Burkina Faso opens gold refinery in push to retain more value

Burkina Faso opened its first gold refinery on Monday, September 28 as the West African nation joins a growing number of countries on the continent seeking to capture more value from minerals produced within their borders.

State-controlled Raffinor BF SA, built at a cost of 11 billion CFA francs ($19 million), has an initial capacity to process 164 tons of gold a year, Managing Director Adama Sawadogo said in the capital, Ouagadougou. A second phase will increase capacity to 515 tons annually, he said.

“The plant is modular, allowing for the addition of refining lines alongside those already installed,” Sawadogo said.

Countries including Guinea, Ghana and Ivory Coast have taken steps to refine more of their gold domestically. Guinea in June banned exports of raw gold, while Ghana earlier this month prohibited exports of unrefined gold produced by small-scale miners.

Mali is building its first gold refinery through a joint venture with Russia’s Yadran Group, while Ivory Coast plans to open a refinery in the first half of next year.

“Our ambition goes beyond gold,” Burkina Faso’s military ruler Ibrahim Traore said. “We want to make the mining sector a driver of industrial transformation.”

Burkina Faso produced 94 tons of gold last year, according to the Ministry of Energy, Mines and Quarries.

Mining.com