July 20, 2024

Burkina Faso set to strengthen its gold mining dominance with New Kiaka mine

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Burkina Faso set to strengthen its gold mining dominance with New Kiaka mine

Burkina Faso set to strengthen its gold mining dominance with New Kiaka mine

Burkina Faso is poised to reinforce its status as a leading gold producer in West Africa, trailing only Ghana and Mali. West African Resources, a prominent player in the nation’s mining sector, has recently announced a significant development that promises to bolster the country’s gold industry.

West African Resources has revealed plans to launch a new gold mine in Kiaka, expected to commence operations in the third quarter of 2025.

This mine is projected to have an average annual production capacity of 234,000 ounces, with potential peak production reaching up to 258,000 ounces annually during its first five years.

The announcement comes as a significant boost for Burkina Faso’s economy, promising substantial revenue streams and job creation in the mining sector.

“The entry of the Kiaka mine into production is anticipated to generate free cash flow of $3.4 billion,” according to reliable sources. The CEO of West African Resources stated, “We anticipate producing more than 4.2 million ounces over the next decade, with a peak expected in 2030 at 494,000 ounces of gold per year.”

West African Resources already operates the Sanbrado mine in Burkina Faso, which has demonstrated the nation’s rich gold reserves and contributed significantly to its status as a leading gold producer.

The addition of the Kiaka mine further cements Burkina Faso’s reputation as a prime destination for mining investments in West Africa.

Burkina Faso’s gold potential extends beyond current production. The country continues to attract new investors, drawn by its vast reserves and favorable regulatory environment.

This trend is expected to sustain steady growth in the mining sector, bringing positive economic impacts.

The mining industry plays a crucial role in Burkina Faso’s economic development.

Revenues from gold are essential for funding infrastructure projects, improving public services, and driving economic diversification.

The Burkinabe government is committed to ensuring that the exploitation of natural resources benefits the entire population, through transparent and equitable management of mining revenues.

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