In a decisive move to assert greater control over its natural resources, Burkina Faso’s military-led government has announced plans to nationalize additional industrial mines, aiming to secure a bigger share of revenues from its booming gold sector.
Speaking in a national broadcast on Monday night, Prime Minister Jean Emmanuel Ouédraogo revealed that the country is pushing forward with reforms that will deepen state ownership in the mining industry. The announcement builds on momentum from last year, when Burkina Faso seized two industrial gold mines formerly operated by London-listed Endeavour Mining. Those takeovers were carried out through the newly created state mining firm, Société de Participation Minière du Burkina (SOPAMIB).
“Today marks a new chapter in how we manage our natural wealth,” Ouédraogo declared, emphasizing the government’s commitment to reshaping an industry that has long been dominated by foreign interests.
Burkina Faso’s moves mirror a broader trend sweeping across the region. Neighbors like Mali and Niger—also under military rule—have similarly tightened control over their mineral assets in recent years. Following this regional pattern, Burkina Faso updated its mining code in 2023 to favor national participation and promote local expertise.
The reforms, however, have rattled international investors who are wary of political instability and regulatory uncertainty. Despite these concerns, officials argue that the restructuring is vital for rebuilding an economy battered by nearly a decade of insurgency and security challenges.
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The stakes are high: gold production remains one of Burkina Faso’s economic lifelines, with the country churning out over 57 tons of the precious metal last year, even amid persistent attacks from Islamist militant groups. Gold prices, meanwhile, have soared more than 25% this year, fueled by rising global tensions and unpredictable economic policies abroad.
Burkina Faso’s mining sector currently hosts major international players like Canada’s IAMGOLD and Australia’s West African Resources Ltd. However, the revised mining laws now prioritize Burkinabe suppliers and technical partners, signaling what the government describes as a “revolution” in managing the nation’s mineral riches.
Complicating matters further, Burkina Faso’s ties with traditional Western allies have frayed following two military coups in 2022. As diplomatic bridges with the West crumble, the country has been strengthening its partnerships with Russia, both in the realms of security and economic development.
Last week, in another sign of this pivot, the government granted a new industrial mining license to Russian-owned Nordgold for an upcoming gold project. Officials expect the venture to contribute roughly 51.5 billion CFA francs (around $89 million) to the national budget over its operational lifetime, alongside an additional 7.06 billion CFA francs earmarked for Burkina Faso’s mineral wealth fund.
With these sweeping changes, Burkina Faso’s leadership is betting that a more nationally controlled mining sector will translate into greater prosperity for its citizens — and a stronger, more independent future for the country.
