Strong Growth in Gold and Silver Production and Exports in 2024
The Mining Sector: A Key Driver of Burkina Faso’s Economy
In 2024, Burkina Faso’s mining sector has reaffirmed its role as a driving force in the national economy, with a notable increase in both gold and silver production and exports. According to the 2024 report from the Extractive Industries Transparency Initiative in Burkina Faso (ITIE -BF), this momentum is being sustained by large industrial mines, artisanal gold panning, and a gradual recovery in exploration activities.
Growth in Production and Exports
The extractive sector in Burkina Faso has recorded a rise in mining production and exports, as indicated by data from the latest ITIE -BF report. The mining sector saw significant growth in 2024, strengthening its strategic position within the national economy, now accounting for 16% of GDP. This performance is mainly driven by gold, silver, manganese, and phosphate. It reflects not only the dynamism of industrial mining companies but also the importance of artisanal gold panning and the gradual return of exploration activities across the country.
Increase in Mine Production and Exports
The mining sector recorded remarkable growth in production during 2024 in Burkina. According to the ITIE -BF report, gold production in 2024 reached 60.77 tonnes, a clear increase compared to 57.35 tonnes in 2023. Of the 60.77 tonnes of gold produced in 2024, industrial mining leads with 53.38 tonnes, while artisanal gold panning accounts for 7.13 tonnes.
Exports in 2024 from Burkina Faso’s mining sector were therefore marked primarily by gold and silver exports.
However, a decrease in the export of silver from the country has been recorded. In 2024, the quantity of silver exported was 5.78 tonnes compared to 7.08 tonnes in 2023, representing a drop of 1.3 tonnes of silver exported in 2024.
Among the top five extractive companies are: IAMGOLD ESSAKANE SA, Houndé GOLD SA, SOMISA SA, SOMISA, and SEMAFO BF SA.
IAMGOLD Essakane SA, according to the report, recorded a record gold production. The company produced 14.13 tonnes of gold in 2024 compared to 12.92 tonnes in 2023. Houndé Gold SA, on the other hand, saw a decrease in its production. It produced 8.94 tonnes of gold in 2024 versus 9.78 tonnes in 2023. The report notes that there are 13 mining companies operating in Burkina Faso.
As for the quantity of silver produced, out of a total of 9.29 tonnes in 2024, WAHGNON GOLD comes first with a production of 3.14 tonnes of silver, followed by SEMAFO BF SA with a production of 1.10 tonne.
Among the gold exporting companies in Burkina Faso, the National Precious Substances Company, SONASP, is the leader, with a total export of 22.53 tonnes, or 35.10% of the total gold exported in 2024 from Burkina. This company has handled the collection and export of artisanal gold as well as part of the industrial exports. It is followed by IAMGOLD ESSAKANE SA with 12.61 tonnes, or 19.70% of gold exported. The top three industrial producers—Essakane, Houndé, and SOMISA—together account for a total of 42.9% of total exports. According to the report, “this concentration demonstrates the dominant weight of a few large operators, but also the growing strength of the public channel, the National Precious Substances Company, SONASP, in the marketing of gold.”
Gradual Resumption of Exploration Activities
In 2024, the extractive sector was also characterised by a “gradual resumption” of exploration activity in Burkina Faso. According to the report, as of 31 December 2024, 276 exploration permits were valid, mainly concentrated in the Centre, East, Hauts-Bassins, and Sahel regions. Gold, manganese, and phosphate remain the main substances involved in these exploration activities.
The report identifies three main projects under development: the Kiaka gold project in the south-central region, the Tambao manganese deposit in the Sahel of Burkina Faso, and the Kodjari phosphate deposit in Tapoa in eastern Burkina.
According to the report, the Kiaka gold project is expected to have an average annual production estimated at “234,000 ounces per year,” which is more than six and a half tonnes of gold annually, with the start of operations planned for the third quarter of 2025.
The Tambao manganese deposit, whose permit was withdrawn from the company Afro Turk by the State in 2024, is currently being re-evaluated and entrusted to the Burkina Faso Bureau of Mines and Geology (BUMIGEB).
In his address to the nation on 31 December, President Ibrahim Traoré declared, “The mining sector in 2025 has seen major innovations. Our aim was to ensure that we take ownership of our mineral resources. This led the State to first acquire a number of mines, buying them with partners, but also engaging in the exploitation of mines, both industrial and semi-mechanised, through the creation of SOPAMIB (Burkina Faso Mining Participation Company). Uncontrolled gold outflows have also decreased significantly thanks to the creation of SONASP (National Company of Precious Substances). This has enabled us to exercise control over both traditional gold mining and the industrial exploitation of our mineral resources.”
It should be noted that this surge in mining production is taking place in a context where the country continues to face a persistent security crisis, particularly in the north, east, and west. According to official sources, progress has been made on the security front, which has allowed for the revival of the mining sector.
However, in the absence of peace consolidation, economic development and the advancement of the mining sector would prove even more challenging. Nevertheless, despite these numerous obstacles, Burkina Faso continues to strengthen its position as the fourth largest gold producer in Africa.