Burkina Faso’s junta leader, Ibrahim Traore, announced plans to revoke mining permits held by certain foreign companies, signaling the government’s intent to take control of its gold production.
Speaking during a radio address marking the second anniversary of his coup, Traore emphasized the country’s right to independently mine its natural resources.
“We are capable of mining our own gold. There’s no reason to let multinationals do it for us,” Traore declared, though he did not specify which foreign companies would be affected or offer further details on the plan.
The move could impact foreign firms operating in the country, including Endeavour Mining, West African Resources, Nordgold, and Orezone Gold Corporation. With gold being Burkina Faso’s primary export, the decision may have far-reaching effects on the nation’s economy.
Burkina Faso, struggling with a security crisis since 2022, has distanced itself from Western allies and strengthened ties with Russia. Traore’s announcement highlights a shift toward asserting greater sovereignty over the country’s natural resources, raising concerns among international investors and the mining sector.
The global community is expected to closely monitor the economic and diplomatic fallout from this decision.
