Burkina Faso’s Ibrahim Traoré opens first gold refinery in Ouagadougou

With gold production on the rise, Traoré’s government set up a state-owned mining company two years ago.

Foreign mining firms are now required to give the state a 15% stake in their operations and train local workers.

The World Gold Council said output rose by 17% year-on-year in the second quarter of 2026, helped by increased production at several mines.

But successive governments have struggled to regulate the country’s extensive artisanal and small-scale mining industry, where smuggling and informal trading have made it difficult for the authorities to account for all the gold produced.

The government has also alleged that some illegally traded gold helps finance the Islamist insurgency that has engulfed much of the country.

Burkina Faso has been fighting armed Islamist groups linked to al-Qaeda and Islamic State for years, with large areas outside full government control.

The new refinery, known as Raffinor-BF, cost more than 11bn CFA francs ($19m; £14m), according to the presidency.

It said the project was financed by the state, including through the National Precious Metals Company (Sonasp), in partnership with Burkina Faso’s private sector.

The plant will initially be capable of refining 164 tonnes of gold a year, significantly more than the country’s current annual production.

The government says its eventual capacity could rise to 515 tonnes, suggesting it also wants the refinery to process gold from elsewhere in the region.

“This is the day we take back the keys to our own house,” Mines Minister Yacouba Zabré Gouba said at the opening.

“Our gold will no longer be used to create added value for others while our people remain in need.”