The Burkinabe government has announced renewed push to strengthen national oversight of foreign-owned industrial mining operations, an effort to accelerate control over its natural resources.
In a national address on Monday evening, Prime Minister Emmanuel-Jean Ouedraogo reaffirmed the country’s commitment to asserting greater sovereignty over its mining sector, following the example of regional neighbours like Mali and Niger.
As part of this strategy, Burkina Faso recently revised its mining code and established a state-owned mining company, Société de Participation Minière du Burkina (SOPAMIB), which has already acquired two industrial gold mines formerly owned by Endeavour Mining, a company listed on the London Stock Exchange.
The new mining code also places a strong emphasis on empowering local professionals and suppliers, a move the government describes as a “revolution” in mineral resource management.
Burkina Faso is currently home to major international mining firms, including Canada’s IAMGOLD and Australia’s West African Resources Ltd. However, the state’s increased involvement is expected to shift the dynamic in favour of domestic interests.
In line with its broader strategy, the government last week granted Russian firm Nordgold a license for a new industrial gold mining project.
According to a statement from the council of ministers, the project is expected to contribute 51.5 billion CFA francs (approximately $89 million) to the state budget, along with an additional 7.06 billion CFA francs to the country’s mineral resources fund
