Burkina Faso to Nationalize More Gold Mines Amid Record Prices

Burkina Faso announced Monday that it will move to nationalize more of its gold mines as part of an ongoing effort by the government to increase revenue from gold exports.

In a televised address, Prime Minister Jean Emmanuel Ouédraogo confirmed that two industrial gold mines had already been acquired from Western companies and that additional sites will be transferred to the state-owned Société de Participation Minière du Burkina (SOPAMIB).

Last year, Burkina Faso revised its mining code to allow for greater government control over its mineral resources, which have largely been managed by Western companies since the country gained independence in 1960.

The move aligns with a broader regional trend among Burkina Faso’s allies in the Alliance of Sahel States (AES)—Mali and Niger—who are also nationalizing their mining sectors, increasing state revenues, and removing several Western companies from their territories.

Gold prices are currently at record highs, rising more than 25% this year amid global instability and uncertainty tied to U.S. President Donald Trump’s tariff policies. In his address, Prime Minister Ouédraogo stated that Burkina Faso previously received only 20–25% of the total value of its mineral exports. Gold now accounts for approximately 14% of state revenue and has become increasingly critical as the country continues to face an internal civil war that began in 2015. Large areas remain under the control of Al-Qaeda-affiliated rebels, severely hampering production and development.

While phasing out Western companies, Burkina Faso is continuing to welcome partners aligned with its current geopolitical orientation. Last week, the government granted a gold mining license to Russian firm Nordgold. Approved by the Council of Ministers, the license gives Nordgold the right to develop the Niou mine, which is estimated to produce over 20 tons of gold over the next eight years.

Following a 2021 coup that brought a military-led government to power, Burkina Faso has moved to end Western influence—expelling French forces and forging stronger political, military, and economic ties with Russia alongside its AES partners.

Gold also plays a role in the broader geopolitical landscape. Last week, authorities in Ouagadougou announced they had thwarted a coup attempt allegedly originating from neighboring Ivory Coast. The announcement came just one day after the U.S. government accused Burkinabe President Ibrahim Traoré of hoarding gold reserves and issued threats of potential arrest.