Burkina Faso has opened its first gold refinery in the capital Ouagadougou as the military-led government seeks greater control over one of the country’s biggest sources of revenue.
President Ibrahim Traore inaugurated the Raffinor-BF refinery on Monday, with the facility initially able to process up to 164 tonnes of gold a year. The government plans to increase capacity to 515 tonnes.
The refinery, built on five hectares at a cost of more than $19 million, was financed by the government through the National Precious Metals Company (SONASP) and private-sector investors.
Speaking at the launch, Traore said the refinery would allow Burkina Faso to process, control and certify more of its gold domestically rather than export it in raw form.
“From now on, gold from Burkina Faso must not only be extracted in Burkina Faso, but it must also be processed, controlled, valued and certified in Burkina Faso. Natural resources belong to the people. They must contribute to improve their living conditions, with respect for the environment, social justice and in the interest of future generations,” he said.
Burkina Faso produced about 94 tonnes of gold last year, according to government figures, meaning the refinery’s initial capacity is significantly above current annual output.
The planned expansion would give the facility additional capacity for future domestic production and potentially gold from other sources.
Gold is a major source of revenue for Burkina Faso, but mining has been disrupted by years of attacks by armed groups linked to al Qaeda and Islamic State. The government has also sought to strengthen its control over the sector and curb illegal gold trading.
The refinery is part of measures introduced under Traore’s government as it seeks greater economic independence. Since taking power in a 2022 military coup, the junta has reduced ties with several traditional Western partners and emphasized greater national control over the country’s natural resources.
Burkina Faso’s move comes as other West African countries seek to increase domestic processing of their mineral wealth.
Guinea has restricted exports of unrefined gold and is developing a refinery, while Mali is building a refinery with Russia’s Yadran Group. Ghana has tightened rules on gold exports, while Ivory Coast plans to open a refinery next year.
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Faustine Ngila is the AI Editor at Impact Newswire, based in Nairobi, Kenya. He is an award-winning journalist specializing in artificial intelligence, blockchain, and emerging technologies.
He previously worked as a global technology reporter at Quartz in New York and Digital Frontier in London, where he covered innovation, startups, and the global digital economy.
With years of experience reporting on cutting-edge technologies, Faustine focuses on AI developments, industry trends, and the impact of technology on society.
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