The story and data of Burkina Faso’s push to take 40% of a highly successful new gold mine

In April, Burkina Faso demanded that its stake in West African Resources Limited’s Kiaka mine be increased from 15% to 40%.

• In April 2026, Burkina Faso demanded an increase in its stake in the Kiaka gold mine from 15% to 40%.
• The move aligns with new mining legislation and a government decree to strengthen state control over mining.
• Kiaka gold mine began production in 2025, achieving its first gold pour just three and a half years after its acquisition.
• West African Resources reduced its stake from 90% to 85% in August 2025, with the government increasing its stake to 15% at that time.

The move was in line with the country’s decision, under a military-led government headed by Captain Ibrahim Traoré, to expand state control over the mining sector through a decree adopted by the Council of Ministers, in line with mining legislation introduced in 2024.

Gold production in the Kiaka mine

B2Gold Corp. and its partner, GAMS-Mining F&I, sold 90% of the Kiaka Gold Project in Burkina Faso to West African in November 2021. The Burkina Faso government owns the remaining 10%.

In keeping with its ambitious project timeframe, the business finished work at the site in the second quarter of 2025.

The first gold pour took place in June 2025 after the Kiaka gold production center's development was finished in 2025, according to its 2025 report.

The first gold bar poured for Kiaka, weighing 5.7 kg (183.3 troy oz), was recorded.

“First gold comes just three and a half years after the acquisition of Kiaka, which is a remarkable achievement,” West African Executive Chairman Richard Hyde stated.

“First gold at Kiaka is a major milestone for West African Resources, and a key step towards our target of being a +500,000 ounces per annum gold producer by 2030,” he added.

August 2025 marked the start of Kiaka's operational reporting. Kiaka is located 45km south of Sanbrado mine, another gold mine owned by WAF.

The mine is run by mining licenses granted to distinct Burkina Faso-registered businesses that are 15% held by the Burkina Faso government and 85% controlled by WAF.

Kiaka produced 95,155 ounces of gold in 2025 from 3,914 kt of ore, with an average head grade of 0.8 g/t and 91.3% recovery. Kiaka processing plant activities began in Q3 2025.

Kiaka produced 148,946 ounces of gold in 2025 from 6,606 kt of ore with an average grade of 0.7 g/t.

Burkina Faso’s push for more equity

Burkina Faso’s push to increase its stakes in the Kiaka Gold Mine began in August 2025, when the Junta Government expressed its interest in acquiring, for paid consideration, an additional 35% equity interest.

Months prior, according to the ASX statement titled "WAF to align with 2024 Burkina Faso Mining Code," WAF declared on June 4, 2025, that it would align the equity ownership of its three mining projects, Sanbrado, Kiaka, and Toega, with the new Burkina Faso Mining Code.

Following that announcement, in August of 2025, the State of Burkina Faso reduced WAF’s equity interest from 90% to 85% as Burkina Faso increased its free carried equity interest in SOMISA, Kiaka SA, and Toega SA (the operating subsidiaries that own Sanbrado, Kiaka, and Toega, respectively) from 10% to 15%.

WAF recorded the 5% equity interest transfer to Burkina Faso in the Consolidated Statement of Changes in Equity as “a $33.4 million decrease in retained profits and a matching increase in the non-controlling interest in the half year.”

A draft decree authorizing the government to purchase an extra 25% equity share in the capital of Kiaka SA was discussed during a meeting of the Burkina Faso government's Council of Ministers on February 19, 2026.

By April 2026, WAF had been informed by Burkina Faso that the country intends to increase its ownership of the Kiaka gold mine from the 15% previously agreed upon to 40%.

Following the announcement, the company suspended trading in its shares on the Australian Securities Exchange.