WEST African Resources increased its 10 year gold production outlook to 415,000 ounces annually with group annual gold output peaking at 473,000 oz in 2029.
Unhedged resources were reported at 12.8 million oz – an 181,000 oz increase over the previous estimate – while ore reserves were put at 6.1 million oz of gold, a decline of 275,000 oz. Both estimates are net of mining depletion.
The upgrade follows the integration of resources and reserves from Kiaka, its proposed $430m project in Burkina Faso due to come into production in 2025.
“With the recent drawdown from the $265m facility, Kiaka’s construction progress remains on schedule and budget for first gold in the third quarter of 2025, which will see West African Resources more than double annual gold production to over 400,000 oz/year,” said the firm’s chairperson and CEO, Richard Hyde.
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.
West African Resources currently produces gold from Sanbrado, also in Burkina Faso. Production from the mine is estimated to increase 15% to average 211,000 oz/year from 2024 to 2033 following the integration of an underground mining plan.