Burkina Faso mine delivers first gold pour as Australian firm hits milestone
West African Resources has achieved a major milestone at its Kiaka gold project in Burkina Faso, successfully producing its first gold bar measuring 5.7 kilograms, or approximately 183.3 ounces—during an on-site smelting process.
West African Resources achieved its first gold bar production at its Kiaka project in Burkina Faso.
The project was completed ahead of schedule and under budget, indicating strong operational efficiency.
Burkina Faso has implemented mining reforms to enhance state control and economic benefits.
The Australian-listed company confirmed the development came ahead of schedule and under budget, marking a strong start to what is projected to become one of the region's most significant gold operations.
According to Miningmx, West African Resources Executive Chairman Richard Hyde described the first gold pour from the Kiaka mine as ' a major milestone ' in the company's goal to produce over 500,000 ounces of gold annually by 2030.
' First gold comes just three and a half years after the acquisition of Kiaka, which is a remarkable achievement,' Hyde said, expressing gratitude to the construction team, financial partners Sprott and Coris Bank, as well as contractors and stakeholders for their contributions.
In November 2021, West African acquired a 90% stake in the Kiaka Gold Project in Burkina Faso from B2Gold Corp and its partner, GAMS-Mining F&I. The remaining 10% is held by the Government of Burkina Faso.
The company completed construction at the site during the second quarter of 2025, keeping pace with its aggressive project timeline.
The inaugural gold pour not only signals the operational readiness of the Kiaka mine but also reflects investor confidence in West African Resources' ability to deliver in one of Africa's most promising, yet geopolitically complex, mining jurisdictions.
Burkina Faso's move to secure gold and raise revenue
Burkina Faso is reshaping its gold sector through sweeping reforms aimed at increasing state control, boosting revenues, and ensuring that more benefits stay within the country.
Gold is central to the nation's economy, accounting for around 80% of export earnings and nearly 14% of GDP. However, much of this value has historically escaped government capture due to foreign ownership, weak regulation, and illicit exports.
In July 2024, the government revised its mining code to raise the state's free equity in new projects from 10% to 15%, with an option to acquire an additional 15%. It also mandated greater Burkinabè ownership and shortened permit durations to strengthen oversight. Companies are now required to contribute to national gold and mining development funds, as well as process part of their output domestically to retain more value in-country.
The state has also taken over several major mines through SOPAMIB, a new state-owned company, consolidating national control of key gold assets.
Additionally, a national gold refinery is being built in Ouagadougou to reduce reliance on foreign processing and improve export transparency. Small-scale export permits have been temporarily suspended to curb illegal trade.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Upturn
8 minutes ago
- Business Upturn
TerrAscend Announces Strategic Exit from Michigan Market
Net Proceeds from divestitures to pay down Company debt Enables concentrated growth and improved profitability in core markets TORONTO, June 30, 2025 (GLOBE NEWSWIRE) — TerrAscend Corp. ('TerrAscend') (TSX: TSND, OTCQX: TSNDF), a leading North American cannabis company, today announced that it has completed a strategic review of its Michigan business operations and decided to exit the Michigan market. As part of the exit plan, TerrAscend and its consolidated entities (collectively, the 'Company') intend to sell or divest all of the Company's Michigan assets, including four cultivation and processing facilities, twenty retail dispensaries, and real estate. Net proceeds from the divestitures will be used to pay down existing Company debt. The Michigan exit is expected to be substantially completed in the second half of 2025. The Company's business in Michigan will be reported as discontinued operations beginning with the Company's financial results for the second quarter of 2025. Following the completion of the Michigan exit, the Company will operate nineteen dispensaries and four cultivation and processing facilities across five states, including New Jersey, Maryland, Pennsylvania, Ohio, and California, and in Toronto, Ontario. The strategic move is expected to meaningfully enhance TerrAscend's financial profile. The Company anticipates improvements across key metrics on a consolidated basis, including gross margin, adjusted EBITDA, and cash flow conversion, in addition to a strengthened balance sheet. 'After an extensive evaluation, we have made the strategic decision to exit the Michigan market,' said Jason Wild, Executive Chairman of TerrAscend. 