The desks are expected to help improve the learning environment for students for improved academic performance.

Community Relations Manager of the mining company, Emmanuel Aidoo, stated that the donation aligns with Asante Gold Bibiani’s broader commitment to enhancing the quality of education in its operational communities.

“We recognize that providing adequate infrastructure and furniture is crucial in creating a conducive learning atmosphere for students,” he said. “These desks will go a long way to alleviate congestion in classrooms and promote academic excellence.”

The headmistress of Queens Girls’ SHS, Evelyn Doris Acquah, expressed profound gratitude to Asante Gold Bibiani Limited for the timely intervention.

She noted that the school, like many others in the region, faces challenges with furniture shortages, which often disrupt teaching and learning activities.

“This support could not have come at a better time. It will enable our students to learn in comfort and dignity, thereby boosting their confidence and performance,” she said.

Madam Evelyn also called on other corporate organizations and stakeholders in the community to emulate Asante Gold Bibiani’s example by investing in education and supporting the development of the country’s human capital.

The event was attended by representatives of the school’s board of governors, parents and community members.

Queens Girls’ Senior High School, a public boarding and day school, was established to provide quality education to young women in the region. With the increasing enrollment in recent years, the need for additional desks has become critical.

The donation by Asante Gold Bibiani Limited is part of the company’s corporate social responsibility initiatives aimed at strengthening education, health, and economic empowerment in its host communities.

He lauded the company’s development initiatives, highlighting its contributions to youth training, scholarship opportunities, and community engagement.

He particularly expressed gratitude for the company’s ongoing efforts to uplift the educational standards of its catchment communities.

“Education is the foundation for the future, and Asante Gold Corporation’s support is making a significant difference,” the Minister said while addressing the commissioning of a refurbished six-unit classroom block at the Anyinasie M/A Basic School in the Bibiani Anwhiaso Bekwai Municipality, sponsored by the Finance Department of Asante Gold Corporation.

General Manager of Asante Gold Chirano Limited, Stephen Asante Yamoah, emphasized that the renovation reflected the company’s commitment to the provision of educational excellence and supporting the development of human resources in the company’s host communities.

He said at the beginning of the 2024/2025 academic year, Asante Gold Chirano launched a special initiative under the banner ‘My First Day at School’.

“Every department in the company adopted a basic school in one of our 20 catchment communities, making donations of educational materials and spending time with the children to support their return to school,” he explained.

The Finance, Supply Chain, and IT Departments chose Anyinasie Basic School. But what started as a simple act of kindness grew into something much bigger. Upon visiting the school, the employees were met with distressing conditions, classrooms plagued by bats, roofs leaking during rainfall, ceilings caving in, and walls cracking from age and neglect.

From their own resources, and with support from the company, they undertook a complete renovation of the school. The entire roof and ceiling were replaced. The bat infestation was eliminated. The damaged walls and floors were repaired. And the school was given a fresh coat of paint to create a clean, safe, and inspiring learning environment.

“This renovation is just the beginning of a lasting relationship between our Finance Department and the Anyinasie Basic School. ‘My First Day at School’ is now an annual commitment by all our departments to support and engage with schools in our catchment areas,” said Mr. Yamoah.

Atta Francis, Headteacher of the school and Assembly Member for Surano electoral area, expressed his appreciation for the company’s donation, noting that the school had not received any major maintenance since 2006.

He appealed to the Bibiani Anwhiaso Bekwai Education Directorate to provide the school with an additional KG block and more teachers to enhance the quality of education.

This strategic move, facilitated through its subsidiary Asante Gold Bibiani Ltd., positions the company to bolster activities at its Bibiani Gold Mine in Ghana’s Western North Region.

The agreement will provide $100 million in revolving financing over approximately two years.

In a statement copied to the Ghana Stock Exchange, the President and CEO of Asante, Dave Anthony described the partnership as transformative for the company’s operations.

“We are pleased to announce this Gold Forward Agreement with Fujairah, a strategic and foundational partner for Asante.

This Agreement will enable us to immediately accelerate the ramp-up of mining activities and completion of the sulphide treatment plant. We plan to increase gold production beyond 15,000 ounces per month at Bibiani by mid-year, while we work to complete our other funding initiatives,” Mr Anthony said.

What is a Gold Forward Agreement?

A forward agreement is a financial contract between two parties to buy or sell an asset at a predetermined price on a future date.

In the case of Asante’s Gold Forward Agreement, the company has agreed to deliver refined gold to Fujairah Holdings LLC in exchange for an upfront payment of $500 million over a two-year period.

Fujairah will make an initial deposit of $100 million, which will be repaid in gold deliveries valued at the same amount, starting in March 2025.

These deliveries will be priced at a 7% discount to the prevailing market price of gold at the time. The remaining $400 million will follow in instalments, with gold deliveries structured similarly.

This arrangement provides Asante with immediate liquidity to accelerate its mining operations and infrastructure development while ensuring a steady flow of gold deliveries to Fujairah over the contract period.

Details of the agreement

Proceeds from the agreement will primarily fund the accelerated ramp-up of mining operations and the completion of a sulphide treatment plant at the Bibiani mine.

Asante Bibiani’s obligations under the agreement are secured by a parent guarantee and a debenture against its assets.

Fujairah has agreed to a subordinated position relative to senior lenders and bondholders, pending the finalisation of an intercreditor agreement related to a broader financing package announced by Asante in October 2024.

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