• New mining code increases state’s free stake in projects from 10% to 15%

• WAF confirms higher state participation in Sanbrado, Toega, and Kiaka mines

• Burkina Faso may boost paid stake to 45% under new legal provisions

Burkina Faso’s share in gold mining projects operated by West African Resources (WAF) will rise to 15%, up from 10%, in line with the country’s revised mining code adopted in July 2024. The change was announced by WAF on June 3 as part of its alignment with new national regulations.

Article 66 of the updated code mandates a 5 percentage point increase in the state’s free stake in mining ventures. The government will now hold a 15% interest in the Sanbrado, Toega, and Kiaka gold projects. The Kiaka mine, currently in development, is expected to produce 234,000 ounces of gold annually over 20 years. Sanbrado, operational since 2020, contributed 206,622 ounces to national output in 2024.

This reform reflects broader efforts by Burkina Faso, along with regional peers like Mali and Niger, to strengthen public control over mineral wealth. The state has not yet disclosed projected dividend revenues from the increased shareholding.

In addition to the free stake, the 2024 mining code allows the government to acquire a paid stake of at least 30%, either independently or alongside domestic investors. This would bring its total potential interest in mining assets to 45%. However, WAF has not indicated any such arrangement for its projects, stating that "all other significant aspects of the company's existing mining conventions with the state remain in place."

Beyond equity increases, Burkina Faso is also pursuing direct ownership of select mining assets. In 2024, the government acquired the Boungou and Wahgnion gold mines. Prime Minister Rimtalba Jean Emmanuel Ouédraogo recently signaled that more acquisitions could follow.