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Burkina Faso: Convention Agreements allow the State to take over the management of the Boungou and Wahgnion mines

The Minister of Economy and Finance, Dr Aboubakar NACANABO, and the representatives of the mining companies, Lilium mining and Endeavour mining, signed conventions on Monday, 26 August 2024. These agreements make it possible to put an end to the dispute between the two mining companies, concerning the transaction on the mines of Boungou and Wahgnion, and the State of Burkina Faso, to acquire the said mines.

The first agreement is the first agreement between the Burkina Faso State and Endeavour mining: a royalty agreement, a settlement agreement and a payment agreement. Together with the mining company Lilium mining and its partner Vista Bank, this involves the sale of shares and shares.

For the Minister for the Economy and Finance, this is a transfer for consideration. The State of Burkina Faso, he said, must pay sixty (60) million dollars, plus royalties on a production of 400 thousand ounces, or in total, about 90 million dollars to be paid to acquire the Boungou and Wahgnion mines.

Dr Aboubakar NACANABO reassured the workers of the two mines that the state will take all the steps to continue the operation, while maintaining jobs.

The Minister of the Economy and Finance, who was assisted by his colleague in charge of mines, Yacouba 'abré GOUBA, and the Minister Delegate, in charge of the Budget, Fatoumata BAKO/TRAORE, stressed that the Burkina Faso State has decided to become involved in the management of its natural resources.
In his view, the acquisition of the two mines would enable the State’s capacity to be strengthened in terms of natural resource management.

He also indicated that the State of Burkina Faso would work to exploit other mines, further strengthen its financial situation and ensure that mines benefited the population.