Burkina Faso’s Junta Leader Announces Plans to Revoke Foreign Mining Permits
Burkina Faso’s junta leader, Ibrahim Traore, has declared that the country will withdraw mining permits from some foreign companies and take control of its own gold production. Traore made this announcement during a radio address marking two years since he seized power in a coup.
“We know how to mine our gold, and I don’t understand why we’re going to let multinationals come and mine it,” Traore stated, emphasizing the country’s desire to assert its sovereignty over its natural resources. However, he did not specify which permits would be canceled or provide further details.
This decision is likely to impact several foreign companies operating in Burkina Faso, including London-listed Endeavour Mining, Australia-based West African Resources, Russia’s Nordgold, and Canada’s Orezone Gold Corporation. Gold is the West African country’s main export, and this move may have significant implications for its economy.
The country has been grappling with a long-running security crisis, which contributed to the junta’s rise to power in 2022. Since then, Burkina Faso has severed ties with Western allies and sought closer relations with Russia.
Traore’s announcement reflects the government’s determination to reclaim control over its natural resources and potentially redefine the country’s relationships with foreign investors. The move’s consequences will likely be closely watched by the international community and the mining industry.