[REVISION HISTORY]

Gold mining production and investment in West Africa

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2026-10-01 02:41 UTC → 2026-10-03 00:50 UTC · added ~~removed~~

Burkina Faso’s gold sector has experienced significant economic growth, with 2025 exports valued at approximately $10 billion, accounting for over 91% of the nation’s total export value. This surge has drawn interest from Saudi Arabian investors, including Sarmady Co., who met with the Burkinabe ambassador in Riyadh to discuss potential mining partnerships, noting that local security improvements are a key factor for future cooperation. By June 2026, mining production in the region continued to rise. In Burkina Faso, industrial gold production saw a 39.6% year-on-year increase in June, with mines producing 4.477 tonnes compared to 3.206 tonnes in the previous year. Cumulative industrial production reached 26.752 tonnes for the first half of the year, representing a 10.3% increase over the same period in 2025. Senegal also reported growth in its gold sector, with production value rising by 10.1% in June to 62.5 billion FCFA. On September 28, 2026, President Ibrahim Traoré inaugurated the country’s first national gold refinery, RAFFINOR-BF, in Ouagadougou. This facility represents a strategic move toward economic sovereignty and the local transformation of mineral resources. Established with an investment of over 11 billion ~~FCFA, primarily mobilized by the state through the Société Nationale des Substances Précieuses (SONASP) in partnership with the national private sector,~~ FCFA (approximately $19 million or €16.8 million), the plant uses automated technology to produce gold bars with a purity of up to 99.99%. In its initial phase, the refinery has a processing capacity of ~~164~~ approximately 150 to 167 tons of gold per year, with plans to expand to a total capacity of 515 tons. The project is expected to create approximately 100 direct jobs and 5,000 indirect ~~jobs, allowing~~ jobs. By transitioning from a raw material exporter to a processor, the ~~country~~ government intends to ~~better control~~ capture more value, improve traceability to combat smuggling and the ~~gold value chain, including refining, assaying,~~ financing of armed groups, and ~~certification.~~ increase public revenue.

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