CEO of MIIF urges Asante Gold to prioritize operational efficiency

The acting Chief Executive Officer of the Minerals Income Investment Fund (MIIF), Mrs. Justina Nelson, has urged Asante Gold Corporation’s management to maintain prudent cost management and operational efficiency at its Chirano and Bibiani mines.

Mrs. Nelson emphasized that these measures would maximize return on investment (ROI) for shareholders while justifying the investment rationale.

Mrs. Justina Nelson (right) and her executive team when they arrived at the Chirano Mines of Asante Gold Corporation.

Her comments came during a three-day working visit to both mines to familiarize herself with Asante Gold’s operations. During separate briefings, she reviewed the company’s financials and reminded managers of their obligation to maintain stakeholder value and confidence.

Accompanying Mrs. Nelson were MIIF’s top executives, including Chief Operating Officer, Kwabena Barning; Chief Investment Officer, Bubune Sorkpor; and Director of Corporate Affairs and External Relations, Charles Benoni Okine.

This marks the third company visit by the acting CEO in less than two months, part of her initiative to assess the true situation in companies where MIIF holds equity stakes. Since its inception, MIIF has invested in Asante Gold Corporation (operating Chirano and Bibiani mines), Atlantic Lithium (pending parliamentary ratification), Electrochem (a major salt mining company), and Injaro (a viable venture capital fund).

At Chirano, Mrs. Nelson and her team received a comprehensive overview of the mine’s operations and financials. She toured the operational areas and witnessed gold pouring. She also inspected reclaimed lands from intensive mining, which has restored vegetation and enhanced farming activities for residents.

In Bibiani, Mrs. Nelson inspected the soon-to-be-commissioned Sulphur Treatment Plant, designed to increase gold extraction from below 70% to 92%, a development expected to significantly improve the mine’s financial performance and operational viability. She also inspected a major housing project undertaken to relocate a community near one of the largest mining pits.

Mrs. Justina Nelson (2nd from right) is shown the intense earth works being undertaken at the Bibiani Mines.

“For us at MIIF, it is our obligation to ensure that all our investments are returning value in line with our mandate to maximize and monetize the royalties we receive from mining companies operating in the country,” Mrs. Nelson stated.

She added that the Fund would continue monitoring the mines’ operations to ensure management keeps the businesses profitable while paying appropriate dividends.

Mrs. Justina Nelson was briefed by Mr Frederick Attakumah, the Country Manager of Asante Gold Corporation, after her inspection of one of the mining pits at Bibiani.

While expressing satisfaction with both mines’ operations, she cautioned managers against complacency and urged them to strictly follow their respective missions and visions to achieve maximum results.

Mrs. Nelson also emphasized the importance of harmonious community relations, advising managers to prioritize their Environmental Social and Governance (ESG) policies.

“I also want you to take your Corporate Social Responsibility (CSR) activities seriously to avoid any clashes with community members. It is important for us to fully protect the investments in your operations while strictly adhering to responsible mining practices to protect people, their livelihoods, and the environment for present and future generations,” she added.

The Country Director of Asante Gold, Mr. Frederick Attakumah, and the General Manager of Bibiani Mines, Mr. Samuel Takyi, committed to fulfilling their obligations to shareholders, including MIIF.

They pledged to prioritize ESG and CSR issues to protect local communities while mining responsibly and preserving the ecology for current and future generations, as emphasized by MIIF’s acting CEO.