Burkina Faso’s impoverished citizens have missed out on the gold mining boom in the West African country. As the West African country loses land to Islamist militants, and lurches between coup after coup, the boom is at risk of going bust.
Burkina Faso is Africa’s fourth largest gold producer. This has led to a new gold rush. Burkina Faso’s mining industry has seen steady growth over the past decade. The precious metal is also found in every region of the country. As such, the ASGM sector and artisanal mining have grown. According to the Armed Conflict Location and Event Data Project, (ACLED), this year could prove to be the most deadly for the country since the Sahel crises began over a decade ago. And with the growing security risks, it does not come as a surprise that “we see the gold industry declining in Burkina over the next five to ten years,” said Richard Hyde, Executive Chairman and CEO of West African Resources. He added that security risks have made it difficult to explore the area.
Gold is Burkina Faso’s main export, accounting for 37% of total exports in 2020, and mining is a leading source of jobs. Many mining sites have been shut down, including the Karma mine in June, which was closed after a militant attack that resulted in one worker and one soldier being killed. Karma is one of the four gold mines that have been shut down this year due to security threats.
Also, Russia’s Nordgold in April stopped mining at Taparko, saying the lives of its staff were in danger. And since there are estimated three or four contractors and services workers for each person directly employed by a mine, Burkina Faso’s whole economy is at risk. At current rates, Burkina Faso could produce 13% more gold this year than it did in 2021. This is partly due to mine closures, according to government statistics.
Source: north africa post
