Burkina Faso’s junta leader, Ibrahim Traore, announced plans on Saturday to withdraw mining permits from certain foreign companies as part of a broader strategy to boost domestic gold production. Speaking during a radio address commemorating the second anniversary of his rise to power following a coup, Traore expressed frustration with the presence of multinationals in the country’s mining sector, stating, “We know how to mine our gold and I don’t understand why we’re going to let multinationals come and mine it.” However, he did not specify which permits would be canceled or provide additional details about the initiative.
Gold is a crucial export for Burkina Faso, contributing significantly to the economy. The junta’s rise to power in 2022 was fueled by public discontent over a protracted security crisis, which has seen the country sever ties with traditional Western allies while strengthening relations with Russia. Major foreign companies operating in Burkina Faso’s gold mining sector include London-listed Endeavour Mining, Australia’s West African Resources, Russia’s Nordgold, and Canada’s Orezone Gold Corporation.
Despite the junta’s promises to stabilize the security situation, Burkina Faso has faced a marked increase in violence linked to groups affiliated with Al Qaeda and the Islamic State. According to data from the U.S.-based crisis-monitoring group ACLED, more than 8,000 people have reportedly been killed in attacks across the country in 2023 alone, exacerbating the already challenging environment for mining operations. As the junta looks to assert greater control over its natural resources, the implications for foreign investment and local communities remain uncertain.
