Canada's Orezone operates the Bomboré gold mine in Burkina Faso, which is expected to deliver a maximum of 125,000 ounces in 2024. The company aims to increase annual production to 170,000 ounces by 2026 through an expansion project.

To fund the expansion, Orezone has secured $105 million in financing from two partners. Coris Bank, a Burkinabe bank, will provide $58 million in the form of a loan. Nioko Resources Corporation, a Burkinabe and West African investment group, will invest $47 million in exchange for 92,743,855 Orezone common shares.

"Orezone remains well positioned to deliver on the next stage of the project's growth, which will see annual gold production increase to over 170,000 ounces in 2026, an increase of around 50% on current levels," commented Patrick Downey, Orezone's CEO. He noted that the first gold bar from the expanded mine is expected in late 2025.

Preliminary work on the site has been completed, and the main expansion work is set to begin shortly. This involves adding a new mill with an annual capacity of 2.5 million tonnes by 2025, which will later be increased to between 5 and 7 million tonnes per year. This would enable annual production of 250,000 ounces at Bomboré.

In 2024, the Bomboré gold mine is expected to deliver between 110,000 and 125,000 ounces of gold.

Emiliano Tossou

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