Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Burkina Faso’s military leader Ibrahim Traore named a new mining and energy minister after security concerns in the West African nation curbed gold production.
Traore appointed Yacouba Zabre Gouba to the post to replace Simon-Pierre Boussim, who had been in the position since October 2022, according to a statement on state broadcaster Radiodiffusion Television du Burkina, Sunday.
The shakeup comes two months after the West African nation revised its mining code to enable it to receive more in royalties in boom times.
Gold production in the first nine months through September decreased by 4% from a year earlier to 41.9 tons, according to government data. That was after output in one of Africa’s biggest producers declined by 13% to 58.2 tons in 2022, according to the data.
At least five mines closed down amid deteriorating security conditions followed by two coups that year. West African Resources Ltd., Endeavour Mining Plc and Iamgold Corp. are some of the companies that still operate there.
Other nominations in the cabinet reshuffle include Karamoko Jean Marie Traore, who replaces Olivia Rouamba as foreign minister. Traore retained Aboubacar Nacanabo as finance minister.
(By Katarina Hoije)
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