https://en.sputniknews.africa/20240828/burkina-fasos-boungou--wahgnion-gold-mines-now-belong-to-government-1068037322.html
Burkina Faso's Boungou & Wahgnion Gold Mines Now Belong to Government
Burkina Faso's Boungou & Wahgnion Gold Mines Now Belong to Government
Sputnik Africa
Burkina Faso is a major gold producer in Africa, with over 10 large-scale mines and numerous smaller operations. The gold sector is a major contributor to the... 28.08.2024, Sputnik Africa
2024-08-28T14:24+0200
2024-08-28T14:24+0200
2024-08-28T14:31+0200
sub-saharan africa
burkina faso
west africa
united kingdom (uk)
united states (us)
gold
gold miners
mining
policy
domestic policy
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The assets of UK-based gold producer Endeavour Mining and Lilium Mining, which is a subsidiary of Lilium Capital, founded by US-Burkinabe billionaire Simon Tiemtore, are to be transferred to the Burkina Faso government after several agreements were signed with Burkinabe Minister of Economy Aboubakar Nacanabo. The two companies have settled their legal dispute over the sale of two gold mines. Their conflict began when Lilium acquired the mines in June last year. Endeavour claimed that Lilium had missed payments exceeding $100 million, while Lilium accused Endeavour of misrepresenting the financial and operational status of the mines.As part of the settlement, Burkina Faso will pay Endeavour $60 million and a 3% royalty on up to 400,000 ounces of gold produced from the Wahgnion mine. Both companies will cease their ongoing legal proceedings in London.
https://en.sputniknews.africa/20240326/burkina-faso-is-open-to-russian-investors-interested-in-mining-gold--other-minerals-minister-says-1065774797.html
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burkina faso, west africa, united kingdom (uk), united states (us), gold, gold miners, mining, policy, domestic policy, agreement, economy, finance minister, finance
burkina faso, west africa, united kingdom (uk), united states (us), gold, gold miners, mining, policy, domestic policy, agreement, economy, finance minister, finance
Burkina Faso's Boungou & Wahgnion Gold Mines Now Belong to Government
14:24 28.08.2024 (Updated: 14:31 28.08.2024) Burkina Faso is a major gold producer in Africa, with over 10 large-scale mines and numerous smaller operations. The gold sector is a major contributor to the economy, providing significant employment and export revenue. Key mines include Essakane, Bissa, and Taparko.
