Latest news with #SociétédeParticipationMinièreduBurkina
Reuters
3 days ago
- Business
- Reuters
Burkina Faso completes nationalisation of five gold mining assets
June 12 (Reuters) - Burkina Faso has completed the transfer of five gold mining assets to the country's state-owned miner, according to a decree published late on Wednesday, finalising a process that began in August to increase control over its mineral resources. Like its neighbours Mali and Niger, Burkina Faso is seeking to control a larger share of its resources after revising its mining code last year. It has established the Société de Participation Minière du Burkina (SOPAMIB) as a vehicle to own, manage and operate strategic mining assets. The five assets transferred to the state are two operating gold mines and three exploration licences held by subsidiaries of London-listed Endeavour Mining (EDV.L), opens new tab and Lilium, including Wahgnion Gold SA, SEMAFO Boungou SA, Ressources Ferké SARL, Gryphon Minerals Burkina Faso SARL, and Lilium Mining Services Burkina Faso SARL. A deal to sell the Endeavour assets to Lilium had stalled, leading the state to step in. "This acquisition is in line with the state's policy of sovereign ownership of mining resources to optimise exploitation for the benefit of the population," the decree said. Burkina Faso is Africa's fourth largest gold producer, producing more than 57 tons of gold in 2023. It plans to continue with the nationalisation efforts, which it has said will deliver more income for the state, particularly after a 27% surge in the price of gold this year. However, the reforms have alarmed Western investors, which also include Canada's IAMGOLD ( opens new tab, Nordgold and Australia's West African Resources Ltd ( opens new tab.
Business Insider
03-05-2025
- Politics
- Business Insider
From soldier to Symbol: How Ibrahim Traoré is becoming Africa's most loved and unapologetic leader
He came to power on September 30, 2022, after conducting a military coup that deposed then-interim president Paul-Henri Sandaogo Damiba, who had himself gained office in a coup just eight months earlier in January 2022. Ibrahim Traoré's rise to power and popularity Traoré is an artillery officer who had served in the army's counterterrorism operations against jihadist insurgents plaguing Burkina Faso and the Sahel region. He led the second military coup in 2022, ousting Lieutenant Colonel Paul-Henri Sandaogo Damiba, who had previously come to power in a January 2022 coup. He and fellow officers accused the previous leadership of failing to deal effectively with the country's worsening security situation. Since assuming power, Traoré has positioned himself as a revolutionary figure using anti-colonial and Pan-Africanist language, gaining inspiration from Burkina Faso's legendary former leader, Thomas Sankara. More than just a presentation, the revolutionary leader has demonstrated his anti-colonial sentiments. In the 3 years since being interim leader of the West African country, Ibrahim Traoré has been on a rapid campaign to rid his country of any traces of Western influence. This has been done by nationalizing local wealth and expelling French soldiers from Burkina Faso, noting that they wish to tackle their security problem independently. In place of French partnerships, the radical leader has opted instead for Russian friendship. In his administration so far, these moves have gathered for him a very high (unofficial) approval rating, not just in Burkina Faso, but across Africa, and amongst Africans in diaspora. Ibrahim Traoré's economic reforms As alluded to earlier, Burkina Faso is aiming for more control over its resources, and as such, has changed its mining legislation, creating a new state mining corporation, Société de Participation Minière du Burkina (SOPAMIB). This move immediately scored points with people who have been advocating for a pro-national government where the country's wealth is distributed primarily within its borders. Burkina Faso utilized SOPAMIB to obtain control of two industrial gold mines formerly controlled by a London-listed Endeavour Mining. In April 2025, Burkina Faso's military-led government granted an industrial mining license to the Russian company Nordgold for a new gold project. This move is projected to contribute 51.5 billion CFA francs ($89 million) to Burkina Faso's state budget over its lifespan, along with an additional 7.06 billion CFA francs to the country's mineral wealth fund, according to the Council of Ministers. Earlier in April, Burkina Faso noted that it aims to gain more control over foreign-owned industrial mines, and by extension, a larger share of revenue from its natural resources. This development underscore Burkina Faso's ongoing shift toward economic nationalism under its current leadership. While the long-term outcomes remain to be seen, the push for sovereignty over natural wealth represents a significant realignment in Burkina Faso's approach to economic governance and foreign investment. Ibrahim Traoré's geopolitical stance Burkina Faso has been locked in a deadly conflict with Islamist militants since 2015, and as a result, had called for international assistance to combat the issue. However, since taking power, Ibrahim Traoré had expelled said foreign backers, noting that they had been very ineffective in dealing with the security challenge. In January 2023, the 400-member Operation Sabre, which was sent in 2009 to combat armed organizations such as al-Qaeda in the area, was given a one-month ultimatum to leave the nation. This decision was made to create a self-sustaining security infrastructure, which so far has come with some drawbacks. 