'Michigan is an extremely difficult market and we have come to the realization that our resources can be better utilized in our other markets. This move will unlock value for TerrAscend and its shareholders. By concentrating our efforts and resources in the Company's core northeastern U.S. markets—New Jersey, Maryland, Pennsylvania, and Ohio—I am confident that we are now positioned to deliver stronger financial performance including improved margins and operational efficiencies.' The actions associated with the Michigan exit plan are expected to include a reduction of approximately 21% of the Company's overall workforce, which consists of about 1,200 employees as of June 30, 2025. Most of this reduction is expected to occur by the end of the third quarter of fiscal year 2025. About TerrAscend TerrAscend is a leading TSX-listed cannabis company with interests across the North American cannabis sector, including vertically integrated operations in Pennsylvania, New Jersey, Maryland, Michigan and California through TerrAscend Growth Corp., and retail operations in Canada. TerrAscend operates The Apothecarium, Gage and other dispensary retail locations as well as scaled cultivation, processing, and manufacturing facilities in its core markets. TerrAscend's cultivation and manufacturing practices yield consistent, high-quality cannabis, providing industry-leading product selection to both the medical and legal adult-use markets. The Company owns or licenses several synergistic businesses and brands including Gage Cannabis, The Apothecarium, Cookies, Lemonnade, Ilera Healthcare, Kind Tree, Legend, State Flower, Wana, and Valhalla Confections. For more information visit Caution Regarding Cannabis Operations in the United States Investors should note that there are significant legal restrictions and regulations that govern the cannabis industry in the United States. Cannabis remains a Schedule I drug under the U.S. Controlled Substances Act, making it illegal under federal law in the United States to, among other things, cultivate, distribute or possess cannabis in the United States. Financial transactions involving proceeds generated by, or intended to promote, cannabis-related business activities in the United States may form the basis for prosecution under applicable U.S. federal money laundering legislation. While the approach to enforcement of such laws by the federal government in the United States has trended toward non-enforcement against individuals and businesses that comply with medical or adult-use cannabis programs in states where such programs are legal, strict compliance with state laws with respect to cannabis will neither absolve TerrAscend of liability under U.S. federal law, nor will it provide a defense to any federal proceeding which may be brought against TerrAscend. The enforcement of federal laws in the United States is a significant risk to the business of TerrAscend and any proceedings brought against TerrAscend thereunder may adversely affect TerrAscend's operations and financial performance. Forward-Looking Information This press release contains 'forward-looking information' within the meaning of applicable securities laws. Forward-looking information contained in this press release may be identified by the use of words such as, 'may', 'would', 'could', 'will', 'likely', 'expect', 'anticipate', 'believe, 'intend', 'plan', 'forecast', 'project', 'estimate', 'outlook' and other similar expressions, and includes, but is not limited to, statements with respect to the Company's expectations with respect to the anticipated outcome and impacts of the Michigan exit plan, including the amount and use of net proceeds resulting from intended divestitures; the amount of prepayment of existing Company debt that may be achieved; the likelihood that the divestitures will lead to improvements in the key financial metrics; the impact of the divestitures on the Company's balance sheet; the anticipated timing and occurrence of substantially completing the Michigan exit plan; the estimated timing and scope of the Company's anticipated workforce reduction; the potential increase in value for the Company and its shareholders; or improvements to the Company's financial position and performance, operational efficiency, and opportunities for strategic acquisitions. