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Despite Mali's implementation of restrictive measures, the Kobada gold mine project in Toubaani continues to operate.
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Release time：2025-11-07
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Toubani recently appointed Ausenco Services as its EPCM engineer.
Toubani Resources has confirmed that, despite recent media reports highlighting fuel supply constraints and the security situation in Bamako, Mali, operations at its Kobada gold mine project remain unaffected. Drilling activities at the project site are proceeding as scheduled, with no disruptions reported so far. Additionally, a second reverse-circulation (RC) drill rig is also set to arrive at the Kobada site.
The deployment of this drilling platform will help accelerate the anomaly testing and disinfection plan, which is critical for confirming the infrastructure’s exact location. Other preparatory measures for the project are also progressing in parallel, while Toubani’s Bamako office continues its regular business operations. With the recent approval of the Kobada Environmental and Social Impact Assessment, Toubani is now advancing its permitting activities. The company will maintain ongoing communication with stakeholders and relevant authorities to ensure compliance and keep the project on track. Recently, Toubani appointed Ausenco Services as its Engineering, Procurement, and Construction Management (EPCM) contractor. Preliminary engineering work has already begun, and long-lead-time orders have been placed to support the ongoing project development. Meanwhile, the Kobada gold project license remains valid, and discussions are underway between Toubani representatives and Malian authorities to finalize the necessary investment framework.
Recently, Toubani's executives also held meetings with several government ministers. Eagle Eye Assets (EEA), Toubani's 35% shareholder, stated: "Despite recent media reports, we remain committed to supporting Toubani in advancing key project milestones and finalizing its financing arrangements in the near term, which include EEA's A$70 million follow-on equity investment and a A$160 million gold stream." Following the completion of the previously announced financing package, Toubani will hold a cash balance of A$177 million before drawing down any proceeds from the A$160 million gold stream. In early October, Toubani announced it had secured A$395 million in funding to fully finance the construction of the Kobada gold mine project. This financing package includes a A$242 million gold-stream agreement with the European Environmental Agency (EEA).
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