Burkina Faso Opens First Gold Refinery

Burkina Faso has opened its first gold refinery as the government seeks greater control over the natural resources of the country and aims to reduce its reliance on foreign states and companies.

President Ibrahim Traore opened the refinery, known as Raffinor-BF, in the capital Ouagadougou on Monday.

“From now on, gold from Burkina Faso must not only be extracted in Burkina Faso, it must be processed, controlled, valued and certified in Burkina Faso,” Traore said at the opening.

The refinery was built on five hectares and has an initial capacity to process 164 tonnes of gold per year, with plans to increase capacity to 515 tonnes, according to the presidency.

Burkina Faso produced 94 tonnes of gold last year, according to government figures.

The facility cost more than 11 billion CFA francs ($19 million) and was financed by the government, including through the National Precious Metals Company, known as SONASP, as well as private-sector investment.

The refinery is part of the government’s broader effort to process more of the country’s natural resources domestically rather than exporting them in raw form.

Traore said Burkina Faso’s natural resources should benefit its population, while also being managed with consideration for the environment, social justice and future generations.

Across West Africa, governments have taken steps to increase control over their mineral resources, including changes to mining regulations and restrictions on the export of unprocessed minerals.

Burkina Faso is one of the region’s major gold producers, although its mining sector has been disrupted by insecurity linked to militant activity.

SOURCE: TRT Afrika