West African Resources, a mining company headquartered in Burkina Faso, has secured $100 million in financing from a fund managed by Sprott Resource Lending Corp. and Coris Bank International SA. This funding, part of a larger $265 million package from Sprott and Coris, is designated for the Kiaka Gold Project in Burkina Faso. The Kiaka Project, anticipated to commence production in the first half of 2025, is expected to be a long-life, low-cost gold project with an average annual production of 219,000 ounces for 18.5 years.
This marks West African Resources' second gold production venture in Burkina Faso, significantly increasing reserves to 12.6 million ounces and annual output to over 400,000 ounces from 2025. Coris Bank International SA's Chairman highlights the project's potential to bring substantial economic and social benefits to local communities in the Manga region, contributing to Burkina Faso's overall gross domestic product growth.