USD $4,111.97
Goldman First US$100 Million Drawdown Paves Way for Production Goals
West African Resources Limited (ASX:WAF) has announced the initial drawdown of US$100 million from its US$265 million secured loan facility, funded by Sprott Resource Lending Corp. and Coris Bank International SA. This drawdown is allocated for the development of the Kiaka Gold Project in Burkina Faso, among other corporate purposes.
Project and Production Outlook:
- The Kiaka Gold Project is advancing on schedule, with the first gold pour expected in the second half of 2025.
- The project is set to be a long-life, low-cost operation with an average annual gold production of 219,000 ounces over 18.5 years.
Strategic Financial Positioning:
- The infusion of funds from Sprott and Coris significantly bolsters West African’s balance sheet and liquidity, essential for the ongoing construction of Kiaka.
Managing Director Richard Hyde expressed confidence in the project, citing the company’s strong, unhedged resource base of 12.6 million ounces. He highlighted the company’s objective to produce over 400,000 ounces of gold annually from its two mines starting from 2025.
