Australia’s Perseus Mining has received approval from Ghana’s Government for construction and production at its Central Ashanti gold project.

The Perth-based gold producer has already raised $140m to fund the project.

The company has also got approval from Macquarie Bank and Credit Suisse to secure a loan of $85m and a gold hedging facility to fund the project.

The company said it expects gold production will start at the plant in the third quarter of 2011.