are expected to be reported in August 2026. The company said its banking syndicate remains supportive.
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