• Sarama files $242M claim over revoked Tankoro 2 mining rights in Burkina Faso
• ICSID arbitration underway; government response due by January 31, 2026
• Dispute reflects rising tensions in Africa’s gold sector over mining permits
  

Sarama Resources said Monday it has filed a detailed statement of claim against the government of Burkina Faso over the withdrawal of mining rights for its Tankoro 2 gold deposit. The filing includes a damages claim totaling $242 million, up from A$180 million (about $117 million) initially sought.

The dispute began in 2023 when Sarama said it had been notified by Burkina Faso’s Ministry of Energy, Mines and Quarries that the mining rights for the 2.5-million-ounce Tankoro 2 resource had been withdrawn. The company called the decision “inconsistent,” noting that the permit had already been renewed in 2021. After failing to settle the dispute directly with authorities, the Canadian junior miner filed for arbitration with the International Centre for Settlement of Investment Disputes (ICSID) in December 2024.

The latest filing and the $242 million claim form part of the ongoing ICSID arbitration process. Sarama has not explained why the amount sought has increased. The company said finalizing these steps clears the way for the arbitration to move forward, with the Burkina Faso government’s counter-memorial due by January 31, 2026. A final procedural timetable will then be set.

The Burkinabe government has not yet commented on the case. ICSID arbitrations can last several years and entail significant costs for both sides. To fund the process, Sarama obtained a $4.4 million loan from Locke Capital II LLC, a firm specializing in litigation finance.

The outcome remains uncertain, leaving the future of the disputed gold deposit in question. No official statement has been issued about the site’s management for more than a year. The case adds to a string of recent disputes between mining companies and African governments, particularly in the gold sector, following cases such as Barrick Gold’s arbitration in Mali.

Aurel Sèdjro Houenou