Asante’s plan follows calls from Ghana’s government for local ownership of Akyem.

The precious metals producer saw profits tumble $2 billion last year due to lower metal prices and a reported $2.6 billion of impairments.

Parent company Anglo American prompted the speculation in February when CEO Duncan Wanblad said "nothing is off the table".

As long as BHP’s giant Escondida mine in Chile continues to step up production, the Australian company will nudge past Codelco this year.

The project is expected to add around 5% to the global seaborne supply when it comes online.

The project is a 60/40 partnership with New York-based Orion Mine Finance.

The equal partnership with the Moroccan fertilizer producer includes the development of manufacturing facilities and an R&D hub.