In a radio address to mark two years since taking power in a coup, junta leader Ibrahim Traore announced that Burkina Faso intends to revoke mining permits held by certain foreign companies and aims to increase its gold production.
However, Traore did not specify which permits might be cancelled or provide additional details but stressed that Burkina Faso has the expertise to mine its gold and questioned the need for multinational involvement.
Gold serves as the primary export of the West African nation, and the junta’s rise to power in 2022 was influenced by public dissatisfaction with the prolonged security crisis. In response, Burkina Faso has severed longstanding relationships with Western allies and has pursued closer ties with Russia.
Several foreign companies operate in Burkina Faso, including London-listed Endeavour Mining, Australia-based West African Resources, Russia’s Nordgold, and Canada’s Orezone Gold Corporation. However, increasing insecurity has complicated their operations.
Despite the junta’s assurances to contain groups associated with Al Qaeda and Islamic State, the country witnessed a significant surge in deadly attacks in 2023, resulting in a reported death toll of over 8,000 people.