According to the minutes from the Council of Ministers’ February 19, 2026, meeting, the government is examining a draft decree to control an additional 25% equity stake in the capital of Kiaka SA, a large gold mine, in order to fulfill the legal need for ministerial consent.
These conversations, coordinated by the government’s legal body, Société de Participation Minière du Burkina Faso (SOPAMIB), demonstrate a collaborative approach.
WAF has been engaged constructively, ensuring that any increase in government ownership is in the financial interests of existing shareholders and financiers.
Beyond Kiaka, SOPAMIB has confirmed its commitment to working with WAF on future mining projects that would increase national involvement, create employment, and unleash more social and economic advantages from Burkina Faso’s mineral resources.
Importantly, WAF’s other projects, Sanbrado and Toega, were not included in these conversations, showing a focused and measured approach.
Kiaka SA, which runs the Kiaka Gold Project in Burkina Faso, is primarily controlled by ASX-listed West African Resources Limited (WAF), which has a 90% share as of late 2021. The State of Burkina Faso holds the remaining 10%.
“We appreciate the constructive engagement and continued support of the Government of Burkina Faso.
Our discussions with the Government regarding the ownership structure of Kiaka and the potential for cooperation on new projects have reflected a shared vision to develop a strong and sustainable mining industry that benefits the Burkinabé people and delivers long-term value for all stakeholders,” WAF Executive Chairman and CEO Richard Hyde stated.
“Operations at Sanbrado and Kiaka have continued unaffected throughout this engagement with the Government,” he added.
Burkina Faso’s push to centralize its resources
Since the September 2022 coup, which put Ibrahim Traore in power, the junta administration of Burkina Faso has consolidated gold purchases through state-linked businesses, limited artisanal gold exports to combat smuggling, and announced plans to expand local processing capacity.
The case famously resulted in the government acquiring mines and paying royalties to previous owners.
As part of the settlement, Lilium was ordered to hand over ownership of the mines to the Burkina Faso government.
In exchange, Burkina Faso was instructed to pay Endeavour $60 million plus a 3% royalty on up to 400,000 ounces of gold produced at the Wahgnion mine, according to a statement issued on Tuesday.
Furthermore, Burkina Faso’s leadership, in 2025, also approved measures to boost its shareholding in mining operations across the country, shifting from 10% to 15% free-carried equity under the updated 2024 Mining Code.
The modification was recorded in the company’s interim financial report for the six months ending in June 2025.
Richard Hyde, at the time, said that the equity adjustment was completed in July and August for its three important projects: Sanbrado (Somisa), Kiaka, and Toega mines.
