2024-01-04 19:46:04
Au Burkina Faso, a $100 million credit facility has been released by Coris Bank International and Sprott Resource Lending for the construction of the Kiaka gold mine. This initiative in the region’s mining and financial sector aims to raise the name of the Bukinabè nation.
Burkina Faso: construction of gold mine announced
Construction of the announced gold mine involves a partnership between Coris Bank International and Sprott Resource Lending. Thus, the collaboration between Coris Bank International and Sprott Resource Lending, Canadian asset manager, highlights the involvement of international partners in the financing of mining projects in Africa.
Indeed, for the progress of the work (credit facility for the Kiaka mining project), West African Resources, the Australian mining company responsible for the project, mandated Coris Bank and Sprott Resource Lending. This initiative aims to mobilize a total credit facility of $265 million. The sum will be used to support the construction of the Kiaka gold mine.
For this purpose, the Kiaka mine is located in the Zoundwéogo province in Burkina Faso. The economic and social impact predicted by Coris Group CEO Idrissa Nassa highlights the importance of this project for local communities in the Manga region.
The main objective of this action is to enter production in 2025 and become West African Resources’ second gold mine. Forecasts indicate delivery of more than 100 tonnes of gold over a lifespan of 18.5 years, with an estimated annual production of 219,000 ounces of gold.
In addition, the CEO of the Coris group highlights the expected positive impact on local communities and the significant contribution to the gross domestic product (GDP) of Burkina Faso thanks to the development of this gold project.
On the other hand, this financial action underlines the importance of international investments in the mining sector of Burkina Faso and highlights the expected benefits in terms of economic and social development for the region.
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