Australia-listed West African Resources, which owns and operates the Sanbrado, Kiaka and Toega projects in Burkina Faso, has agreed to increase the State’s free-carried equity interest in the projects to 15%, from the 10% previously held by the State.

This change is in line with the new Burkina Faso Mining Code, which was adopted in August 2024, and follows extensive discussions between the company and the country’s Ministry of Mines, the Burkina Faso Chamber of Mines and other mining industry stakeholders.

Other than the change to the State’s equity interest, all other material aspects of the company’s existing mining agreements with the State remain in place.

“Our 2025 cost and production guidance of 190 000 oz to 210 000 oz of gold at an all-in sustaining cost of less than $1 350/oz remains unchanged.

“Construction of Kiaka remains on track and on budget, with first gold expected to be poured early in the third quarter of this year,” West African chairperson Richard Hyde points out.