• WAF payments to the state rise to $398 million in 2025, more than double year-on-year

• Revenue climbs to $1.5 billion, driven by higher gold prices and increased production

• New mining reforms and Kiaka project ramp-up support higher state revenues

WAF said it paid a total of $398 million to the Burkinabe state in 2025 through taxes, royalties, and other contributions. This amount more than doubled from $154 million reported a year earlier. The company operates both the Sanbrado and Kiaka gold mines in the country.

The Australian company disclosed the payment figure in a report published on April 8, although it did not provide a detailed breakdown or explicitly explain the sharp increase. However, several factors support the rise.

First, the company increased its revenue to $1.5 billion in 2025 from $730 million in 2024. Strong gold prices and higher production drove this growth. Stable performance at Sanbrado and the contribution from the Kiaka complex, which started operations in June, supported output expansion.

At the same time, favorable market conditions prompted new reforms from the Burkinabe government. Authorities increased the state’s equity stake in mining projects from 10% to 15%, including in Sanbrado and Kiaka. The government also introduced a new royalty scale.

These adjustments produced measurable results. For example, royalties declared at Sanbrado increased by 67% year-on-year.

Therefore, the increase in WAF’s payments signals a positive trend for Burkina Faso as it seeks to capture greater value from its gold resources to support development initiatives. This dynamic also appears in other contributions, such as payments to the Mining Development Fund, which rose from $7 million to $16.5 million year-on-year.

Toward Continued Growth in 2026?

As 2026 progresses, indicators suggest that WAF’s payments to the Burkinabe state could continue to rise. Higher expected production, driven by the gradual ramp-up of operations at Kiaka, supports this outlook. In addition, projections indicate that gold prices could reach record levels by the end of the year.

Meanwhile, the government maintains pressure on ownership structures. Ouagadougou aims to increase its stake in Kiaka to 50% of the capital. This proposal aligns with provisions introduced under the 2024 mining code and remains under review by WAF. Both parties have held discussions in recent months, but they have not announced any concrete progress.

WAF remains one of several major gold producers operating in Burkina Faso. The country also hosts other key players, including Canadian companies Iamgold, which operates the Essakane mine, and Orezone Gold, which runs the Bomboré mine.

According to the Extractive Industries Transparency Initiative (EITI), the extractive sector, dominated by gold, accounted for 15% of Burkina Faso’s GDP and 69.5% of exports in 2024.

This article was initially published in French by Aurel Sèdjro Houenou

Adapted in English by Ange J.A de Berry Quenum