2024 alone saw the country suffer 5 of the most deadly t errorist attacks in Africa. Nevertheless, the Burkina Faso leader insists on finding help outside of an institution that had historically colonized its people. Currently, Burkina Faso is looking at military cooperation with Russia, and negotiations are showing positive signs. Fuel to Ibrahim Traoré's popularity While many knew of the wave of approval trailing Artica's youngest president, his popularity as a whole became evident during the inauguration of the Ghanaian president John Mahama, on the 7th of January, 2025. During the ceremony, the Burkina Faso leader stormed the stage with a pistol strapped to his holster. This was an interesting way to come to congratulate a fellow African head of state, and as a result, sparked some banter on social media. But what truly caught everyone's attention was the round of applause that accompanied his arrival. On that day, many social media users were introduced to the revolutionary West African leader, who had organically garnered the love of many Africans. Since then, it has been an accepted rhetoric on social media that Ibrahim Traoré is one of the most pro-African heads of states in the modern era. Subsequently, Traoré's popularity would peak after Gen. Michael Langley, the head of the U.S. military in Africa, declared publicly during a U.S congressional hearing that the Burkina Faso president had become a threat to peace, using his gold to shield himself. This, of course, did not bode well with young Africans who have begun to embrace him as the ideal image of a true African leader, and more than just a conversation online, people have taken to the streets to express their love and support for the man, calling for his protection. As recently as April 30th, large crowds of demonstrators gathered at Ouagadougou's Place de la Revolution, chanting, "Long live Captain Traore!" Some of them had banners that displayed a picture of Gen. Langley with the word "slave" scrawled in red marker on his head. Others carried the flags of Russia, a key friend of the West African nation, and Burkina Faso. It also did not help that the military government of Burkina Faso reported shortly before the demonstrations that a 'major plot' to overthrow the junta leader had been foiled. This has led to whispers that some foreign groups are plotting to depose the West African leader as a result of his anti-Western initiatives. Captain Ibrahim Traoré is no longer just the leader of a small, landlocked West African nation; for some, he has become a symbol of resistance, independence, and Pan-African pride. Whether he is remembered as a liberator or a controversial figure will depend on how the tides of history unfold, but one thing is certain: Traoré's actions, as presently constructed, have sparked a continental conversation, and possibly, a movement.
Business Insider
29-04-2025
- Business
- Business Insider
Junta-led Burkina Faso to nationalise more industrial mines
Burkina Faso plans to increase its control over foreign-owned industrial mines, as the country looks to capture a larger share of revenue from its natural resources. Burkina Faso plans to increase control over foreign-owned industrial mines to capture a larger share of revenue from natural resources. Revised mining code and state-owned mining company SOPAMIB strengthen national oversight and participation. The government took control of two industrial gold mines previously owned by Endeavour Mining. Burkina Faso plans to increase its control over foreign-owned industrial mines, according to its prime minister, as the country looks to capture a larger share of revenue from its natural resources. Following in the footsteps of neighbours like Mali and Niger, Burkina Faso revised its mining code last year and established a new state-owned mining company, Société de Participation Minière du Burkina (SOPAMIB), to strengthen national oversight and participation in the sector, Reuters reported. Burkina Faso used its newly established state-owned mining company, SOPAMIB, to take control of two industrial gold mines previously owned by London-listed Endeavour Mining, in a deal finalized late last year. In a nationally televised speech on Monday night, Prime Minister Jean Emmanuel Ouédraogo announced that the government intends to further expand its control over the country's natural resources. Burkina Faso's mining sector reforms have raised concerns among investors, but the country's military-led government argues that change is necessary to maximize revenue from its vast gold reserves and revive an economy strained by years of insecurity. Gold prices have surged more than 25% this year, driven by global geopolitical tensions and erratic trade policies under U.S. President Donald Trump. In 2023, Burkina Faso, despite ongoing conflict with Islamist militants since 2015, produced over 57 tons of gold. Major international players in the country include Canada's IAMGOLD and Australia's West African Resources Ltd. However, a newly revised mining code now prioritizes local expertise and suppliers, signalling what the government calls a "revolution" in managing the country's mineral wealth. Shifting alliances Since taking power through two coups in 2022, Burkina Faso's military-led government has seen its relationships with Western allies deteriorate. Like its junta-led neighbors Mali and Niger, the country has increasingly turned to Russia for both security support and economic collaboration. Just last week, the government granted an industrial mining license to Russian company Nordgold for a new gold project.
