In an exciting development, the Australian-listed company has announced a significant milestone that arrived ahead of schedule and under budget. This achievement marks a robust beginning for what is expected to evolve into one of the region’s key gold operations, a testament to the careful planning and execution of the project.
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As reported by Miningmx, Richard Hyde, Executive Chairman of West African Resources, described the first golden pour from the Kiaka mine as “a major milestone” in their bold ambition to produce over 500,000 ounces of gold annually by the year 2030. Can you imagine the excitement and anticipation that must have filled the air on that day?
“The first gold comes just three and a half years after the acquisition of Kiaka, which is a remarkable achievement,” Hyde remarked, extending heartfelt gratitude to the construction team, their financial partners such as Sprott and Coris Bank, and the contractors whose efforts have brought this vision to fruition.
Back in November 2021, West African acquired a 90% stake in the Kiaka Gold Project located in Burkina Faso from B2Gold Corp and its partner, GAMS-Mining F&I, with the remaining 10% held by the Government of Burkina Faso. It’s a fascinating story of how quickly a vision can become a reality, don’t you think?
Construction at the site was completed ahead of schedule, specifically during the second quarter of 2025. This accelerated timeline speaks volumes about the effective strategic planning that went into the project. The inaugural gold pour underscores not just operational readiness, but also signifies a burgeoning investor confidence in West African Resources, especially within one of Africa’s most promising yet geopolitically intricate mining jurisdictions.
Burkina Faso’s Move to Secure Gold and Raise Revenue
It’s fascinating to observe how Burkina Faso is not just sitting back as a passive participant in the gold mining game. The country is undergoing comprehensive reforms aimed at enhancing state control, boosting revenue, and ensuring a greater share of the benefits remains within its borders. This kind of proactive approach could very well transform the landscape of mining in West Africa.
Gold is pivotal to the nation’s economy, contributing around 80% of export earnings and nearly 14% of the GDP. However, historical trends reveal that a substantial portion of this wealth has evaded government capture, primarily due to foreign ownership, lax regulation, and illicit market activities. Isn’t it essential for countries rich in resources to re-evaluate how they engage with these assets?
In July 2024, significant strides were made as the government revised its mining code. The state’s free equity in new projects increased from 10% to 15%, and there’s now an option to acquire an additional 15%. Furthermore, the government mandated greater ownership by Burkinabè individuals and shortened permit durations to enhance regulatory oversight. Companies are now obliged to contribute to national gold and mining development funds, as well as process a portion of their output domestically. Imagine the positive ripple effects this could have on local economies!
The state has also taken decisive steps by taking over several major mines through SOPAMIB, a newly established state-owned entity. This move represents a shift towards a stronger national control of valuable gold assets. Coupled with the construction of a national gold refinery in Ouagadougou to reduce dependence on foreign processing, these strategies indicate a commitment to improving export transparency. To combat illegal trade, the government even temporarily suspended small-scale export permits—a necessary albeit challenging step in ensuring compliance.
Collectively, these initiatives illustrate a strategic pivot towards economic sovereignty. The Burkinabè government aims to harness its gold wealth for sustained national development. If successful, Burkina Faso’s approach could serve as a blueprint for other resource-rich nations across Africa. Are we witnessing the dawn of a new era in resource management?
In summary, the recent developments surrounding the Kiaka mine and the overarching reforms in Burkina Faso represent a narrative rich with potential. They reflect a drive towards optimizing the benefits of natural resources while acknowledging the complexities involved. As we navigate these transformative times, one can’t help but wonder: will these efforts redefine the mining sector in West Africa for generations to come?
Edited By Ali Musa
Axadle Times International – Monitoring.
