Burkina Faso’s government received its first gold bars after processing fine coal cargoes abandoned at the Essakane mine.
Prime Minister Rimtalba Jean Emmanuel Ouédraogo received the gold bars in Ouagadougou on Tuesday on behalf of President Captain Ibrahim Traoré.
Fine coal refers to the residue or leftover materials after gold extraction. These materials still contain small amounts of gold that can be further processed to extract the remaining precious metal.
Golden Hand SA, the company tasked with processing the material, delivered 44 gold bars weighing 93.197 kilogrammes to the Ministry of Economy. These bars result from processing 142.37 tonnes of mining residues from IAMGOLD Essakane SA.
Ouédraogo said the gold would contribute to the national gold reserve. It will be recalled that West Africa Weekly reported that Burkina Faso‘s National Society of Precious Substances (SONASP) bought 13.049 tonnes of gold between January and August 2024, adding to the country’s reserve.
Fine coal from Burkina Faso will no longer be processed abroad, Ouédraogo said. It will now be handled by Burkinabe chemists to support the national economy and ensure sustainable development that benefits all citizens.
This achievement follows the inauguration of Golden Hand SA’s mining residue treatment plant on January 23, 2024, in the Kossodo industrial zone in Ouagadougou.
The Head of State, Captain Traoré, had described the plant as a milestone for Burkina Faso. Officials noted that before the plant’s establishment, mining residues were exported for processing, limiting the country’s ability to maximise its resources.
Owned 60 per cent by Golden Hand SA and 40 per cent by the Burkinabe government, Burkina Faso became the second African country to develop this technology.
The government aims to leverage the mining sector to boost economic growth and reduce reliance on foreign processing of mining byproducts.
This achievement comes as gold prices have risen by 30 per cent since the start of the year, reaching an all-time high of $2,686 per ounce in September 2024.
The gold bars will further contribute to Burkina Faso’s national reserves, strengthening its financial stability and ability to manage its economy.
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