Burkina Faso opens first gold refinery to process more bullion domestically

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Burkina Faso opens first gold refinery to process more bullion domestically

BBC World · 1 hour ago

Burkina Faso has opened its first gold refinery as its military-led government seeks to process more of the country’s mineral wealth domestically and tighten state control of the mining industry. Junta leader Ibrahim Traoré says the plant will help reduce reliance on exporting raw materials and keep more of the value from gold production in the country.

The refinery, in Ouagadougou, cost more than 11 billion CFA francs (about $19m or £14m) and is initially designed to process up to 164 tonnes of gold a year; the government says capacity could eventually reach 515 tonnes. Burkina Faso is a major gold producer, but informal mining, smuggling and jihadist violence complicate oversight, and the government alleges illegally traded gold helps fund insurgents. Recent measures have included establishing a state-owned mining company, requiring foreign firms to give the state a 15% stake and suspending exports from artisanal and semi-mechanised mines.

  • Burkina Faso has opened its first gold refinery in Ouagadougou.
  • The government wants more gold processing and profits to stay in the country.
  • The plant can initially refine 164 tonnes a year, with higher capacity planned.

World

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Originally published by BBC World as “Burkina Faso’s junta leader opens major gold refinery to keep mining profits at home”.