News

Endeavour sells 200 kilos of gold to Burkina Faso

Canadian miner Endeavor has sold to Burkina Faso 200 kilos of gold. Government spokesman Jean-Emmanuel Ouedraogo confirmed the report and said the gold purchased from Mana mine was made in public interest, and that the company would be fully compensated.

“The decision to requisition gold is dictated by an exceptional context of public necessity, which requires the state to ask certain mining companies to sell part of their gold production. This sale is in line with the country’s Mining Code which stipulates that it may acquire gold directly from mining companies, in exceptional circumstances for reasons of public necessity, subject to fair and pre-agreed terms,” said Jean-Emmanuel Ouedraogo.

Mana mine

The Mana mine has produced more than 2.1Moz of gold in its operating history and continues to expand. Mana was acquired by Endeavour in July 2020, as part of its acquisition of SEMAFO, and successfully integrated into Endeavour’s West African operating platform shortly afterwards. The focus at Mana is to increase the mine life to more than 10 years, through the expansion of the underground deposits and evaluating local open pit targets.

Gold is a universal means of purchasing foreign currency to shore up reserves.  Burkina Faso’s finances have been hit hard by sanctions prompted by two army takeovers last year, and the fight against a militant insurgency in the north and east of the country. Endeavor which is headquartered in the UK is the biggest gold miner in the Sahel country.

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Articles

Back to top button