Burkina Faso has announced plans to extend state control over more foreign-owned industrial mines to secure a larger portion of revenue from its natural resources, reported Reuters.

This move follows the revision of the country’s mining code, the establishment of the state mining company, Société de Participation Minière du Burkina (SOPAMIB), and the acquisition of two mines previously owned by Endeavour Mining last year.

The new mining code introduced by the government prioritises local expertise and suppliers, signifying what the authorities describe as a revolution in the management of the country's mineral wealth.

The strategy reflects a regional trend, with neighbouring countries Mali and Niger also seeking greater control over their resources, the report said.

In a national broadcast, Burkina Faso's Prime Minister Jean Emmanuel Ouédraogo said: "SOPAMIB has already recovered two industrial mines, notably Boungou and Wahgnion, and this will continue."

Despite concerns from investors, Burkina Faso's military-led government insists that mining sector reforms are essential to maximise revenue from the nation's significant gold reserves and to rejuvenate an economy impacted by ongoing security challenges.

Prime Minister Ouédraogo highlighted the success of state-controlled mining initiatives, noting that the National Precious Substances Company collected more than eight tonnes (t) of gold in 2024 and more than 11t in the first quarter of the current year, mainly from artisanal mining.

Additionally, the government is setting up a national gold reserve for the first time.

Relations with traditional Western allies have soured since the military took power in two coups in 2022, leading to a pivot towards Russia for security and economic cooperation.

Last week, Burkina Faso awarded an industrial mining licence to Russian company Nordgold for a project in the Kourweogo province.