GOLD mining companies scrambled for answers today after Burkina Faso’s military leader announced plans to withdraw some foreign mining permits and increase domestic gold production.

The country’s interim leader, Captain Ibrahim Traore, announced the decision on Saturday without specifying which companies might lose their permits.

In a radio address to the nation to mark two years since the military took over in the West African country, Captain Traore said: “We know how to mine our gold and I don’t understand why we’re going to let multinationals come and mine it.

“In fact, we are going to withdraw mining permits.”

Gold is the main export of Burkina Faso.

Anger over the plundering of the country’s rich resources by France helped bring the military junta to power in 2022. 

Companies such as Endeavour Mining, West African Resources, Nordgold, and Orezone Gold Corporation operate in Burkina Faso. 

The companies were reportedly moving quickly today to seek clarification from authorities over which contracts are under threat.