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Bassari Resources finalizes US$13M loan to fund Makabingui gold project

Bassari Resources Ltd. said Dec. 18 that its Makabingui Gold Operation SA unit and Coris Bank International finalized a loan agreement, which includes a drawdown schedule of approximately US$13 million, after completing the Senegalese government's predevelopment requirements.

The project financing will carry a 9% interest rate over an 18-month term.

The funds will be used to complete all predevelopment requirements for the Makabingui gold project and to acquire additional mining equipment needed for production.

Bassari revealed in November that it is considering developing its Makabingui project in a similar way to how its major shareholder BCM International Ltd. mines the geologically analogous Tabakoto mine in Mali, which BCM is in the process of acquiring.