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management in light of management's experience and perception of trends, current conditions and expected developments, as well as other factors relevant in the circumstances, including assumptions in respect of current and future market conditions, the current and future regulatory environment, and the availability of licenses, approvals and permits. Although the Company believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. Forward-looking information is subject to a variety of risks and uncertainties that could cause actual events or results to differ materially from those projected in the forward-looking information. Such risks and uncertainties include, but are not limited to, the financial and operational outcomes resulting from the Michigan exit plan, or the future financial profile or key metrics of the Company.; and the risk factors set out in the Company's most recently filed MD&A, filed with the Canadian securities regulators and available under the Company's profile on SEDAR+ at and in the section titled 'Risk Factors' in the Company's Annual Report for the year ended December 31, 2024 filed with the Securities and Exchange Commission on March 6, 2025. The statements in this press release are made as of the date of this release. The Company disclaims any intent or obligation to update any forward-looking information, whether, as a result of new information, future events, or results or otherwise, other than as required by applicable securities laws. For more information regarding TerrAscend:Ziad GhanemChief Executive Officer [email protected] 717-343-5386
Skift
10 hours ago
- Skift
Qantas Tests A321XLR's Limits with Historic Nonstop Flight to Bangkok
Qantas is turning an aircraft delivery into a marketing moment for the Airbus A321XLR. While the record-setting flight grabs headlines, the bigger story is how single-aisle jets are reshaping long-haul route planning. Flight QF6041 isn't your regular Monday morning departure from Hamburg. As of 2 p.m. CET (8 a.m. ET), the aircraft is flying over Turkmenistan, and on course to make aviation history. Qantas being the operator of the new plane is a big clue about Monday's mission. The Australian flag carrier took delivery of the jet last week, and is now flying the plane back to the airline's HQ. The distance from the Airbus factory in Hamburg to Sydney is more than 9,000 nautical miles. A regular delivery flight for a single-aisle aircraft would typically include between two and four refuelling and crew-rest stops en route. But QF6041 is no ordinary aircraft. Qantas is accepting its first Airbus A321XLR – that's Xtra Long Range – and it plans to showcase its performance on the delivery flight Down Under. The aircraft is due to fly from Hamburg to Bangkok nonstop. If realized, this will be the longest A321XLR flight operated by a commercial airline. Qantas estimates the journey will cover more than 5,000 nautical miles. After a turnaround in the Thai capital, the XLR will continue from Bangkok to Sydney, with this second leg clocking in at around 4,000 nautical miles. If all goes to plan, the XLR, named 'Great Ocean Road,' will touch down in Sydney just after 10a.m. local time (8 p.m ET) on Wednesday morning. The total journey is due to take 42 hours, of which 21 hours will be in the air. Thousands are following the plane's progress on live flight-tracking websites such as Flightradar24. Qantas Pushes the Envelope While impressive, the historic flight is not entirely representative. The plane is not carrying any paying passengers or cargo. This makes the aircraft much lighter than normal and increases its overall range. Airbus' marketing materials say the A321XLR can fly up to 4,700 nautical miles 'in typical airline service.' Airlines tend to be more conservative about an aircraft's performance, taking in additional practical considerations on a route-by-route basis. This was highlighted by JetBlue CEO Joanna Geraghty at the Skift Global Forum last September. On the topic of destination targets for JetBlue's own fleet of A321XLRs, she cautioned: '[The range] is from the aircraft manufacturer, and you have to keep in mind that airlines always do their own studies to make sure that's accurate and sometimes it's not.' Despite New York JFK to Rome being within the official range of the A321XLR, Geraghty added: 'I'm not sure the XLR would actually make it to Rome with the level or reliability we would need. It's tougher to fly back in the wintertime and we don't want to have a technical stop to get gas over the Atlantic.' What's Next for Qantas and the XLR? Qantas is the latest big-name airline to switch from Boeing to Airbus for its next generation of planes. Despite huge retraining and operational complexities, the carrier is betting that the short-term pain will pay off handsomely. Monday's delivery flight is the first of an initial batch of 28 XLRs. These are planned to be direct replacements for Qantas' existing Boeing 737s. These previous-generation jets are due to leave the Qantas fleet over the next decade. Operating in one of the world's largest, yet least densely populated countries, Qantas is likely to feel the benefits of the XLR's improved range. It can fly around 1,500 nautical miles further than the outgoing 737s. The airline has highlighted Southeast Asia and the Pacific Islands as possible new markets for the narrowbody jet. First Look Inside Qantas' New 'Xtra Long Range' Plane Qantas is the latest big-name airline to switch from