Burkina Faso moved this past week to take an additional 35% of West African Resources’ Kiaka mine, forcing a trading halt.
The company said the government requested the extra stake in Kiaka, which poured its first gold in June, “for valuable paid consideration.” The halt follows the ask and signals the next phase of the country’s resource-nationalization push.
Orezone Gold, operator of the Bomboré mine, also halted trading after the notice. Orezone said it has received no similar request and planned to meet officials this weekend.
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The government is consolidating assets under its new state miner, Société de Participation Minière du Burkina. In June, five gold mines and exploration permits previously held by Endeavour Mining and Lilium were transferred to the state firm.
The campaign began in August 2024 with the nationalization of the Boungou and Wahgnion mines for about $80 million, well below the roughly $300 million valuation tied to their prior sale process.
Other operators remain exposed. IAMGOLD continues to run Essakane, where the state owns 10%, while security risks still weigh on operations.
West African Resources has scaled into a 500,000-ounce-per-year producer at low cost and says it has already paid hundreds of millions in taxes and royalties to Burkina Faso, with revenues expected to reach the billions as Kiaka ramps up.
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