The Australian Securities Exchange (ASX) has suspended trading of West African Resources (WAF), the company that owns the Kiaka gold mine in Burkina Faso. The suspension follows a disclosure by the company that Burkina Faso’s government intends to acquire an additional 35% stake in the Kiaka project, which would increase its total ownership to 50%.
WAF had initially requested a trading halt on Thursday 28th August, to prepare a statement regarding the offer. Such halts are a standard practice for publicly traded companies to prevent market volatility based on incomplete information. However, when the company failed to provide the required details within the allotted time, the ASX converted the halt into a full suspension, which will remain in effect until WAF issues a comprehensive statement.
As of now, the company has not released any specifics of the offer. The move by Burkina Faso is aligned with the country’s 2024 mining code, which allows the state to acquire “at least 30%” of shares in mining projects, in addition to its standard 15% free-carry stake. If the acquisition is completed, Ouagadougou would control half of the Kiaka deposit, a mine projected to produce an average of 234,000 ounces of gold annually over a 20-year period.
The initiative is part of a broader push for resource sovereignty by the government of Captain Ibrahim Traoré, who came to power in 2022. In June 2025, he signed a decree transferring five gold assets to the newly created Société de Participation Minière du Burkina (SOPAMIB), a state-owned entity established to manage government interests in the mining sector. Among these assets are the Boungou and Wahgnion mines, which were previously operated by Endeavour Mining and sold to Lilium Mining.
As the continent’s fourth-largest gold producer, according to the World Gold Council, Burkina Faso is seeking to boost state revenues amid rising gold prices. This aggressive approach could set a precedent for other mining companies operating in the country, including Endeavour Mining, Orezone Gold, and Iamgold. A similar situation in neighboring Mali, where a new mining code has been introduced, has led to a protracted standoff between the government and some operators like Barrick, while others have reached a compromise.
