Toubani Resources, an Australian mining company, has successfully secured an $80 million financing deal with Coris Bank to support the continued development of the Kobada gold project in Mali. The funds will help advance the company’s goal of becoming a key gold producer in West Africa, leveraging the growing global demand for gold.
Strengthening the Financial Framework for Kobada
The agreement, finalized on January 27, 2026, aims to enhance the financing structure for the Kobada project, with Coris Bank contributing a $73.3 million debt facility and an additional $10.2 million loan. This will complement the existing partnership with Singapore’s Eagle Eye Asset Holdings, which is investing $80 million through a streaming agreement. Together, these funds will aid in the construction and operationalization of the Kobada project, which has significant potential to contribute to Mali’s gold production capabilities.
Targeting Robust Growth for Mali’s Gold Industry
In addition to the financing from Coris Bank, the deal marks a milestone in the development of Mali’s gold sector, which is set to benefit from Toubani’s planned expansion. The project is expected to produce 162,000 ounces of gold per year for over nine years, with an initial investment requirement of $216 million. Toubani plans to start construction in early 2026, depending on securing necessary approvals from the Malian government.
Phil Russo, CEO of Toubani Resources, commented on the deal: “The commitment from both Eagle Eye Asset Holdings and Coris Bank underscores strong third-party support for the financing of our Kobada project as we move forward to become the next gold producer in West Africa.”
Scaling Up Mali’s Mining Capabilities
Coris Bank’s participation in the financing comes as part of its growing involvement in the West African mining sector. The bank’s strategic investment highlights the continued expansion of its operations in the region, with particular focus on projects that align with Mali’s long-term mining and economic goals.
As part of the revised financing structure, the new agreement will also provide Toubani with necessary support to ensure the continued growth and competitiveness of the gold industry in Mali. The company is working closely with local authorities to secure the exploitation permit for Kobada, a crucial step in the project’s development.
