• Burkina Faso aims to boost its stake in the Kiaka mine to 50% under the 2024 Mining Code.
• West African Resources confirmed the move and suspended trading on the ASX pending further details.
• The mine, which started production in June, is set to deliver 234,000 ounces annually over 20 years.

Burkina Faso plans to acquire a 35% stake in the newly commissioned Kiaka gold mine, potentially lifting its total ownership to 50%, according to Australian operator West African Resources Ltd. The company disclosed the news on August 28, while requesting a trading suspension on the Australian Stock Exchange.

The 2024 Mining Code allows the government to secure a minimum 30% paid interest in mining projects in addition to its 15% free-carried stake. The paid portion is tied to exploration and feasibility costs rather than the mine’s market valuation. For Kiaka, a 2024 feasibility study estimated construction costs at $447 million.

West African Resources did not reveal the proposed price for the 35% interest. The mine, which poured first gold in late June 2025, is designed to produce an average of 234,000 ounces annually over a 20-year mine life. At current gold prices, that equates to about $795.6 million in yearly revenue.

The company said it would provide further details by September 1. Other miners in Burkina Faso have yet to respond to the new mining code requirements, though Orezone Resources Inc., operator of the Bomboré mine, also suspended its listing on market speculation.

Orezone confirmed it has not been approached by the Government of Burkina Faso regarding the acquisition of an equity interest in the Bomboré mine. The company stated it is in direct contact with government representatives and will meet them in person this weekend to verify that no such intention exists.

Emiliano Tossou