Burkina Faso’s junta leader, Ibrahim Traore, announced the intention to revoke mining permits from certain foreign companies while aiming to boost the nation’s gold production. In a radio address on Saturday, marking the two-year anniversary of his coup, Traore expressed his concerns about allowing multinational corporations to mine Burkina Faso’s gold, stating, “We know how to mine our gold and I don’t understand why we’re going to let multinationals come and mine it.”
Although he confirmed the plan to withdraw some mining permits, Traore did not specify which ones or provide additional details. Gold is the country’s main export, and the junta came to power in 2022 amid widespread frustration over a prolonged security crisis. Since then, it has shifted its foreign policy away from Western alliances and sought closer ties with Russia.
Current foreign operators in Burkina Faso include London-listed Endeavour Mining, Australia-based West African Resources, Russia’s Nordgold, and Canada’s Orezone Gold Corporation. However, these companies have faced operational challenges due to escalating insecurity. Despite the junta’s assurances to combat groups affiliated with Al Qaeda and Islamic State, the country experienced a significant rise in violent attacks in 2023, resulting in over 8,000 deaths, according to the U.S.-based crisis-monitoring organization ACLED.