Burkina Faso’s Government grants gold mining license to Russian company
Burkina Faso’s transitional government has granted a new license to exploit a gold mine located in north-central Burkina Faso to the Russian company Nordgold.
The government explained in a statement that the mine’s operating area is 52.8 square kilometers, and that its total expected production exceeds 20.2 tons of gold over eight years.
The exploitation of this mine is expected to directly support the Burkinabe state budget by approximately 51 billion CFA francs (about 77.8 million Euros), with 7 billion CFA francs (about 11.9 million Euros) allocated to the Mining Development Fund, according to official data.
According to the same data released by the Burkina Faso government, the eight-year exploitation project will create “204 job opportunities, including 75 direct jobs and 129 indirect jobs”.
Through its two subsidiaries, Tabarko Mining and Besa Gold, NordGold operates three gold mines in northern Burkina Faso.
In April 2022, it announced the closure of the Tabarko mine for what it called safety reasons.
Gold production in Burkina Faso, which boasts 17 industrial mines, contributes approximately 14% of the country’s revenue.
Construction of a gold refinery began in late 2023, as over the past 12 years, the mineral has become the country’s primary export product, surpassing cotton with an annual production of approximately 70 tons.
Since Captain Ibrahim Traoré came to power in a military coup in September 2022, Burkina Faso has strengthened its political, economic, and security ties with Russia, following strained relations with France, the country’s traditional partner.
