(Ecofin Agency) - Over the past few years, Coris Bank has become one of West Africa's most active banks in financing mining initiatives. Its significant projects include loans for the Kiaka gold mine in Burkina Faso and the Kouroussa mine in Guinea.

In Burkina Faso, Orezone Gold announced on December 23 that a loan agreement with Coris Bank was finalized for CFA35 billion (approximately $58 million) to support its Bomboré gold mine. This loan is structured as a three-year facility with an annual interest rate of 11%, intended for the mine's expansion project set to be completed in 2026.

Orezone stated that Coris has made an initial drawdown of an unspecified amount, with the remaining funds available over the next year. The Canadian company noted that repayment of the loan will not start until 2026. The expansion aims to increase Bomboré's annual production capacity to over 170,000 ounces, up from the current range of 110,000 to 125,000 ounces.

With this loan, Coris Bank is broadening its financing efforts for mining companies in West Africa, including West African Resources and Hummingbird Resources. The bank, owned by Burkinabe businessman Idrissa Nassa, previously helped fund the construction of the Kiaka gold mine in Burkina Faso.

Mr. Nassa is also a shareholder in Orezone Gold, having invested $47 million earlier this year through his company, Nioko Resources Corporation.

Emiliano Tossou