In late August 2025, Australia’s West African Resources said it had received a proposal from the Burkinabe government to sell it an additional 35% stake in the Kiaka gold mine. The mine, which the company began operating in late June, is already 15% owned by the state, which is seeking to boost its mining revenue.

Mining company West African Resources (WAF) says it wants to help Burkina Faso “ increase [...] government revenue from the development of new and previously closed mining projects.”

The company made the announcement in a statement on Tuesday, November 25, saying it had submitted an alternative proposal to the government. The move comes after the government offered several months ago to acquire a 50% stake in the Kiaka gold mine, operated by the Australian firm.

WAF, whose CEO Richard Hyde recently visited Burkina Faso for talks with government officials, did not disclose details of the proposal submitted to authorities.

At the Africa Down Under mining conference in Australia in early September, Mamadou Sagnon, the Director General of the Burkinabe Mining Cadastre, said the government’s request to WAF regarding Kiaka was not mandatory.

The Kiaka gold mine, which is expected to begin operations at the end of June 2025, is currently 85% controlled by WAF, with the Burkinabe government holding the remaining 15%. Following recent changes to mining legislation, the government requested to acquire an additional 35% stake, WAF said in an update published in late August 2025.

Trading of the company’s shares on the Australian Stock Exchange (ASX), suspended after that announcement, has now resumed.

According to WAF, Mines Minister Yacouba Zabré Gouba has tasked the state-owned mining company SOPAMIB with leading the negotiations. Created in 2024, SOPAMIB already operates several gold mines on behalf of the government, which plans to acquire more. It is not yet clear whether WAF’s proposed collaboration concerns mines already managed by SOPAMIB, exploration assets, or closed gold mines.

“WAF will continue to engage constructively with SOPAMIB to identify mining investment opportunities that promote national participation, create jobs, deliver greater social benefits, and unlock the value of Burkina Faso’s mineral resources,” the company said. It added that discussions will also cover the government’s request to acquire a larger stake in the Kiaka project.

No option has been ruled out yet, and further updates from both sides will be needed to clarify the future of the Kiaka gold mine. WAF will have to balance several financial interests, including those of its lenders, the Burkinabe group Coris Bank among them, with the government’s push to increase public revenue from its gold sector.

The company, which also operates the Sanbrado gold mine in Burkina Faso, aims to produce 290,000 to 360,000 ounces of gold in the country in 2025, including 100,000 to 150,000 ounces from Kiaka.

Emiliano Tossou