THE United Arab Emiratesthrough the investment fund Fujairah Holdingsreaffirm their growing interest in Ghana’s mining sector. Fujairah Holdings, which takes its name from one of the seven federated states of the Emirates, is already establishing itself as a major player by investing in Ghanaian gold. This fund is notably the second shareholder d’Asante Golda Canadian mining company operating gold mines Bibiani and Chirano located in the West African country.
On December 19, Asante Gold announced a major agreement with Fujairah Holdings for the forward sale of 500 million dollars gold extracted from the me by Bibiani. As part of this agreement, Fujairah has made an initial deposit of 100 million dollarsaccompanied by a commitment of expected gold deliveries between March and June 2025. Subsequently, four further anticipated deposits of $100 million each will be made over a 22-month period, with corresponding gold deliveries. In return, the Emirati fund will benefit from a 7% reduction compared to the market price during deliveries.
Although the specific motivations behind this deal have not been disclosed, it illustrates Fujairah Holdings' ambition to consolidate its position in the gold sector, a strategic asset recognized for its reserve value. This investment strategy is part of a long-term vision aimed at creating exclusive opportunities for its shareholders, according to information available on the fund's website.
This partnership with Fujairah Holdings also represents a boon for Asante Gold. The financing obtained will allow the Canadian company to accelerate the development of its mining activities in Ghana, where it is targeting annual production of 500,000 ounces of gold by 2028, compared to around 200,000 ounces in 2023. In addition to the mine Bibiani, Asante Gold also operates the Chirano mine, thereby consolidating its role in Ghana's mining landscape.
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