(Ecofin Agency) - • Kiaka gold mine in Burkina Faso is set for first gold pour in Q3 2025
• U.S., Australian, and U.K. investors hold over 40% of the parent company’s shares
• West African Resources aims to become a key gold producer in West Africa

In Burkina Faso, the upcoming Kiaka gold mine is on track to begin production in the third quarter of 2025. The mine is operated by West African Resources (WAF), an Australian mining company listed on the Australian Securities Exchange (ASX). The firm holds a 90% stake in the project, with the remaining 10% owned by the government of Burkina Faso.

West African Resources draws capital from a wide group of investors, with a strong presence from the United States, Australia, and the United Kingdom. These three nationalities account for more than 40% of the company’s shareholder base, with U.S. investors alone holding 21.17%.

Most of the company’s shares are in the hands of institutional investors, who together control 44.7% of the capital. The largest of these is L1 Capital Pty, an investment firm based in Melbourne, which holds a 9% stake. Close behind is Van Eck, known for its focus on precious metals, with 7.7%. Vanguard Group, the American investment giant, rounds out the top three with 5%.

In addition to institutional capital, West African Resources is also supported by individual investors. These include the company’s founder and CEO, Richard Hyde, who holds 1.5%, and Anthony Poli, who owns 4.5%. Poli currently serves as director at Asenjo Energy, a mining and energy company.

These investors, by virtue of their shareholdings, may indirectly influence the operations of the Kiaka project through voting rights and other shareholder privileges within West African Resources. Meanwhile, the Burkina Faso government retains a 10% stake in the mine and may also participate in its governance.

With an expected annual output of 234,000 ounces, Kiaka is positioned to become one of the largest gold mines in Burkina Faso. The project is a key part of West African Resources’ broader strategy to grow into a leading mid-tier gold producer across West Africa. The company has already been operating the Sanbrado gold mine in the country since 2020.