Public Management

Burkina Faso to launch its first gold refinery by the end of 2024

Burkina Faso to launch its first gold refinery by the end of 2024
Friday, 24 November 2023 19:10

Driven by gold mining, Burkina Faso's mining sector accounts for 16% of GDP and 80% of exports, according to the latest EITI data. To increase the sector's contribution to the economy, the government said it will build a refinery to process gold locally.

Burkina Faso’s President, Ibrahim Traoré, laid the foundation stone for a national gold refinery on November 23, 2023. With an annual refining capacity of 150 tonnes, the facility, whose total cost has not been disclosed, will produce its first gold eleven months from now. The project is developed in partnership with Marena Gold, a local company.

The refinery will be the first in the country. It will house a jewellery store and the future headquarters of the Société Nationale des Substances Précieuses, which oversees the project on behalf of the State. The facility should create 100 direct jobs and over 5,000 indirect jobs, according to the authorities.

"We will no longer be refining our gold abroad but have it refined. And we will know what the real value of the raw gold that comes out of our mines is," stressed President Traoré, in a speech read on his behalf by the Minister of Mines, Simon Pierre Boussim.

Gold is Burkina Faso's leading export product. The country produced 57.6 tonnes in 2022, down 14% year-on-year.

Local processing is gradually becoming a priority for several African mining countries, which have long exported their raw production. In the gold sector, particularly, most of the continent's producers have their gold processed in refineries in South Africa, Switzerland, or China. As Africa's third-largest gold producer by 2022, Mali could follow in the footsteps of its neighbor Burkina Faso, following the signing this week of a memorandum of understanding with Russia for the construction of a gold refinery.

Emiliano Tossou

Additional Info

  • communiques: Non
  • couleur: N/A
On the same topic
Cameroon seeks first local-currency credit rating from Bloomfield Aims to boost regional investor confidence, diversify funding sources Move supports...
Diaspora sent $990M to CEMAC via mobile money in 2023 Europe led transfers; Cameroon dominated digital transaction volume Mobile money reshapes...
Chari raises record $12M Series A to expand fintech services Secures central bank license to launch super-app for merchants Moroccan...
Burkina Faso orders NGOs to use state-run bank for all funds Move follows arrests, aims to tighten oversight of foreign NGOs Burkina Faso issued...

Most Read
01

• The five-year plan allocates 388 billion pulas to boost growth and jobs.• Focus areas include tran...

Botswana unveils $27bn plan to accelerate economic diversification
02

• Parliament approves Virtual Asset Service Providers Bill 2025 to regulate digital assets• Central ...

Kenya passes landmark law to regulate booming cryptocurrency market
03

Indorama to invest $210M in Senegal phosphate sector upgrade ICS to expand fertilizer, acid ...

Indorama, Petrochemicals Major, to Invest $210 Million in Senegal Fertilizer Plant
04

Copper prices hit $10,775/t, their highest since May 2024, driven by a weak dollar and recent...

Copper Prices Extend Gains Close to Record Highs, Improving Prospects for Zambia and the DRC
05

• The Bank urges Nigeria to raise excise taxes on alcohol, tobacco, and sugary drinks.• Current rate...

World Bank backs higher public health taxes in Nigeria
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

regie@agenceecofin.com 
Tél: +41 22 301 96 11 
Mob: +41 78 699 13 72


EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.