West African Resources (WAF), Burkina Faso’s largest gold producer and a leading foreign investor, has confirmed the implementation of the country’s revised 2024 mining code, which increases the government’s free-carried equity stake in gold projects from 10% to 15%. The adjustment covers its flagship Sanbrado, Kiaka, and Toega mines, as outlined in a company statement, Mining Weekly reported.
The new law, adopted in July, is part of reforms designed to enhance national revenues from mining, a sector that delivered 56.85 tons of industrial gold in 2023, compared to just 5.5 tons in 2008, data from the Library of Congress indicated. WAF noted that its 2025 production target of 190,000–210,000 ounces and its all-in sustaining cost of under $1,350 per ounce remain unchanged, while the Kiaka project is still on schedule for first gold by the third quarter of 2025.
Industry analysts have described the compliance move as a stabilizing factor for investors concerned about policy uncertainty in West Africa. They argue that while Burkina Faso’s mining reforms echo a wider resource nationalism trend across Africa, WAF’s proactive alignment could strengthen investor confidence in the country’s mining sector, as highlighted by BusinessTech Africa.
