"Key changes under the new mining code includes increasing the State’s free-carried equity interest in mining
projects from 10% to 15%. Based on the Company's interpretation of the text in the New Code this will only
apply to new projects at the time of grant of an initial mining licence."
From the above wording interpretation it applies to New Projects and 'Initial Mining Licences'. I don't think that could be interpreted to be renewals. To me it reads ok. So the equity interest element won't apply to WAF's current Burkina Faso mines. The only impact is more regular licence renewals required and I don't imagine that licence renewals are a significant hurdle for WAF given its position, experience and reputation in Burkina Faso so far.
Ann: Burkina Faso Adopts New Mining Code, page-16
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