Toubani appoints adviser for Kobada gold project financing
Toubani Resources, an Africa-focused gold developer, has appointed Endeavour Financial as its financial adviser for the development of the Kobada gold project in Mali. This strategic appointment follows strong interest from potential financiers, including African banks and credit funds, after the release of the Kobada definitive feasibility study (DFS) last month.
The DFS highlighted Kobada as one of the lowest capital cost gold development projects in West Africa, with an initial upfront capital requirement of $216-million. The project’s robust economics, detailed in the DFS, are positioning Kobada as a promising development asset with the potential to produce over 150 000 oz/y of gold.
Toubani is advancing its financing efforts alongside its "enhance, grow, and derisk" strategy to further surface the value identified in the DFS, with the aim of making the project shovel-ready by 2025.
The ASX-listed company has stated that, despite some reports of disruptions affecting other resource companies operating in Mali, its operations remain unaffected and continue as planned. Toubani also reiterated that it has no tax liabilities or disputes with the government of Mali.
The company is continuing discussions with the Malian government on finalising investment agreements, which will set the stage for a long-term, mutually beneficial partnership.
The Kobada project, located in southern Mali, is underpinned by a significant, large-scale, free-dig, and openpittable oxide resource. With a projected economic contribution of over $1.2-billion in direct benefits to Mali, the project is poised to become one of the region’s key gold producers.
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