Burkina Faso: Coris Bank and Sprott release $100 Million for Kiaka Gold Mine construction
Burkinabe bank Coris Bank International and Canadian asset manager Sprott resource Lending have unlocked a $100 million credit facility for the construction of the Kiaka gold mine in Burkina Faso. The Australian mining company “West African Resource” , has engaged these two entities to raise a total credit facility of $265 million for the project.
The Kiaka mine, located in the Zoundwéogo province, is set to commence production in 2025, becoming West African Resources’ second gold mine.
It is projected to yield over 100 tons of gold over an 18.5-year lifespan, with an estimated annual production of 219,000 ounces of gold.
The initial tranche of $100 million has recently been released to support the development of the gold project.
Idrissa Nassa, CEO of the Coris Group, highlighted the significant economic and social impact the Kiaka gold project will have on the communities in the Manga region of Burkina Faso, while also making a substantial contribution to the country’s GDP.
Cedric KABORE
