Burkina Faso plans controlling Foreign industrial mines
Burkina Faso intends to control foreign-controlled industrial mines as the nation aims to increase its revenue from natural resources.
Quick overview
- Burkina Faso plans to increase control over foreign-controlled industrial mines to boost revenue from natural resources.
- Prime Minister Jean Emanuel Ouédraogo emphasized the importance of these reforms for maximizing gold reserve revenue and revitalizing the economy.
- The government established a state-owned mining firm, Société de Participation Minière du Burkina, to enhance national participation in the mining sector.
- The new firm has already taken over two industrial gold mines from Endeavour Mining, reflecting a trend seen in neighboring countries.
Burkina Faso intends to control foreign-controlled industrial mines as the nation aims to increase its revenue from natural resources.
The country’s Prime Minister, Jean Emanuel Ouédraogo, announced that the government is set to increase its control over the country’s natural resources.
Although expansion reforms in the country’s mining sector have concerned many investors, the military-led government defends that these changes are critical in maximizing revenue generated from the country’s gold reserve and revamping an economy weakened for years due to ongoing insecurity.
After last year’s modification of its mining code, the country implemented a new state-owned mining firm Société de Participation Minière du Burkina to control the industry and increase national participation in it Like its neighbors Mali and Niger, Burkina Faso seems to be taking cues from these countries.
The newly formed state-owned mining company SOPAMIB used its company status to take over two industrial gold mines owned by London-listed Endeavour Mining. The deal was finalized late last year.
Global geopolitical tensions, alongside fluctuating American trade policies under President Donald Trump, have driven gold prices dramatically.
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