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Burkina Faso Council of Ministers recommends approval for Toega mining permit

22nd March 2024

By: Sabrina Jardim

Creamer Media Online Writer

     

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The Burkina Faso Council of Ministers has recommended approval of the draft decree for the issue of a mining permit for the Toega gold deposit to ASX-listed West African Resources.

Consistent with the Mining Code of Burkina Faso, the licence will be issued to a Burkina Faso company that is 90%-owned by West African Resources and 10%-owned by the State. The licence will cover an initial period of eight years.

This is the last significant operating permit required for start of mining of the Toega openpit gold deposit, which follows the issuing of Toega’s environmental permit in 2023.

The Toega gold deposit, which has gold resources of 1.27-million ounces and reserves of 569 000 oz, is scheduled to provide eight years of ore feed to the company’s Sanbrado process plant, in Burkina Faso, through a 14 km haul road, commencing in 2025.

The Burkina Faso Council of Ministers also recommended approval of the draft decree for the renewal of the Sanbrado mining permit for a further five years.

The Sanbrado gold project is expected to produce 190 000 oz to 210 000 oz of gold this year at an all-in-sustaining cost of less than $1 300/oz.

Sanbrado is expected to average more than 210 000 oz/y of gold production over the next decade, increasing to more than 230 000 oz/y when the Toega openpit and projected M5 South underground operations come online from 2026.

“West African Resources continues to demonstrate its ability to operate effectively and sustainably in Burkina Faso and deliver on its business strategy. Mining at Toega will provide eight years of ore feed for Sanbrado and bring taxes, jobs and other economic benefits to Burkina Faso and the communities surrounding Sanbrado and Toega.

“We look forward to bringing the Toega openpit deposit online after we commence gold production at our 7.9-million-ounce Kiaka gold project.

“With the Toega mining permit in place, and the development of the Kiaka gold project tracking on schedule and on budget, we are steadily progressing our strategy of doubling [our] gold production to over 400 000 oz/y by 2025,” says West African Resources executive chairperson and CEO Richard Hyde.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

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