• State share to rise to 40% under Mining Code
• Move aims to boost control, revenues from gold sector

Burkina Faso will pay 70 billion CFA francs (about $125 million) to acquire an additional 25% stake in the Kiaka gold mine. Australian operator West African Resources (WAF) said on Tuesday the deal would raise the state's stake to 40%.

The Kiaka mine entered production in June 2025 and is currently 85% owned by WAF, with the Burkinabe state holding the remaining 15%. The government had signaled its intent to increase that stake in line with the 2024 Mining Code. WAF said the transaction has been authorized by a decree issued after several months of negotiations, as both parties work to finalize terms before year-end.

“Publication of the Decree removes uncertainty regarding the Government’s interest in Kiaka,” WAF Chief Executive Richard Hyde said. “WAF will proceed to finalize a transaction with SOPAMIB, which we aim to have completed by the end of CY 2026. WAF plans to distribute the cash proceeds received from the sale of its interest in Kiaka back to shareholders by way of a special dividend.”

With this move, Burkina Faso’s authorities aim to mark one of the first major applications of reforms introduced under the new Mining Code, as part of a strategy to strengthen state control over national resources. The state is set to strengthen its position, particularly through dividends, in a gold mine that is ramping up output. Production at Kiaka could reach up to 280,000 ounces (about 8.7 metric tons) this year, or about 16% of national industrial output estimated at 52 metric tons in 2025.

WAF also operates the Sanbrado gold mine in Burkina Faso and is preparing to bring online Toega, a satellite deposit linked to that operation. The company said those assets are not subject to any additional state participation.

Aurel Sèdjro Houenou