The company plans a definitive feasibility study (DFS) for the project in the third quarter. Cora will seek to raise debt and equity financing, with the amount sought to be decided after the DFS, Monro says. The mine will take an estimated 18 to 24 months to build, he adds.
Mali is one of Africa’s biggest gold producers, hosting companies such as Barrick Gold and B2Gold. The industry has welcomed the decision by the Economic Community of West African States (ECOWAS) at the start of July to lift sanctions on the country following coups in August 2020 and May 2021.
Monro says Cora Gold has “good relationships with West African banks” which it will aim to draw on during its fundraising. He hopes the mining permit process will be straightforward given the country’s well-established mining code.
The company has already applied for an environmental permit. The government, he says, is
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