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Burkina Faso has acquired 200 kilos of gold from Canadian miner Endeavor. The decision to buy gold produced from the Mana mine was made in the public interest, and the company would be fully compensated; the country’s energy and mines ministry said
Burkina Faso has acquired 200 kilos of gold from Canadian miner Endeavor. The decision to buy gold produced from the Mana mine was made in the public interest, and the company would be fully compensated; the country’s energy and mines ministry said.
The decision to requisition gold is driven by public necessity, which requires the state to ask certain mining companies to sell part of their gold production, which is a universal means of purchasing foreign currency to shore up reserves.
Burkina Faso’s finances have been hit hard by sanctions prompted by two army takeovers last year. The is engrossed in a fight against a militant insurgency in the north and east of the country. Endeavor is headquartered in the UK. It is the biggest gold miner in the Sahel country.
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Burkinabe authorities said that the transaction was exceptional and temporary. They also maintained that the acquisition was done in compliance with rules governing the trade in gold. The Mana gold mine produced 6.04 tons of gold in 2022, according to official figures. It is owned by Endeavor Mining, which merged in 2020 with Canada’s Semafo to form one of the largest gold producers in West Africa.
