Burkina Faso opens its first gold refinery

Burkina Faso has opened its first gold refinery, the RAFFINOR-BF refinery. This refinery aims to process the country's mineral resources locally.

The military leader of the country, Ibrahim Traore, inaugurated the refinery in Ouagadougou on Monday. He said the refinery is part of the government's plan to reduce reliance on exporting raw materials.

In a statement from the Burkina Faso government’s Information Service, Mr Traore said Burkina Faso has "reached a historic milestone in its quest for economic independence."

"Our ambition is no longer to be a country that simply extracts and ships its raw materials abroad. We want to refine all our metals locally… we want to have the entire value chain here," he added.

Ouagadougou is the third-largest gold producer in Africa, following Ghana and Mali. By 2025, the country’s output is expected to exceed 94 tonnes, according to the World Gold Council. But Burkina Faso has faced challenges in controlling the informal mining sector due to weak enforcement and insecurity, as well as issues with illegal gold trafficking.

Since taking power, Mr Traoré has worked to increase the government's role in the mining industry. Last year, the government raised its ownership stake in mining projects from 10 percent to 15 percent. They have also set up a national gold reserve.

Mr Traoré has linked some illegally traded gold to financing armed Islamist groups in the country. The government hopes this new refinery will help Burkina Faso become a regional hub for gold refining.

The refinery cost over $19 million and can refine 164 tonnes of gold each year.

Yacouba Gouba, the country’s Minister of Mines, explained that the state funded the project through the National Precious Substances Company (SONASP) along with private partners.

He mentioned that the government plans to increase the refinery’s capacity to 515 tonnes in the coming years.

Gouba also stated that the refinery meets international standards and will process dore gold into fine-gold bars with 99.9 percent purity.

He noted that the refinery aims to process gold sourced from other parts of the region.

"This is the day we take back the keys to our own house. Our gold will no longer be used to create added value for others while our people remain in need," he said.