Coris Bank approves $58 million loan for Orezone Gold's Bomboré mine expansion

Oluwatosin Racheal Alabi -

Key Points

  • Coris Bank grants $58 million loan for Bomboré gold mine expansion.
  • Loan aims to boost production capacity to over 170,000 ounces annually.
  • Idrissa Nassa strengthens Coris Bank’s role in West African mining.

Burkinabe Coris Bank, led by CEO Idrissa Nassa, has approved a $58 million (CFA 35 billion) loan facility for Orezone Gold to finance the expansion of the Bomboré gold project in Burkina Faso. The financing, announced on December 23, 2024, is part of a three-year facility with an annual interest rate of 11 percent. This loan will help boost Bomboré's planned yearly production from the current 110,000 to 125,000 ounces to over 170,000 ounces by 2026.

Nassa, who founded Coris Bank in 2008, has grown the institution into a major financier of mining and infrastructure projects across West Africa. His bank has long been involved in funding mining operations, and in 2021, he provided a $100 million loan for the construction of the Kouroussa gold mine in Guinea.

In addition to his role as a key businessman in the region, Nassa holds significant stakes in Coris Bank and other ventures, including Nioko Resources Corporation, through which he invested $47 million in Orezone Gold earlier in 2024. The Bomboré gold mine, being developed by Canada’s Orezone Gold Corporation, has become a flagship project in Burkina Faso’s mining sector.

A first tranche of the loan has been funded, with subsequent drawdowns expected within a year. Repayment is set to begin in 2026, once the expansion project is completed.

Expansion positions Coris Bank as a key mining financier

This latest loan solidifies Coris Bank’s reputation as a leading financier for the mining sector in West Africa. The bank has previously supported major projects like the Kiaka gold mine in Burkina Faso and the Kouroussa mine in Guinea. By backing large-scale mining operations, Coris Bank is contributing to the regional economy’s growth while enhancing its status as a valuable partner for resource-driven companies.

The Bomboré expansion project aims to increase gold production capacity, which will help boost exports and create employment opportunities in Burkina Faso. This partnership between Coris Bank and Orezone Gold highlights the bank’s confidence in Bomboré’s potential and in Orezone’s management team.

Coris Bank’s involvement in the mining industry underscores its role not just as a financier but also as an enabler of key industries vital to the sustainable development of West Africa. Under Nassa’s leadership, the bank has established a strong foundation in the mining sector, positioning itself as a key player in the region’s industrial development.