(Ecofin Agency) - Fujairah Holdings is an investment fund from Fujairah, a state in the United Arab Emirates (UAE), focused on mining. It owns shares in Asante Gold, a Canadian company that runs the Bibiani and Chirano gold mines in Ghana.

Fujairah Holdings, an Emirati firm, has recently sealed a $500 million deal with Asante Gold for future gold purchases. Announced on December 19, the move involves gold sourced from Asante's Bibiani mine in Ghana. 

Fujairah made an initial $100 million deposit and will receive gold deliveries between March 28 and June 28, 2025. Over the next 22 months, four additional deposits of $100 million each will follow, with all gold priced at a 7% discount to market rates at the time of delivery.

Fujairah Holdings has not disclosed why it signed the gold purchase agreement with Asante Gold. Founded by Hamad bin Mohammed Al-Sharqi, ruler of Fujairah, the company previously tried but failed to buy Asante. Fujairah, Asante's second-largest shareholder, wants to invest selectively to create long-term value for its shareholders. Gold is a key asset in this strategy due to its status as a recognized reserve.

This investment will support Asante's operations in Ghana, including the Bibiani and Chirano mines, as the company targets an increase in annual production from over 200,000 ounces in 2023 to 500,000 ounces by 2028.

Emiliano Tossou