CAPITAL MARKETS

Big profit for West African as funding for Kiaka flagged

Highly successful miner won't need to raise any more equity

Sanbrado, Mali

Sanbrado, Mali

Located 45km from West African's flagship Sanbrado operation in Burkina Faso, Kiaka is set to cost US$430 million to build, meaning WAF will probably need the best part of A$600-700 million in total funding.

At the end of December, the company had $173 million, with unhedged production guidance for the current year being 210,000 to 230,000 ounces of gold at an AISC of under US$1175/oz.

Kiaka will take West African's annual production profile past the 400,000oz mark.

Meanwhile, the company's profit in 2022 came on back of 229,224oz of production at AISC of $1086/oz and $184 million in cashflow.

Shares in West African were up 6% to A$1.02 in afternoon trade, capitalising the company at $1.05 billion.

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