- Write by:
-
Saturday, October 28, 2023 - 23:00:24
-
217 Visit
-
Print
Mining News Pro - Burkina Faso has revised its mining code to enable it to take more in royalties in boom times after gold production fell.
The West African nation increased the minimum royalty rate for spot price above $1,500 an ounce to 6% from 5%, the military government said in a decree seen by Bloomberg. The rate will rise to 6.5% for spot higher than $1,700 to $2,000 and further to 7% for spot above $2,000, it said.
Gold output in one of Africa’s biggest producers dropped 13% to 58.2 tons in 2022, according to government data. At least five mines closed down amid deteriorating security followed by two coups that year.
While the stake the state can take in mining operations is regulated by stability clauses, there are no such provisions for royalties, which apply to all existing and new contracts.
A spokesperson for Endeavour Mining Plc, Burkina Faso’s largest gold producer, declined to comment. Miners in the country, including Iamgold Corp. and Nord Gold SE, are faced with a constantly volatile security situation as the ruling junta battles a mounting Islamist insurgency. Military leader Colonel Ibrahim Traore came to power in September 2022 after toppling the regime of fellow soldier Colonel Paul-Henri Sandaogo Damiba, who seized power in January of the same year.
Traore’s pledge to restore control over territories lost to the militants has seen attacks by armed actors continue unabated.
International partners such as the US and France have suspended aid and budgetary assistance following the coups.
Short Link:
https://www.miningnews.ir/En/News/627588
China’s central bank added 60,000 troy ounces of gold to its reserves in April, official data showed on Tuesday, ...
Gold rose after mixed signals from the US, where optimism is growing the economy is on target for a soft landing as the ...
Executives from Saudi Arabian mining company Manara Minerals are in Islamabad to continue talks about buying a stake in ...
Anglo American CEO Duncan Wanblad is meeting on Friday South African mines minister Gwede Mantashe for the first time ...
Harmony Gold said on Thursday an employee working on planned rail maintenance had died at its Mponeng mine in South ...
M23 rebels in eastern Democratic Republic of Congo have taken control of Rubaya, a key mining town for the smartphone ...
Emerging North American gold producer Contango ORE is boosting its landhold in Alaska with the acquisition of Canada’s ...
Gold fell, with market watchers saying the previous day’s rally in response to Federal Reserve Chair Jerome Powell’s ...
Canadian miner Barrick Gold on Wednesday beat first-quarter profit estimates on higher bullion prices and said it has ...
No comments have been posted yet ...