OUAGADOUGOU — Burkina Faso has witnessed a significant increase in state revenue from industrial gold production, which soared to 529.25 billion FCFA in 2023 from just 8.91 billion FCFA in 2008, according to recent data released by the Ministry of Mines.

According to Burkina Information Agency, the remarkable growth in revenue can be attributed to enhanced regulations and the implementation of the 2015 Mining Code, which has effectively streamlined the gold mining sector’s operations. The increase in industrial gold output, which reached 56.85 tonnes last year, underscores the sector’s expanding capacity and efficiency under the new legal framework.

Further reforms were introduced as the Burkinabè National Assembly passed a new mining code yesterday, aiming to tighten the supervision of gold and precious metals’ exploitation and marketing. This latest code mandates that international mining companies must allow Burkinabe investors to participate in their capital and contribute to the national gold reserve. Additionally, the state’s stake in mining companies will increase from 10% to 15%, with enhanced rights to claim dividends either in cash or kind.