Toubani on course at Kobada amid reports of Mali disruptions
ASX-listed Toubani Resources says operations at its Kobada gold project, in Mali, remain unaffected by recent fuel supply restrictions and security concerns reported in the country’s capital, Bamako.
The company, led by Phil Russo, confirmed on Thursday that drilling activities were continuing as planned, with a second reverse circulation rig expected on site shortly to accelerate anomaly testing and sterilisation programmes ahead of finalising infrastructure locations. Other project-readiness activities were advancing in parallel, while the Bamako office continued to operate normally.
Following approval of the Kobada environmental and social impact assessment last month, Toubani said it was progressing with permitting activities, maintaining close engagement with authorities and stakeholders. The company has appointed Ausenco Services as its engineering, procurement, and construction management contractor, with initial engineering work under way and long-lead orders placed.
Toubani’s licence for the Kobada project remained in good standing, and discussions with Malian authorities on completing the investment framework were advancing, Toubani stated.
Toubani’s 35% shareholder, Eagle Eye Assets (EEA), reaffirmed its support. “Notwithstanding recent press articles, we look forward to supporting Toubani in progressing key project milestones in the near term and finalising its funding arrangements, which includes EEA’s significant A$70-million follow-on equity investment and $160-million gold stream.”
Upon completion of the funding package, Toubani expects to hold A$177-million in cash, before any drawdown from the $160-million gold stream.
Toubani Resources is developing West Africa’s next large gold development project, the oxide-dominant Kobada gold project, led by a team with extensive African project development experience.
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