RMB supports Asante Gold’s growth journey in West Africa

RMB has partnered with Asante Gold Corporation (“Asante”) to deliver a comprehensive US$500 million financing package that supports the company’s next phase of growth. The funding will enable Asante to increase production from 190 000 ounces in 2024 to 500 000 ounces per year by 2028, positioning it as a leading gold producer in Ghana and across West Africa. 

The challenge

Following its acquisition of the Bibiani and Chirano gold mines, Asante required a comprehensive financing solution to refinance short-term obligations, fund expansion and strengthen its balance sheet. The company faced complex regulatory, credit and market conditions, alongside significant timing pressures, as all elements of the capital structure were required to close at the same time. Delivering on this financing solution required innovation, resilience and close co-ownership between stakeholders. RMB provided early certainty through disciplined structuring and credit engagement before later underwriting elements of the senior debt to ensure the required simultaneous close of the broader capital structure. 

Asante required an innovative capital structure to support this large-scale US$500 million funding package, which extended beyond traditional senior debt. The solution needed to balance international and local participation, incorporate mandatory hedging as a condition precedent, and integrate multiple funding sources alongside senior lenders. This added complexity was compounded by the need to meet government, community and environmental requirements across jurisdictions. 

The transaction demanded careful navigation of Ghana’s regulatory landscape, engagement with local banks and communities, and a sophisticated approach to managing commodity price risk. It also required speed and certainty of execution, as all components of Asante’s capital structure – debt, mezzanine, streaming and equity – needed to close simultaneously. 

RMB’s solution

RMB led the transaction as Initial Mandated Lead Arranger, Underwriter and Bookrunner, providing a cornerstone commitment by underwriting US$110 million of the senior debt facility, which was successfully syndicated to Ghanaian banks at financial close. RMB also acted as Hedging Bank, Environmental and Social Agent, Technical Bank, Security Agent, Intercreditor Agent, Facility Agent and both Onshore and Offshore Account Bank, delivering a truly full-service solution. 

To meet the conditions precedent and support Asante’s risk-management strategy, RMB structured and executed a bespoke hedging programme covering approximately 550 000 ounces of production – the largest commodity hedge in the bank’s history, with a notional value of US$1.9 billion. The programme provided downside protection while preserving upside exposure, ensuring financial stability through Asante’s ramp-up phase. 

Working closely with FNB Ghana, RMB also facilitated onshore account management and foreign exchange flows, unlocking liquidity and enhancing trade and working capital capacity in a constrained USD market. 

Results and benefits

The transaction provides Asante with the financial flexibility and resilience to deliver its growth plan and strengthen its position as a key player in West Africa’s gold sector. It also reinforces FNB Ghana’s role as a trusted partner in managing FX and transactional flows for multinational clients.

This landmark financing reflects RMB’s ability to deliver integrated, cross-border solutions that combine balance sheet strength, market insight and deep sector expertise.

Deal summary