Burkina Faso has once again signaled its determination to take back greater control of its natural resources, this time by demanding an additional 35% stake in the Kiaka gold mine. The request, made this week, forced West African Resources—the Australian-listed company running the mine—into a trading halt on Thursday.
West African Resources, which only began pouring gold from Kiaka in June, confirmed the development, noting that the government intends to buy the stake “for valuable paid consideration.” Trading is set to resume on Monday, but the announcement has already stirred waves across investor circles.
This move is the latest step in Captain Ibrahim Traoré’s push to reclaim Burkina Faso’s gold wealth for its people. While foreign investors are uneasy, many Africans see it as long-overdue justice—a break from years of exploitation that left host communities with little to show for their riches.
West African Resources has grown into one of West Africa’s biggest producers, churning out nearly 500,000 ounces of gold annually. The company says it has already paid hundreds of millions in taxes and royalties, and expects revenues to hit billions once Kiaka is fully operational. Yet, with the government’s new demand, those profits may flow in new directions.
Another Canadian miner, Orezone Gold, operator of the Bomboré mine, also halted trading in response. Though it has not received a direct request from the government, Orezone confirmed it will meet with officials this weekend—underscoring how tense the investment climate has become.
For Burkina Faso, Africa’s fourth-largest gold producer, the shift has been years in the making. Its state-owned company, SOPAMIB, has steadily absorbed mines and exploration permits. Just last year, it acquired Boungou and Wahgnion mines for $80 million—barely a quarter of their market value. To supporters, this is resource justice in action. To investors, it’s a chilling sign of unpredictability.
President Traoré, just 37, has become the face of this bold resource nationalism. Since seizing power in 2022, he has championed a pan-African vision that rejects foreign dominance and insists Africans must control African wealth. Supporters hail him as a liberator. In April, thousands took to the streets of Ouagadougou to back him, while diaspora groups in London, Kingston, and Montego Bay echoed the same chants of solidarity.
Still, the future hangs in the balance. Burkina Faso continues to battle a deadly Islamist insurgency, and whether Traoré can stabilize the country will determine if his mining policies inspire copycat moves across Africa—or collapse under pressure.
For global miners, this is a reminder that politics can shift overnight. Countries like Ghana, Namibia, and Botswana still offer more predictable climates, while Côte d’Ivoire and Guinea are attracting new investment, especially with Rio Tinto’s multi-billion-dollar Simandou iron ore project. But in places like Burkina Faso, one thing is certain: the rules of the game are being rewritten, and the outcome could reshape the future of African mining.
