OUAGADOUGOU – The government of Burkina Faso, represented by the Minister of Economy and Finance, Aboubakar Nacanabo, finalized agreements on Monday with private sector entities Lilium Mining and Endeavor Mining to acquire management control of the Boungou and Wahgnion mines. This strategic acquisition marks the end of ongoing disputes between the involved mining companies over transactions related to these mines.

According to Burkina Information Agency, the agreements include a royalty agreement, a transactional agreement, and a payment agreement with Endeavor Mining, alongside a share sale with Lilium Mining and its banking partner, Vista Bank. The State’s acquisition costs are set at approximately $90 million, inclusive of $60 million in direct payments and additional royalties projected from an output of 400,000 ounces of resources.

Minister Nacanabo, supported by Yacouba Zabré Gouba, Minister of Mines, and Fatoumata Bako/Traoré, Minister Delegate in charge of the Budget, emphasized the government’s commitment to the mining sector. He assured that the transition would not affect the employment status of the current workers at both mines, indicating that operations would proceed uninterrupted under state management.

The acquisition is part of a broader initiative by the Burkinabe government to enhance its management of natural resources, aiming to bolster the country’s financial position and ensure that mining benefits reach the local population effectively.