WEST African Resources reported a four percent year-on-year increase in fourth quarter gold production which totalled 58,047 ounces.
This was owing to a stand out performance from the open pit at its Sanbrado mine in Burkina Faso, the group said in an update on Wednesday. Tons milled from the open pit were 54% higher in the quarter, yielding 53,802 oz, while production from the underground M1 South section totalled 22,583 oz for the quarter.
The outcome is that West African Resources will deliver on guided annual gold production which totals 226,823 oz. Sales for the 2023 financial year totalled 224,970 oz.
The full fourth quarter report with production cost information will be published before the end of January while gold production and cost guidance for the 2024 financial year will be made available during the first quarter, the group said.
The gold producer said earlier this month it had drawn the first tranche of a $265m loan secured from investors for its Kiaka Gold project in Burkina Faso. The loan was provided by Sprott Resource Lending Corp. and Coris Bank International and will be put to the $430m project. Some $100m was drawn down.
The project will average production of 219,000 ounces a year for 18.5 years. It will take West African Resources total production to more than 400,000 oz/year.
Kiaka is planned as an open pit mine using a simple process of a single stage crusher and carbon-in-leach extraction technology. The company bought the project in 2021 from B2Gold, the Toronto-listed gold producer, and its partner, GAMS Mining F&I, a fund.