Burkina Faso Plans to Revoke Foreign Mining Permits

Burkina Faso's junta leader Ibrahim Traore has announced plans to withdraw mining permits from certain foreign companies to boost domestic gold production, stating, "We know how to mine our gold and I don’t understand why we’re going to let multinationals come and mine it." While the specific permits to be revoked have not been disclosed, this move reflects Burkina Faso's ongoing shift away from Western influence towards closer ties with Russia following a military coup in 2022. The country has faced increasing insecurity, with over 8,000 fatalities reported in 2023 due to escalating violence linked to extremist groups. Currently, major players in Burkina Faso's gold mining sector include Endeavour Mining, West African Resources, Nordgold, and Orezone Gold Corporation. Additionally, the nation's gold output has declined by 1.5% in 2023, highlighting the impact of political instability on its mining industry. Overall, the junta aims to reclaim control over the country's gold resources amidst a challenging security landscape.