By : Lloyd Mahachi

Burkina Faso’s military-led government has made a significant move to assert control over its gold production, announcing plans to withdraw mining permits from select foreign companies. This decision, made by junta leader Captain Ibrahim Traore, aims to boost national gold production and reduce reliance on international firms.

In a recent radio address marking two years since his coup, Traore expressed frustration with foreign mining involvement. “We know how to mine our gold, and I don’t understand why we’re letting multinationals do it,” he stated. Although Traore didn’t specify which permits would be revoked, his message reflected the growing dissatisfaction within the country.

Burkina Faso faces an ongoing security crisis that contributed to the junta’s rise to power in 2022. The government has since severed ties with Western allies in favor of closer relations with Russia. Several international mining companies, including Endeavour Mining, West African Resources, Nordgold, and Orezone Gold Corporation, currently operate in Burkina Faso, but the security situation has complicated their operations.

The country’s gold mining industry plays a crucial role in its economy, with gold being its main export. However, the security challenges have taken a devastating toll. Despite efforts to contain militant groups linked to Al Qaeda and Islamic State, 2023 saw an alarming rise in deadly attacks, resulting in over 8,000 deaths, according to US-based crisis monitoring group ACLED.

The junta’s move to reclaim mining rights is part of broader efforts to address economic and security challenges. By seeking greater autonomy over its resources and shifting away from foreign influence, Burkina Faso aims to reclaim its economic sovereignty. This decision may have significant implications for foreign investment in the country’s mining sector.

As the country navigates this critical juncture, many questions remain. Will this move bolster Burkina Faso’s economy, or will it exacerbate existing issues? How will international mining companies respond to the permit withdrawals?

Editor : Josephine Mahachi