- Gold mining company West African Resources (WAF) completes the acquisition of the Kiaka and Toega gold projects
- On October 26, WAF entered definitive agreements to acquire 90 per cent of the Kiaka gold project from B2Gold and its partner, GAMS-Mining
- The company also entered a binding agreement with B2Gold and GAMS to acquire a 100 per cent interest in exploration company Kiaka Gold, which holds the Toega Project
- WAF now plans to begin early works in Q1 2022 which includes upgrading site access roads and constructing camp facilities and community projects
- Shares in WAF are down 1.53 per cent on the market and are trading at $1.29
Gold mining company West African Resources (WAF) has completed the acquisition of the Kiaka and Toega gold projects.
On October 26, WAF entered definitive agreements to acquire 90 per cent of the Kiaka gold project from B2Gold and its partner, GAMS-Mining.
The acquisition consisted of US$100 million (A$139 million) in staged cash and share payments.
WAF also entered a binding agreement with B2Gold and GAMS to acquire a 100 per cent interest in exploration company Kiaka Gold SARL.
Kiaka Gold holds the Nakomgo Exploration Permit which covers the Toega Project.
WAF’s Chairman and CEO Richard Hyde said he is pleased to have completed the Kiaka and Nakomgo acquisitions.
“We are pleased to close the Kiaka and Toega transactions and welcome both B2Gold and GMAS as West African shareholders,” Mr Hyde commented.
“During the closing period, West African repaid the Taurus debt facility in full and elected to buy back the gold offtake agreement, which was associated with the funding package for the construction of Sanbrado.
“West African is now unhedged with no senior secured debt, has resources totalling 11.9 million ounces of gold and aims to be a +400,000 ounce per annum gold producer by 2025.”
WAF now plans to begin early works in Q1 2022 which includes upgrading site access roads and constructing camp facilities and community projects.
Shares in WAF were down 1.53 per cent on the market and were trading at $1.29 at 2:21 pm AEDT.