Burkina Faso has opened its first gold refinery as the government seeks greater economic sovereignty.
“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,” President Ibrahim Traore said on Monday at the opening of the refinery, known as Raffinor-BF.
Across West Africa, governments are taking steps to reclaim control over their natural resources by rewriting mining codes, banning exports of raw produce and boosting government ownership. Guinea and Ghana recently restricted gold exports. Mali said it was building a gold refinery together with a Russian company, and Côte d’Ivoire announced it would open one next year.
Burkina Faso is one of the region’s main gold exporters, but the sector has been disrupted by terrorism.
‘Natural resources belong to the people’
Under Traore, Burkina Faso has presented natural resources as a sovereignty issue. The refinery is part of the government’s campaign to reduce its dependence on foreign states and companies, in particular the West, and to process natural resources at home, instead of exporting raw produce.
“Natural resources belong to the people,” Traore said. “They must contribute to improve their living conditions, with respect for the environment, social justice and in the interest of future generations.”
Built on five hectares in the capital Ouagadougou, the refinery has a capacity of 164 tonnes of gold per year, the presidency said, with a target capacity of 515 tonnes. Burkina Faso produced 94 tonnes of gold last year, according to the authorities.
Raffinor-BF 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, and by the private sector.
