Asante yesterday announced the early works EPCM contract and said Ghana-based Harlequin International had been mobilised, to initiate the refurbishment of Bibiani's 3 million tonne per annum processing plant.

The move foreshadows a long-awaited restart for the mine, which has had a stop-start history and was suspended in 2013, the year then-owner Noble Mineral Resources collapsed.

Australia-headquartered Resolute Mining picked up Bibiani through a scheme of arrangement in 2014 but kept the project on care and maintenance while it prepared a feasibility study into a restart.

It then announced a strategic review and planned sale to China's Chifeng Jilong Gold - which fell through earlier this year after Ghana temporarily terminated Bibiani's mining lease. 

Asante acquired Bibiani from Resolute last month in a US$90 million deal. 

Asante said the mill refurbishment was expected to employ up to 300 people and finish in June 2022.

"Asante looks forward to working with Harlequin and all of our project partners, towards a safe and successful project execution," president and CEO Douglas MacQuarrie said.

Design and planning initiatives for other aspects of the Bibiani mine development project continued to advance, he said.

The company said it had added to its operations management team, appointing the former processing manager for the Chirano, Nzema, and Asanko-Goldfields Nkran gold mines Walter Agbey as metallurgical manager.

Earlier this month, former African Barrick Gold COO Dave Anthony was named COO, Eben Swanepoel project director, Dean Bertram executive general manager and Paul Abbott as manager geology.

Bibiani has a 21.7 million tonne resource grading 3.6g/t for 2.5 million ounces.

Asante raised almost C$75 million at $1 per subscription receipt in August to fund the transaction.

Its shares (CSE: ASE) are trading near an all-time high of $1.10. They closed down 2.7% yesterday to $1.07 to value it about $146 million (US$115 million).