Burkina Faso might provide Russia and Nordgold with preferential advantages regarding the restrictions on foreign companies under the new mining code, Igor Martynov, the Russian Ambassador to Burkina Faso, told in an interview with TASS.
Martynov mentioned his participation in a meeting between Burkina Faso President Ibrahim Traore and Nordgold's management, where they discussed the company's ongoing operations despite security challenges in the mining regions.
“During the conversation, the amendments to the mining code recently adopted by Burkina Faso's government were discussed in detail. It was noted that these changes could negatively impact the economic performance and profitability of the Russian enterprise. President Traore explained that the government's decision was driven by the need to boost the budget and build a gold and foreign currency reserve amid the anti-terrorist operation. He also promised to consult with mining experts about the possibility of granting preferences to Russian companies,” said Martynov.
On July 18, Burkina Faso's government approved amendments to the Mining Code, allowing the state to increase its stake in mining enterprises up to 15%. The amendments also introduced several new measures, such as requiring mining companies to attract local investors and process up to 50% of mined raw materials domestically.
About Nordgold
Nordgold is a gold mining company with operations in Russia and abroad, headquartered in Moscow. In Yakutia, the company is developing the Gross cluster in the Olekminsky district, which includes the existing Gross and Taborny mines, along with prospective development projects.
GSV "Russia - Islamic World"
Based on materials from TASS