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Burkina Faso: New Kiaka Gold Mine to Start Production in 2025

Thursday, 04 July 2024 13:29
Burkina Faso: New Kiaka Gold Mine to Start Production in 2025

(Ecofin Agency) - Burkina Faso is set to have a new active gold mine next year, the Kiaka mine. The project’s owner, West African Resources, recently upscaled its expected output for the mine.

A new gold mine in Burkina Faso, with an annual production capacity of 234,000 ounces, will start operations in the third quarter of 2025. West African Resources confirmed that its Kiaka mine (currently 50% developed), can deliver up to 258,000 ounces of gold annually over the first five years of activity.

West African Resources disclosed the update in a recently published feasibility study. Initially, the company expected that the combined output of its two mines in Burkina Faso would peak at 473,000 ounces (224,000 ounces for Kiaka) in 2029. 

"We now expect to produce more than 4.2 million ounces over the next decade, with a peak of 494,000 ounces in 2030," said CEO Richard Hyde.

The Kiaka mine is expected to generate $3.4 billion in pre-tax free cash flow according to the new study, making West African Resources a multi-asset gold producer. The company also operates the Sanbrado mine in Burkina Faso, which is projected to deliver between 190,000 and 210,000 ounces in 2024.

After Ghana and Mali, Burkina Faso is among Africa’s top gold producers. According to EITI data, the country’s mining sector, dominated by gold, accounted for 14.34% and 79% of its GDP and exports, respectively, in 2021. 

Kiaka’s launch is good news for the Burkinabe economy, especially with gold prices going up in recent months (over $2,300 per ounce now).  

Louis-Nino Kansoun




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ECOFIN AGENCY offers a selection of articles translated from AGENCE ECOFIN. Founded in 2011, Agence Ecofin is a leader in Francophone Pan-African economic news, particularly in West and Central Africa. The agency publishes daily news on nine African economic sectors: Public Management, Finance, ICT, Agribusiness, Energy, Mining, Transport & Logistics, Communication, and Training.

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