PERTH (miningweekly.com) – ASX-listed gold developer Bassari Resources has told shareholders that the company has negotiated a term sheet with the Senegal division of Coris Bank International to bring the Makabingui gold project into production.
The $12-million funding facility will have an interest rate of 9% a year.
“The debt facility is in line with our strategy of improving shareholder leverage as we move forward towards the production and processing phase of the project,” said Bassari executive chairperson Alex Mackenzie.
The Makabingui project has a mineral resource of 11.9-million tonnes, grading 2.6 g/t gold for one-million ounces of gold. The first stage of development will see an openpit operation to access high-grade pits comprising 180 000 mined ounces.
The project will have a processing rate of 300 000 t/y and deliver an average 50 000 oz/y, over a nearly four-year mine life.