Burkina Faso Demands 40% Kiaka Mine Stake, Up From 15% Under 2024 Mining Code

3 articles · Updated · Business Insider Africa · Jun 1

April 2026 brought Burkina Faso’s demand to lift its Kiaka gold mine holding to 40% from 15%, prompting West African Resources to suspend trading in its ASX-listed shares.
The push follows a 2024 mining code and a junta-backed decree aimed at expanding state control over mining under Captain Ibrahim Traoré’s military-led government.
Kiaka’s ownership had already shifted in August 2025, when West African cut its stake to 85% and the state’s free-carried interest rose from 10% to 15%; West African booked a $33.4 million hit.
A February 2026 draft decree had already outlined a state purchase of an additional 25% in Kiaka SA, showing the latest demand is part of a broader drive to raise public ownership across key mines.
Kiaka, acquired in 2021 and brought to first gold in June 2025, is central to West African’s plan to exceed 500,000 ounces a year by 2030.

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