• West African Resources’ Sanbrado gold mine revenues rose 38% in H1 2025, reaching A$472.1 million due to higher gold prices.

• The average gold selling price jumped from A$2,199 to A$3,049 per ounce year-on-year, offsetting a 3% drop in volumes sold.

• Sanbrado’s production fell 11% in H1 2025; Burkina Faso government acquired a 15% stake starting Q3 2025.

Since the start of 2025, gold prices have pushed higher, building on a 30% gain recorded in 2024. The rising prices are fueling revenue boosts for gold miners, with African operations seeing particularly strong gains.

West African Resources (WAF), operating the Sanbrado gold mine in Burkina Faso, recorded revenues of A$472.1 million (about $307 million) by mid-2025. The company revealed this in its quarterly update on July 30, showing a 38% jump from A$340.4 million generated during the first half of 2024.

WAF attributed its half-year revenue growth to stronger gold prices. The company sold gold from its Sanbrado mine at an average of A$3,049 per ounce, up from A$2,199 a year earlier. This 39% price gain offset a 3% drop in volume sold.

More broadly, WAF’s performance reflects the wider impact of surging gold prices on the mining sector. The yellow metal has climbed roughly 30% since January, matching 2024’s full-year rise. Now trading around $3,300 an ounce, analysts expect prices to keep climbing, with Goldman Sachs projecting $3,700 by year-end.

Continued strength in gold prices would help WAF offset a drop in Sanbrado mine output, which declined 11% in the first six months of 2025. The miner maintains its full-year forecast of 190,000 to 210,000 ounces. As of Q3, Burkina Faso’s government will acquire a 15% ownership stake in the mine, reducing WAF’s share to 85%.

Aurel Sèdjro Houenou