A close reading of the document shows that the government adopted a draft decree authorizing an additional 25% stake in Kiaka SA, the company operating the mine. The use of the future tense indicates an intention to increase participation, but does not mean the deal is finalized, contrary to some media reports. This interpretation is confirmed by the Australian company itself. In a statement published on February 23, 2026, WAF clarified that Burkinabe law requires a decree to authorize the government to acquire additional shares in an existing industrial mining company. Therefore, no actual increase has taken place yet.
For several months, Burkina Faso has sought to increase its stake in the Kiaka mine, which began production in June 2025. The mine can produce an average of 234,000 ounces of gold per year (approximately 7.27 tons), representing 14% of Burkina Faso’s industrial gold production, estimated at 52 tons in 2025.
Under the 2024 Mining Code, the government is entitled to a 15% free stake in mines, with the possibility of acquiring at least an additional 30% through purchase. Kiaka is the first project where Ouagadougou is officially exercising this legal prerogative. In September 2025, WAF indicated that it had received government notice of an intention to acquire 35% of the mine’s shares. A few months later, in November 2025, the company announced negotiations with the government to reach a compromise, also mentioning potential new mining projects in collaboration with the Société de Participation Minière du Burkina Faso (SOPAMIB), established by the state to operate mines. However, nothing suggests these discussions have deterred the government from its initial plan, even though the Cabinet minutes now mention a 25% stake instead of the originally proposed 35%.
Neither the Cabinet minutes nor WAF’s statement provide a timeline for signing an agreement between the two parties. Observers will have to wait for further updates to clarify the terms of a potential transaction. The company emphasizes that any increase in the government’s stake must respect the interests of all parties, including existing shareholders and lenders. Among these lenders is the Burkinabe bank Coris Bank, which contributed to a $265 million USD credit facility for the mine’s construction.
