• Mali approves ESIA for Toubani’s Kobada gold project
  
• Final permits pending; gold output targeted for 2027
  
• $259M financing plan announced, subject to approvals
  

Toubani Resources announced on Thursday it had received official government approval in Mali for the Environmental and Social Impact Assessment (ESIA) for its Kobada gold project. This key regulatory clearance is a significant step toward obtaining the final environmental permit, the company said in a statement.

The approval, issued by Mali’s Ministry of Environment, Sanitation, and Sustainable Development, “is a testament to the quality of the work completed by our team and our consultants, and to our strong working relationship with the Malian authorities and local communities,” Toubani said. The ministry requested some minor modifications, which Toubani is currently finalizing, with the updated environmental permit for Kobada expected shortly.

The ESIA is a critical document detailing a mining project's environmental protection, community engagement, and sustainability measures from the construction phase through operations. Its approval is a prerequisite for the environmental permit needed to begin development of a new mine. The company did not provide a timeline for receiving the final permit.

The development moves the project closer to the company's target of making a Final Investment Decision (FID) by the end of 2025, with construction planned to start shortly thereafter. Toubani aims to begin gold production by the third quarter of 2027.

According to a 2024 feasibility study, the Kobada project is expected to produce an average of 162,000 ounces of gold per year over a 9.2-year life for an initial capital investment of $216 million.

In addition to the environmental permit, Toubani Resources is also awaiting a mining permit from Malian authorities. Last week, the company announced a financing plan to raise $259 million to fund the development work. That funding initiative remains subject to regulatory approvals, including shareholder consent.

Aurel Sèdjro Houenou