Burkina Faso Nationalises Five Gold Mines

Burkina Faso has completed the nationalisation of five gold mining assets as part of its broader push to gain control over the country’s mineral wealth. The move follows sweeping reforms to the country’s mining legislation in 2024 and reflects a regional trend as neighboring Mali and Niger also move to assert greater control over their natural resources.

The five assets transferred to the state include two operational gold mines and three exploration licenses. Subsidiaries of London previously held them, registered firms, Endeavour Mining and Lilium. The operations include Wahgnion Gold SA and SEMAFO Boungou SA, both active gold producers, as well as exploration companies Ressources Ferk SARL, Gryphon Minerals Burkina Faso SARL, and Lilium Mining Services Burkina Faso SARL.

The assets are now under the control of the newly established Société de Participation Minière du Burkina Faso (SOPAMIB), a state-owned company tasked with managing and exploiting strategic mining assets.

Burkina Faso, which ranked fourth in gold production in Africa in 2023 with over 57 tonnes, is seeking to boost state revenues from the booming gold sector.

The move comes amid a 27% rise in global gold prices this year, which the government sees as a critical opportunity to strengthen its fiscal position and support national development.

Read Also: 

• Olamide Unveils Star-Studded Tracklist For 11th Album, Set To Drop June 2025
• Peter Obi Slams Tinubu’s Habitual Lack of Compassion Over Benue, Niger Tragedies

About The Author

Oluwasegun Sanusi

author

See author's posts