https://www.engineeringnews.co.za

West African secures funding for Burkina Faso FS

29th October 2014

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

Font size: - +

PERTH (miningweekly.com) – Dual-listed West African Resources has secured a two-year $5-million convertible loan facility from Macquarie Bank to complete its feasibility study of the Mankarga 5 heap leach gold project, in Burkina Faso.

The facility would be drawn down fully by way of a single cash advance, and would be subject to further title and ownership due diligence and documentation, which would be completed by the end of November.

West African pointed out on Wednesday that the facility included the provision of 40.6-million unlisted options, at an exercise price of 14c each. Any funds received through the conversion of these options would be applied against the outstanding facility amount, reducing the debt to Macquarie.

The options would expire three years from the date of issue.

West African MD Richard Hyde told shareholders that Macquarie’s support in developing the Mankarga 5 heap leach starter project was a milestone for the company.

“It strongly endorses both the quality of the Mankarga 5 project, and the company achieving its aim of being a 50 000 oz/y gold producer by the end of 2015.”

West African was hoping to complete the project finance arrangements for the construction and development of Mankarga 5 in the first quarter of 2015, while first production from the project was expected by the last quarter of 2015.

Edited by Creamer Media Reporter

Comments

Showroom

GreaseMax
GreaseMax

GreaseMax is a chemically operated automatic lubricator.

VISIT SHOWROOM 
Weir Minerals Africa and Middle East
Weir Minerals Africa and Middle East

Weir Minerals Europe, Middle East and Africa is a global supplier of excellent minerals solutions, including pumps, valves, hydrocyclones,...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Magazine round up | 19 April 2024
Magazine round up | 19 April 2024
19th April 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.132 0.19s - 156pq - 2rq
Subscribe Now