The Burkinabe government has authorised the acquisition of an additional 25% stake in the Kiaka
gold project, for an estimated sum of 70 billion CFA francs (approximately $175 million).
The acquisition of a 25% stake in the Kiaka gold mine by the Burkinabe government was announced in a press release issued by the Australian mining company West African Resources Limited (WAF), the project operator, on the night of 20 April 2026.
This announcement follows the publication, on 16 April, of Decree No. 2026 0287/PF/PRIM/MEF/MEMC in the Official Journal of Burkina Faso.
This decree authorises the Société de participation minière du Burkina Faso (SOPAMIB), the state’s financial arm in the extractive sector, to acquire an additional stake in the capital of Kiaka SA. This stake is set at 25%, with a value of 70 billion CFA francs.
The implementation of this decision is entrusted to the ministers responsible for the economy and finance, as well as for energy, mines and quarries.
It forms part of a process initiated in February 2026, when the Council of Ministers examined a proposal aimed at increasing the state’s stake in this gold deposit.
According to several sources, this transaction is expected to bring the Burkinabe state’s total stake in Kiaka SA to around 40 percent, up from 15 percent previously.
In its press release, WAF states that it has held in-depth talks with the Burkinabe authorities regarding the restructuring of the shareholding.
The company specifies that it will work closely with SOPAMIB to finalise the terms of the transaction, with the aim of concluding it by the end of 2026.
WAF’s Executive Chairman and Chief Executive Officer, Richard Hyde, believes that the publication of the decree “removes the uncertainties” surrounding the state’s involvement in the project. He
adds that the proceeds from this sale will be distributed to shareholders in the form of a special dividend.
The group also states that its other assets in Burkina Faso, notably the Sanbrado and Toega mines, are not affected by this development.
Located in the commune of Gogo, in the province of Zoundweogo (Nazinon region), the Kiaka project covers more than 54 square kilometres and is one of the main gold deposits under development in the country.
HO/te/Sf/fss/as/APA