Under the leadership of Idrissa Nassa, a Canadian asset manager, Coris Bank International has partnered with Sprott Resource Lending to offer West African Resources Limited a hefty $100 million loan facility.
This money is the first to be drawn from the $265 million secured credit facility, which is a crucial step forward for Burkina Faso’s Kiaka Gold Project. Future drawdowns are contingent upon fulfilling established customs and precedents. West African Resources is expected to advance the project significantly in partnership with Coris Bank and Sprott Resource Lending, bolstering Burkina Faso’s economy and the region as a whole.
The $100 million investment is designated expressly for the Kiaka Gold Project’s continued development, demonstrating a crucial financial commitment to support West African Resources Limited’s financial standing throughout the building stages.
The Kiaka Gold Project, which is expected to produce an average of 219,000 ounces of gold annually over 18.5 years, is a long-term, cost-effective endeavor. West African Resources has set lofty production targets, aiming to achieve 400,000 ounces of annual production from its two mines beginning in 2025, with an unhedged resource base of 12.6 million ounces.
Richard Hyde, the managing director of West African Resources Limited, expressed his satisfaction with the collaboration, emphasizing the positive impact this financial boost will have on the Kiaka Gold Project. Hyde stated, “The additional funding from Sprott and Coris strengthens WAF’s balance sheet and cash position for the construction of Kiaka. The build is well underway and on track for first gold in the second half of 2025.”
Idrissa Nassa, Chairman of Coris Bank, highlighted the impact of the Kiaka Gold Project, not only economically but also socially, saying: “Kiaka is a world-class project that will have a significant economic and social impact on communities in the Manga region while making a significant contribution to Burkina Faso’s GDP.” Nassa commended the collaborative efforts of the teams from West African Resources, Sprott, and Coris Bank.
Idrissa Nassa is the leader of Coris Bank, which has made a name for itself in the financial services industry in West Africa. With operations in Burkina Faso, Cote d’Ivoire, Mali, Togo, Senegal, Benin, Niger, and Guinea-Bissau, among other francophone African nations, the bank has adapted its industrial model to the unique financial environments in each region.
In December 2023, as part of its strategic growth goals, Coris Bank signed an agreement with Standard Chartered, an international banking group with headquarters in the UK, to firmly establish its position in the Ivorian market. By acquiring Standard Chartered’s consumer banking division in Cote d’Ivoire, this agreement strengthened Coris Bank’s presence in the area.
