Military governments in Mali, Burkina Faso and Niger are moving to nationalize key mines and boost state stakes in others, casting the shift as a bid to reclaim sovereignty over gold and uranium and end what they call Western exploitation.
Since coups between 2020 and 2023, the three states have rewritten mining codes, revoked licenses and taken over assets long run by foreign companies. The trio formalized their Alliance of Sahel States (AES) in September 2023 and notified their withdrawal from ECOWAS in January; a six‑month negotiation window expires July 29.
“The nationalization of resources is central to the juntas’ message: they’re taking charge without Western interference,” said Ulf Laessing, who heads the Konrad Adenauer Foundation’s Sahel program in Mali. He said many in the region believe outsiders profited disproportionately from their minerals.
By the numbers (industry data cited):
- Mali produced about 100 tonnes of gold in 2024, ranking second in Africa and 11th globally.
- Burkina Faso followed with roughly 94.4 tonnes.
- Niger mined 33.6 tonnes of gold and was seventh worldwide in uranium output (2,020 tonnes in 2022).
Country moves
Mali
- New code allows the state to take up to 35% of projects.
- Government has nationalized or seized stakes in B2Gold’s Fekola and the Yatela and Morila mines, and appropriated gold from Barrick’s Loulo‑Gounkoto complex.
- Barrick filed for ICSID arbitration in December 2024.
Burkina Faso
- Revised its code to raise local ownership and opened a first national gold refinery.
- Nationalized five licenses, including the Boungou and Wahgnion mines, reportedly via state vehicle SOPAMIB at below‑market prices.
- Russia’s Nordgold and Australia’s West African Resources remain active, but face tighter state terms.
Niger
- Focused on uranium: stripped French firm Orano of its license and took full control of the Somair mine.
- Gold remains largely in informal hands, though state explorer Cominair SA is expanding its reach.
Security and investor risks
Armed groups tax and control informal sites across large swathes of territory — about 40% of Burkina Faso is beyond state authority, Laessing noted — complicating any attempt to bring artisanal gold under formal oversight. Mali and Niger face similar insurgencies.
With Western aid waning, juntas are hunting for revenue as gold prices climb. Yet Laessing doubts their capacity to run complex operations alone. Russian firms like Nordgold can handle some assets, he said, but deposits on the scale of Barrick’s may exceed their technical depth. China already has a foothold in Mali’s lithium and could deepen ties, but instability and policy volatility may still deter investment.
“If security and governance don’t improve, exploiting these resources more effectively than before will be tough,” Laessing warned.