Boeing to Airbus for its next generation of planes. Despite huge retraining and operational complexities, the carrier is betting that the short-term pain will pay off handsomely. Read More Despite being a replacement for the 737, the XLR is five meters (16.5 feet) longer than the Boeing jets. The larger plane can seat 197 passengers – an increase of 13% in overall capacity – with the amount of space between economy seats unchanged at 30 inches. In line with global industry trends, Qantas is using the new plane to boost the number of premium options. The XLR will have 20 business class seats in a 2-2 configuration, representing a 66% increase on earlier models. The upscale seats will have a pitch of 37 inches and offer a five-inch recline. Other perks include a wireless charging pad, an extendable cocktail table, and adjustable calf-rest and footrest. Qantas will be the type's first operator in the Asia-Pacific region. The XLR is already in service with Iberia and Aer Lingus who use it to fly nonstop from Europe deep into the U.S. Ultra low-cost carrier Wizz Air is also due to start flying the jet between Hungary and India, and from the UK to Saudi Arabia. Other future operators include Air Canada, American Airlines, and IndiGo. What am I looking at? The performance of airline sector stocks within the ST200. The index includes companies publicly traded across global markets including network carriers, low-cost carriers, and other related companies. The Skift Travel 200 (ST200) combines the financial performance of nearly 200 travel companies worth more than a trillion dollars into a single number. See more airlines sector financial performance. Read the full methodology behind the Skift Travel 200.
Business Insider
10 hours ago
- Business Insider
Burkina Faso mine delivers first gold pour as Australian firm hits milestone
West African Resources has achieved a major milestone at its Kiaka gold project in Burkina Faso, successfully producing its first gold bar measuring 5.7 kilograms, or approximately 183.3 ounces—during an on-site smelting process. West African Resources achieved its first gold bar production at its Kiaka project in Burkina Faso. The project was completed ahead of schedule and under budget, indicating strong operational efficiency. Burkina Faso has implemented mining reforms to enhance state control and economic benefits. The Australian-listed company confirmed the development came ahead of schedule and under budget, marking a strong start to what is projected to become one of the region's most significant gold operations. According to Miningmx, West African Resources Executive Chairman Richard Hyde described the first gold pour from the Kiaka mine as ' a major milestone ' in the company's goal to produce over 500,000 ounces of gold annually by 2030. ' First gold comes just three and a half years after the acquisition of Kiaka, which is a remarkable achievement,' Hyde said, expressing gratitude to the construction team, financial partners Sprott and Coris Bank, as well as contractors and stakeholders for their contributions. In November 2021, West African acquired a 90% stake in the Kiaka Gold Project in Burkina Faso from B2Gold Corp and its partner, GAMS-Mining F&I. The remaining 10% is held by the Government of Burkina Faso. The company completed construction at the site during the second quarter of 2025, keeping pace with its aggressive project timeline. The inaugural gold pour not only signals the operational readiness of the Kiaka mine but also reflects investor confidence in West African Resources' ability to deliver in one of Africa's most promising, yet geopolitically complex, mining jurisdictions. Burkina Faso's move to secure gold and raise revenue Burkina Faso is reshaping its gold sector through sweeping reforms aimed at increasing state control, boosting revenues, and ensuring that more benefits stay within the country. Gold is central to the nation's economy, accounting for around 80% of export earnings and nearly 14% of GDP. However, much of this value has historically escaped government capture due to foreign ownership, weak regulation, and illicit exports. In July 2024, the government revised its mining code to raise the state's free equity in new projects from 10% to 15%, with an option to acquire an additional 15%. It also mandated greater Burkinabè ownership and shortened permit durations to strengthen oversight. Companies are now required to contribute to national gold and mining development funds, as well as process part of their output domestically to retain more value in-country. The state has also taken over several major mines through SOPAMIB, a new state-owned company, consolidating national control of key gold assets. Additionally, a national gold refinery is being built in Ouagadougou to reduce reliance on foreign processing and improve export transparency. Small-scale export permits have been temporarily suspended to curb illegal trade.
