Burkina Faso has completed the
transfer of five gold mining assets to the country’s state-owned miner, according to a decree published late on Wednesday. This finalises a process that began in August to increase control over its mineral resources, like its neighbours Mali and Niger who have succeeded in doing so.
Burkina Faso last year rewrote its mining code in a bid to control a larger share of its resources. It further established the Société de Participation Minière du Burkina (SOPAMIB) as a vehicle to own, manage and operate strategic mining assets.
The five assets transferred to the state are two operating gold mines and three exploration licences held by subsidiaries of London-listed Endeavour Mining and Lilium, including Wahgnion Gold SA, SEMAFO Boungou SA, Ressources Ferké SARL, Gryphon Minerals Burkina Faso SARL, and Lilium Mining Services Burkina Faso SARL.
Burkina Faso’s millitary government in the decree noted “This acquisition is in line with the state’s policy of sovereign ownership of mining resources to optimise exploitation for the benefit of the population.”
Burkina Faso is currently Africa’s fourth
largest gold producer, producing more than 57 tons of gold in 2023 from its 17 industrial-scale gold mines. The country’s nationalization efforts is planned to deliver more income for the state, particularly after a 27%
surge in Gold prices since January.
