Burkina Faso has reached a significant milestone in its mining sector with the receipt of 44 gold bars, weighing a total of 93.197 kilograms, from the processing of mining waste. The gold was extracted from fine coal, the residue left over after gold extraction, from the Essakane mine. Prime Minister Rimtalba Jean Emmanuel Ouédraogo received the gold bars on behalf of President Captain Ibrahim Traoré in a ceremony held in Ouagadougou on Tuesday.
Contribution to National Gold Reserves
The gold bars will be added to Burkina Faso’s national gold reserves, bolstering the country’s financial stability. Ouédraogo highlighted that this achievement would contribute significantly to strengthening the nation’s economy. The gold is the result of processing 142.37 tonnes of mining residues from IAMGOLD Essakane SA, which has been a vital part of Burkina Faso’s mining activities for years. This marks a new era where the country maximizes its mining resources, keeping the benefits of processing within its borders.
Local Processing: A Game Changer for Burkina Faso
Burkina Faso previously exported mining residues for processing abroad, limiting its economic potential. With Golden Hand SA’s plant opening in January 2024, the country now processes fine coal locally. Located in Ouagadougou’s Kossodo industrial zone, the plant marks Burkina Faso’s move towards self-sufficiency in mining byproducts processing.
Golden Hand SA’s Role in National Development
Golden Hand SA’s processing plant has become a key player in Burkina Faso’s economic growth. The company has been responsible for delivering the first batch of gold bars to the Ministry of Economy. By processing mining residues locally, Burkina Faso is no longer dependent on foreign companies to maximize its gold resources, ensuring that the country reaps the full benefits of its mining sector. This initiative is expected to create jobs, increase national revenue, and support sustainable economic development.
Economic Context: Rising Gold Prices
The achievement comes at a time when global gold prices have experienced a significant increase, rising by 30% since the beginning of 2024. The price reached an all-time high of $2,686 per ounce in September 2024. As a result, the gold bars produced from the processing of mining waste will not only support the national reserves but also strengthen Burkina Faso’s position in the global market. The country’s mining sector is poised to become an even more critical part of its economic future.
Burkina Faso’s Strategic Vision for Economic Growth
The Burkinabe government aims to reduce foreign reliance by harnessing its mining resources to boost economic development. This strategy focuses on ensuring mining supports national growth and sustainability. With successful residue processing and rising gold prices, Burkina Faso strengthens its economic future and contributes globally.
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