Burkina Faso has completed the transfer of five gold mining assets to its state-owned company, finalising a process started in August.
This move aims to increase national control over mineral resources, following a mining code revision last year.
The country established Société de Participation Minière du Burkina (SOPAMIB) to manage and operate key mining assets.
The assets include two operating gold mines and three exploration licences previously held by subsidiaries of London-listed Endeavour Mining and Lilium.
Subsidiaries involved are Wahgnion Gold SA, SEMAFO Boungou SA, Ressources Ferké SARL, Gryphon Minerals Burkina Faso SARL, and Lilium Mining Services Burkina Faso SARL.
A stalled deal between Endeavour and Lilium prompted the government to intervene and take ownership of these assets.
The decree stated this acquisition supports the state’s policy of sovereign ownership to maximise benefits for the population.
Burkina Faso ranks as Africa’s fourth largest gold producer, with over 57 tons extracted in 2023 alone.
Nationalisation efforts are expected to boost state revenues amid a 27% rise in gold prices this year.
However, these reforms have unsettled Western investors, including Canada’s IAMGOLD, Nordgold, and Australia’s West African Resources Ltd.
Burkina Faso joins neighbours Mali and Niger in seeking greater control over their valuable mineral wealth.
The government asserts this path will optimise resource exploitation and strengthen economic sovereignty.
The unfolding story highlights Africa’s evolving resource nationalism amid global market pressures and rising commodity values.