West African Resources gets $100m for Burkina gold project
West African Resources has secured a $100 million loan from Coris Bank International and asset manager Sprott Resource Lending for the development of the Kiakia gold project in Burkina Faso.
The loan is the first tranche of a credit facility expected to reach $265 million and will be utilized to accelerate the development of the Kiakia gold project and support other projects undertaken by West African Resources.
The Kiakia project is considered world-class and is anticipated to have a significant economic and social impact on the communities in the Manga region while contributing substantially to Burkina Faso's GDP. Idrissa Nassa, the President of Coris, expressed pride in providing local financing for the Kiakia gold project.
Key Takeaways
After the completion of the mine's construction, West African Resources plans to commence production in the second quarter of 2025. The company has set a production target of 219,000 ounces of gold per year for an estimated 19 years. This production is expected not only to generate substantial revenue for Burkina Faso but also to strengthen the country's position among the largest gold producers in Africa. As of 2022, Burkina Faso ranked third on the continent in gold production, following Ghana and Mali, with a production volume of 96.2 tonnes, according to data from the World Gold Council. The successful development and operation of the Kiakia gold project by West African Resources are poised to contribute significantly to Burkina Faso's economic growth and solidify its position in the African gold mining sector.
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