The government of Burkina Faso has announced plans to nationalize additional foreign-owned industrial mines as part of a broader strategy to secure a larger share of revenue from its natural resources. This move aligns with ongoing efforts to reform the country’s mining sector and bolster its economy, which has been strained by persistent insecurity.
In a televised address on Monday evening, Burkina Faso’s Prime Minister, Jean Emmanuel Ouédraogo, outlined the government’s intention to expand state control over the nation’s mining assets. “The government plans to further extend its control over our resources,” Ouédraogo stated. He highlighted the success of the newly established state-owned mining company, Société de Participation Minière du Burkina (SOPAMIB), which has already taken over two industrial gold mines—Boungou and Wahgnion—previously owned by London-listed Endeavour Mining. The acquisition was finalized late last year in a deal valued at approximately $80 million, a significant discount from the $300 million initially agreed upon by Endeavour Mining.
Ouédraogo emphasized the achievements of state-controlled mining initiatives, noting that the National Company for Precious Substances collected over 8 tons of gold in 2024 and an additional 11 tons in the first quarter of 2025. “For the first time in our history, the government is working to establish a national gold reserve,” he said, adding, “We must see more benefits from mining in Burkina Faso, not just the consequences borne by our people”. According to Reuters, “SOPAMIB has already recovered two industrial mines, notably Boungou and Wahgnion, and this will continue,” he said.
Burkina Faso, like its neighbors Mali and Niger, began revising its mining code in 2023 to prioritize national interests. The new legislation emphasizes the use of local expertise and suppliers, aiming to create a “revolution in how we manage our mineral wealth,” according to government statements. The reforms have raised concerns among foreign investors, who fear reduced access to the country’s vast gold reserves. However, the government argues that these changes are essential to increase revenue and revive an economy weakened by ongoing security challenges.
In 2023, Burkina Faso produced over 57 tons of gold, making it one of Africa’s top gold producers. The government’s push for nationalization follows a trend in the region, with countries like Mali and Niger also moving to assert greater control over their natural resources. Burkina Faso’s approach reflects a growing desire in West Africa to renegotiate the terms of resource extraction to benefit local economies, said Dr. Kwame Asiedu, an expert in African political economy at the University of Ghana.
According to mining weekly, Last week, Burkina Faso granted an industrial mining license to Russian mining company Nordgold for a gold project in Kourweogo province, located in the Plateau-Central region. This decision has sparked debate, as the government has simultaneously moved to restrict foreign involvement in mining. President Ibrahim Traoré has expressed intentions to limit foreign mining operations, with exceptions for Russian firms. The nationalization efforts have also included the construction of a state-owned gold refinery, with Burkina Faso unveiling its first domestically produced gold bars in December 2024. “This is a significant step toward economic sovereignty,” Traoré said.
While the government views nationalization as a pathway to economic empowerment, some analysts warn of potential risks. “Tighter state control could deter foreign investment, which has been critical to developing Burkina Faso’s mining sector,” cautioned a 2025 Bloomberg report on global economic trends. The report noted that investor confidence has been shaken by the rapid pace of reforms, though the government insists that the changes will lead to long-term stability.
Local communities, often impacted by the environmental and social costs of mining, have expressed mixed sentiments. “We want the wealth from our land to stay here, but we also need jobs and safety,” said Aissata Diallo, a community leader in northern Burkina Faso, in an interview with Al Jazeera. She highlighted the need for the government to balance economic gains with social protections.
Burkina Faso’s nationalization plans are part of a broader regional shift toward resource sovereignty, as evidenced by discussions among Mali, Niger, and Burkina Faso to create a shared currency to replace the CFA franc, a remnant of French colonial rule. These efforts aim to reduce economic dependence on external powers and foster regional integration.
As Burkina Faso continues to reshape its mining sector, the international community will be closely watching how the government balances its ambitious reforms with the need to maintain economic stability and investor confidence. For now, the country remains committed to its vision of a mining industry that prioritizes national interests and delivers tangible benefits to its people.
