Coris Bank International, led by banking magnate Idrissa Nassa, has joined forces with Canadian asset manager Sprott Resource Lending to provide a substantial $100-million credit facility to West African Resources Limited.
This funding represents the first drawdown from the $265-million secured loan facility, marking a pivotal milestone in advancing the Kiaka Gold Project in Burkina Faso. Future drawdowns are subject to meeting customary conditions precedent. In collaboration with Coris Bank and Sprott Resource Lending, West African Resources is set to make significant progress in the project, contributing to both the regional and Burkina Faso’s broader economy.
The $100-million injection is specifically allocated for the ongoing development of the Kiaka Gold Project, showcasing a vital financial commitment to strengthen West African Resources Limited’s financial position during the construction phases.
Coris Bank and Sprott rally behind West African Resources’ Kiaka vision
The Kiaka Gold Project is envisioned to be a long-term, cost-efficient venture, projecting an average gold production of 219,000 ounces per annum over 18.5 years. With an unhedged resource base of 12.6 million ounces, West African Resources has ambitious production goals, targeting an annual output surpassing 400,000 ounces from its two mines starting in 2025.
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.
Coris Bank, led by Idrissa Nassa, emerges as West Africa’s financial powerhouse
Coris Bank, under the leadership of Idrissa Nassa, has established itself as a key player in the West African financial services sector. Operating across francophone Africa, including Burkina Faso, Cote d’Ivoire, Mali, Togo, Senegal, Benin, Niger, and Guinea-Bissau, the bank has tailored its industrial model to suit the nuanced financial landscapes of each geographical location.
As part of its strategic growth plans, Coris Bank solidified its presence in the Ivorian market in December 2023 by entering an agreement with the UK-based multinational banking group, Standard Chartered. This deal involved the acquisition of Standard Chartered’s consumer banking business in Cote d’Ivoire, further fortifying Coris Bank’s operations in the region.