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West Africa Resources’ reports strong financial performance

An image of the Kiaka gold project

Kiaka’s construction and operational readiness is tracking to budget and is on schedule for first gold in the third quarter of the year

6th March 2025

By: Tasneem Bulbulia

Senior Contributing Editor Online

     

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Unhedged gold mining company West African Resources produced 206 622 oz of gold at an all-in sustaining cost (AISC) of $1 240/oz in 2024.

The company’s Sanbrado gold mine and Toega gold deposit are located in Burkina Faso. It also holds 90% of the Kiaka gold project in the country, with the remaining 10% interest held by government.

The company’s unhedged gold sales amounted to 199 550 oz at an average price of $2 391/oz, realising revenue of A$730-million.

Cash flow from operating activities was A$252-million.

The company achieved a profit before tax of A$342-million and a profit after tax of A$246-million.

It had net assets of A$1.3-billion, including A$392-million in cash, at year-end.

The company’s mineral resources of 12.5-million ounces and ore reserves of 6.2-million ounces of gold are set to be updated in the second quarter of the year.

Kiaka’s construction and operational readiness is tracking to budget and is on schedule for first gold in the third quarter of the year.

“With Kiaka construction nearing completion, we are on the cusp of having two long-life, low-cost gold production centres in operation in 2025, which will see West African Resources more than double annual gold production to over 420 000 oz/y,” CEO and chairperson Richard Hyde points out. 

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

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