West African draws down final $US100m

Shares in West African Resources rose 3 per cent to $1.50 on Friday, following news that the gold miner had drawn down the final $US100 million of its $US265 million secured loan facility.

Subiaco-based West African, which is eying off first production at its Kiaka gold project in the third quarter of the 2025 calendar year, told the market the loan facility was attained through Canada-based Sprott Resource Lending and Burkina Faso firm Coris Bank International.

West African said construction at Kiaka, located in Burkina Faso, has been 50 per cent completed, while 75 per cent of the project’s costs have been both finalised and committed to.

“Kiaka is one of the best gold projects in development globally," West African executive chair and chief executive officer Richard Hyde said.

"Construction of Kiaka is passing its half-way point, and we look forward to pouring first gold in the third quarter of 2025," he said.

“West African is on track to produce four million ounces over the next decade, with annual production set to peak in 2029 at 473,000 ounces of gold. Our unhedged resources now stand at 12.8 million ounces and Ore Reserves at 6.1 million ounces of gold.”