Burkina Faso: West African Resources Unlocks $100M for Kiaka Project
Mining company, West African Resources, has received $100 million in financing from a fund managed by Sprott Resource Lending Corp. (Sprott) and Coris Bank International SA (Coris) to finance operations at the Kiaka Gold Project in Burkina Faso.
The financing is part of a $265-million package that the mining firm secured from Sprott and Coris to support the Kiaka Project and various other operations.
According to Richard Hyde, Managing Director at West African Resources, first production from the Kiaka Project is anticipated in the first half of 2025.
“Kiaka will be a long-life low-cost gold project averaging 219,000 ounces of gold production per annum for 18.5 years,” Hyde stated.
The development marks West African Resources’ second gold production venture in Burkina Faso and will elevate the firm’s reserves to 12.6 million ounces and annual output to over 400,000 ounces from 2025.
Idrissa Nassa, Chairman of Coris, added that the Kiaka Project is poised to bring substantial economic and social benefits to local communities in the Manga region while supporting Burkina Faso’s GDP growth.
“We are very proud to provide local funding for the Kiaka Gold Project,” he commented.
