January 12, 2024

Mayer Brown advises Coris Bank International on $265 million financing for Kiaka Gold Project

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London – Mayer Brown has advised Coris Bank International (“CBI”) on the $265 million financing to gold mining company West African Resources Limited (“WAF”) for the development of the Kiaka Gold Project in Burkina Faso.

The Kiaka Project is one of the largest undeveloped gold resources in West Africa. It will have a significant economic and social impact on communities in the Manga region, while making a significant contribution to Burkina Faso's GDP.

The secured loan facility to WAF is provided by CBI and a fund managed by Sprott Resource Lending Corp., with WAF having received its first $100 million under such facility.

Headquartered in Ouagadougou, Burkina Faso, CBI supports economic development projects in a number of areas, including construction, agriculture and trade.

Mayer Brown also advised CBI on the English Law intercreditor agreement relating to its $96 million financing of the Bombore Gold Mine in Burkina Faso in 2021, owned by Orezone Gold Corporation, a leading Canada-based gold exploration and development company.

The Mayer Brown team included Finance partners Rachel Speight (London), Alban Dorin and associate Elise Baha (both Paris).