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Asanko Gold says liquidity likely to be over $100 mln by Q2 2018
June 5, 2017 / 11:26 AM / 6 months ago

Asanko Gold says liquidity likely to be over $100 mln by Q2 2018

June 5 (Reuters) - Asanko Gold Inc said it could bolster its liquidity position to over $100 million by the second quarter of 2018, days after short seller Muddy Waters said the Canadian gold miner would run out of cash by next year.

Asanko outlined a plan on Monday for the expansion of its gold mine in Ghana, which includes the large Esaase deposit.

Muddy Waters released a 43-page document last week, saying that production at Asanko’s Nkran mine in Ghana and other deposits would not meet the company’s expectations because the estimates were based on flawed geology reports.

The Muddy Waters report predicted that production shortfalls would cause Asanko to run out of cash next year as it struggles to repay $165 million in debt. (Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Shounak Dasgupta)

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