Burkina Faso’s military-led government plans to withdraw mining permits from certain foreign companies and boost its own gold production, the country’s junta leader Ibrahim Traore announced on Saturday. However, he did not specify which permits would be revoked.
In a radio address marking two years since he took power in a coup, Traore expressed his stance on foreign mining involvement, saying, ‘We know how to mine our gold, and I don’t understand why we’re letting multinationals do it.’ He added, ‘In fact, we are going to withdraw mining permits,’ but provided no further details.
Gold is Burkina Faso’s main export, playing a crucial role in its economy. The decision to reclaim mining rights reflects growing frustration within the country, which is facing an ongoing security crisis. This unrest contributed to the junta’s rise to power in 2022, following which the government severed long-standing ties with Western allies in favour of closer relations with Russia.
Currently, several international mining companies, including London-listed Endeavour Mining, Australia-based West African Resources, Russia’s Nordgold, and Canada’s Orezone Gold Corporation, operate within Burkina Faso.
The security situation in Burkina Faso has complicated operations for these companies. Despite the junta’s pledges to contain militant groups linked to Al Qaeda and Islamic State, 2023 saw an alarming rise in deadly attacks. According to data from US-based crisis monitoring group ACLED, more than 8,000 people were killed in the country last year.
The junta’s move to take control of more of the nation’s gold production comes amidst ongoing efforts to address both economic and security challenges, as it seeks greater autonomy over its resources and a shift away from foreign influence.
