Burkina Faso is moving to acquire an additional 25% equity stake in the Kiaka Gold Project in a process that is unfolding through negotiation rather than confrontation. As reported by Business Insider Africa, minutes from the Council of Ministers meeting held on February 19, 2026, show that the government is reviewing a draft decree aimed at securing an extra stake in Kiaka SA.
The process is being handled through Société de Participation Minière du Burkina Faso (SOPAMIB), the state’s mining investment arm, reflecting what officials describe as a structured and collaborative approach.
Constructive Engagement with West African Resources
Kiaka SA, which operates the major gold project, is primarily controlled by West African Resources Limited (WAF). As of late 2021, WAF held a 90% stake, while the State of Burkina Faso owned 10%.
Discussions between the company and the government have remained constructive. WAF’s Executive Chairman and CEO, Richard Hyde, stated that the engagement reflects a shared vision to develop a strong and sustainable mining industry that benefits the Burkinabé people while delivering long-term value to investors. He added that operations at both Sanbrado and Kiaka have continued unaffected during the talks.
Notably, WAF’s other projects, Sanbrado and Toega, are not part of the current negotiations, signaling a focused and measured approach.
Resource Nationalism Under Ibrahim Traoré
The negotiations take place within a broader policy shift under Ibrahim Traoré, who came to power following the September 2022 coup. Since then, Burkina Faso’s leadership has strengthened state involvement in the mining sector.
The government has centralized gold purchases through state-linked entities, restricted artisanal gold exports to combat smuggling, and announced plans to expand local processing capacity. In 2024, the updated Mining Code increased the state’s free-carried equity in mining operations from 10% to 15%. By 2025, West African Resources had aligned its key projects, Sanbrado, Kiaka, and Toega, with the new legislation.
Lessons from Previous Mining Disputes
Burkina Faso has previously taken a firmer stance in mining conflicts. A legal dispute between Endeavour Mining Plc and Lilium Mining, concluded in August 2024, resulted in the government acquiring ownership of key mines.
Under the settlement terms, Lilium transferred ownership of the mines to the state. In return, Burkina Faso agreed to pay Endeavour $60 million and a 3% royalty on up to 400,000 ounces of gold produced at the Wahgnion mine. That episode underscored the government’s determination to assert greater control over strategic resources.
Record Gold Production Strengthens Position
Burkina Faso’s mining sector recorded a historic performance in 2025, with national gold output reaching 94 tonnes, according to official figures from the Ministry of Energy, Mines, and Quarries. The record production has strengthened the government’s position as it seeks to expand its shareholding in major projects.
If finalized, the additional 25% stake in Kiaka would significantly deepen state participation in one of the country’s flagship gold ventures. At the same time, the peaceful negotiations suggest that Burkina Faso is attempting to balance sovereignty over its mineral wealth with the need to maintain investor confidence in a competitive global mining industry.
