Burkina Faso’s military-led government has granted an industrial mining license to Russian company Nordgold for a new gold project.
The move comes as the West African nation seeks to capitalize on record-high gold prices to strengthen an economy battered by ongoing insecurity,
Burkina Faso reaffirmed its commitment to deepening its partnership with Russia, emphasizing that the partnership extends beyond military alliance
Under Burkina Faso’s new mining regulations, Jilbey Burkina will retain an 85% ownership stake in the project, while the Burkinabe government will hold the remaining 15% without any financial contribution.
The project is expected to contribute 51.5 billion CFA francs ($89 million) to Burkina Faso’s state budget over its lifespan, along with an additional 7.06 billion CFA francs to the country’s mineral wealth fund, according to the council of ministers.
