PERTH (miningweekly.com) – Gold developer West African Resources will secure financing for its 90%-owned Sanbrado gold project, in Burkina Faso, by the fourth quarter of this year, with first gold pour targeted for the back-end of 2020.
Speaking at the first day of the Africa Downunder conference, West African MD Richard Hyde noted that the company had received significant interest from international financing institutions, with a number of indicative offers currently being reviewed.
“We are targeting conventional project financing and expect to appoint the banking syndicate by the fourth quarter of 2018,” he told delegates in Perth.
The $185-million Sanbrado project is expected to produce an average of 211 000 oz/y of gold over the first five years of operation, with production averaging 133 000 oz/y over the 11-year life-of-mine.
Hyde noted that West African was currently working to optimise the project, looking at incremental increases to the size of the mills, resulting in increased gold production.
The project optimisation studies, along with resource and reserve updates are due for release in the first quarter of next year.