• WAF payments to the state reach $398 million in 2025, more than double year-on-year
• Surge driven by higher gold output, rising prices, and new fiscal measures
• Outlook points to further gains in 2026 as production ramps up at Kiaka

West African Resources (WAF) said it paid a total of $398 million to the Burkinabe state in 2025 in taxes, royalties, and other contributions, more than double the $154 million reported a year earlier.

The Australian mining company, which operates the Sanbrado and Kiaka gold mines in Burkina Faso, disclosed the figure in a report published on April 8, without detailing the breakdown or fully explaining the sharp increase.

Several factors help explain the jump. WAF’s revenue rose to $1.5 billion in 2025, up from $730 million in 2024, supported by strong gold prices and higher production. Output benefited from stable performance at Sanbrado and the contribution of the Kiaka complex, which began operations in June.

The market environment also coincided with new government reforms aimed at increasing state revenues from mining. Burkina Faso raised its stake in mining projects from 10% to 15%, including at Sanbrado and Kiaka, and introduced a revised royalty framework. These changes have had a tangible impact. At Sanbrado, for example, reported royalty payments rose 67% year over year.

The increase in WAF’s payments signals progress for Burkina Faso’s efforts to capture greater value from its gold resources and support development initiatives. The trend is also reflected in other contributions, including payments to the Mining Development Fund, which rose from $7 million to $16.5 million over the same period.

Momentum likely to continue in 2026

Early indications suggest that the upward trend could continue in 2026. Higher production is expected as operations at Kiaka ramp up, while gold prices are projected to remain near record levels through the end of the year.

At the same time, the government is pushing to increase its stake in Kiaka to 50%, in line with provisions introduced under the 2024 mining code. The proposal remains under review by WAF, and while discussions between the two sides have taken place in recent months, no concrete outcome has been announced.

WAF is one of several major gold producers operating in Burkina Faso. The country also hosts other key players, including Canada’s Iamgold (Essakane mine) and Orezone Gold (Bomboré mine). According to the Extractive Industries Transparency Initiative (EITI), the extractive sector—dominated by gold—accounted for 15% of GDP and 69.5% of exports in 2024.

Aurel Sèdjro Houenou