On October 5, Burkina Faso’s President Ibrahim Traoré made public comments regarding the possible withdrawal of certain mining permits for companies operating in violation of the laws of the country.
IAMGOLD said it is not aware of any potential challenge to, or withdrawal of, its permits for the Essakane gold mine. “IAMGOLD continues to have a constructive and positive working relationship with the government, demonstrated by our respective coordination and partnerships on security and serving our local communities,” the miner said.
Essakane is 90% owned by IAMGOLD with the government of Burkina Faso owning the remainder. It is projected to produce between 380,000 to 410,000 ounces of gold this year.
Fortuna Mining said it received confirmation that the government has no plans to withdraw existing mining permits that are in compliance, such as the Yaramoko gold mine. The operation, which is 90% owned by Fortuna, is expected to contribute approximately 25% of the miner’s gold equivalent ounces in 2024.
Sources: IAMGOLD and Fortuna Mining