• Orezone agreed to acquire Hecla Quebec for up to C$593 million to diversify away from Burkina Faso.
• The deal gives Orezone full ownership of the Casa Berardi mine and a pipeline of Canadian exploration assets.
• Canadian peers including Iamgold have accelerated diversification as Burkina Faso tightens control over its gold sector.

Orezone Gold announced earlier this week the acquisition of Hecla Quebec, a subsidiary of Hecla Mining that operates gold assets in Canada. The transaction carries consideration of up to 593 million Canadian dollars ($437 million) and allows the owner of Burkina Faso’s Bomboré mine to diversify the geographic distribution of its gold production.

By taking control of Hecla Quebec, Orezone secures a 100% interest in the Casa Berardi gold mine in Canada, which delivered 86,648 ounces in 2024. The company expects production to range between 83,000 and 91,000 ounces in 2026. The transaction also gives Orezone several exploration projects, including the advanced Heva-Hosco project, which hosts 1.2 million ounces in indicated resources and 600,000 ounces in inferred resources.

“The combination of Casa Berardi and Bomboré creates a multi-asset platform with solid production and free cash flow, positioning Orezone for short-term growth and long-term value creation,” said Patrick Downey, Orezone’s chief executive officer.

According to a statement dated Jan. 26, the consideration combines upfront, deferred and contingent payments. Orezone will pay 160 million Canadian dollars at closing and issue 112 million Canadian dollars in shares, representing 9.9% of the company’s share capital after issuance. The company will also make 80 million Canadian dollars in deferred payments, including 30 million payable 18 months after completion and 50 million payable 30 months after. The remaining 241 million Canadian dollars will depend on Casa Berardi’s future performance and gold price movements.

In Iamgold’s footsteps

Orezone’s Canadian pivot does not stand alone among Burkina Faso-focused miners. Its compatriot Iamgold, which has operated the Essakane mine—the country’s largest—since 2010, has also accelerated diversification toward Canada. In October 2025, the company announced the acquisition of two junior mining firms to strengthen its Canadian gold project portfolio.

That strategy already relied on the ramp-up of Côté Gold, which entered commercial production in August 2024 and continues to reduce Essakane’s weight in Iamgold’s output. Attributable production from the Burkinabe mine reached 372,000 ounces in 2025, accounting for 48% of group output, compared with 409,000 ounces in 2024, when it represented 61%.

Neither Orezone nor Iamgold has explicitly cited Burkina Faso’s context to justify their recent decisions. However, the moves coincide with a tougher operating environment marked by rising resource nationalism. The Kiaka gold mine illustrates this shift, as authorities have sought up to a 50% stake alongside Australia’s West African Resources. More radically, Canadian miner Fortuna Mining exited the country in 2025 by selling its Yaramoko mine, citing “an increasingly difficult business environment in Burkina Faso.”

Iamgold and Orezone have not signaled any intention to divest their Burkinabe assets. Orezone strengthened its presence in the country in 2025 by completing the first phase of the Bomboré mine expansion in December. After Bomboré produced 118,746 ounces in 2024, Orezone expects output to reach 170,000 to 185,000 ounces in 2026, before ramping up to 250,000 ounces in the medium term.

This article was initially published in French by Emiliano Tossou

Adapted in English by Ange J.A de BERRY QUENUM