ESG

Sanbrado still singing for WAF despite last month's coup

IT'S business as usual for West African Resources in Burkina Faso with gold flown out of the Sanbrado operation yesterday and no change to affairs on the ground following the recent coup in the country that saw president Roch Kabore deposed.

 Sanbrado, Burkina Faso

Sanbrado, Burkina Faso

Managing director Richard Hyde told MNN the company's executive director and chief operating officer Lyndon Hopkins was currently in-country and reporting all was well at Sanbrado.

Hyde suggested it could take a year or more to materially improve the security situation in the north of the country where ongoing bandit/terrorist attacks on the local populations, police and security forces were said to be the catalyst for the coup.  

Sanbrado is located central Burkina Faso, near the country's capital Ouagadougou.

Shares in WAF fell around 20-30% immediately after the coup late last month - from levels around A$1.30-1.35 - though since then they have stablised and gained in what a has been a weak market for the gold sector overall.

The EGM today was held to ratify, among other things, a A$126 million equity raising late last year.

WAF had a huge 2021 at Sanbrado, producing nearly 290,000 ounces at all-in sustaining costs of less than US$800/oz.

Shares in WAF were up 2% to A$1.12 in late trade today, capitalising the company at $1.15 billion.

 

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