this post was submitted on 01 May 2025
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April 29 (Reuters) - Burkina Faso plans to take control of more foreign-owned industrial mines, its prime minister said, as the West African nation seeks a bigger share of revenue from its resources.

Like neighbours Mali and Niger, Burkina Faso is pushing for greater control over its resources and revised its mining code last year, creating a new state mining company, Société de Participation Minière du Burkina (SOPAMIB).

It used SOPAMIB to gain control of two industrial gold mines previously owned by a London-listed Endeavour Mining (EDV.L), opens new tab in a deal finalised late last year.

Prime Minister Jean Emmanuel Ouédraogo said in a speech broadcast on national television late on Monday that the government planned to further expand control over its resources.

"SOPAMIB has already recovered two industrial mines, notably Boungou and Wahgnion, and this will continue," he said.

The mining sector reforms have worried investors. But Burkina Faso's military-led government says change is needed to maximize revenue from the country's vast gold reserves and reboot an economy hit by insecurity.

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[–] [email protected] 12 points 9 hours ago

"Fuck it they are gonna keep trying to kill me if I don't nationalize everything so I might as well" -President Traoré probably