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Commodity: Burkina Faso has requisitioned 200 kg of gold produced by a subsidiary of the Canadian group Endeavor Mining

17/02/2023
Source : ORISHAS FINANCE
Categories: Raw materials

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An order was signed by the Minister of Mines, Simon-Pierre Boussim on Tuesday, February 14, 2023. This order announced the “requisition of gold produced by the Semafo Burkina Faso gold mining company.”

For “public necessity”, Burkina Faso has requisitioned 200 kg of gold produced by a subsidiary of the Canadian group Endeavor Mining. According to the country's transitional government, which is facing a serious security crisis, it is a decision “dictated by an exceptional context.” Indeed, the order stipulates that 200 kilograms of gold produced at the Mana mine (west) are “requisitioned for public need” “in accordance with article 16 of the mining code.” According to the text, the mining company “will receive compensation corresponding to the value of the gold thus requisitioned.”

In a press release from government spokesperson Jean-Emmanuel Ouedraogo, it is mentioned that “the requisition decision is dictated by an exceptional context of public necessity that justifies the State to ask certain mining companies to sell it part of their gold production.”

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