West African Resources has received the first 100 million USD (approximately 60 billion FCFA) under the facility, which will be used to develop the Kiaka gold project in Burkina Faso and for other commercial purposes. This is the content of a press release issued by West African Resources on 1 January 2024. This sum is a first instalment under the 265 million USD (approximately 160 billion FCFA) secured loan facility with Sprott Resource Lending Corp and Coris Bank International SA. Following the disbursement, Richard Hyde, Chief Executive Officer of West African Resources, said: “The additional funding from Sprott and Coris strengthens West African Resources’ balance sheet and cash position for the construction of Kiaka. Construction is well advanced and on track for first gold in the second half of 2025”. Kiaka is a project of Australia’s West African Resources. It is located in the province of Zoundwéogo (Manga), in the commune of Gogo.
Kiaka is a large, long-life, low-cost gold project, with average production of 6.8 tonnes of gold per year for 18.5 years. Together with Sambrado, which it already operates, West African Resources has a resource base of 390 tonnes and plans to produce more than 12.4 tonnes of gold a year from these 2 mines from 2025.
Elie KABORE
#Mines_Actu_Burkina
