President Ibrahim Traoré says the country wants to process its minerals locally and capture more value from its gold industry.

OUAGADOUGOU — Burkina Faso has inaugurated its first national gold refinery as the military-led government steps up efforts to process the country’s mineral resources domestically and gain greater control over the mining value chain.

The refinery, known as RAFFINOR-BF (Raffinerie Nationale d'Or du Burkina Faso), was inaugurated by President Captain Ibrahim Traoré in Ouagadougou on Monday, September 28, 2026.

The government described the facility as a major step towards what it calls the country’s “national mastery” of the gold value chain, allowing Burkina Faso to refine gold locally instead of relying primarily on foreign facilities.

According to an official statement, the refinery has an initial processing capacity of 164 tonnes of gold annually.

The state-backed project reportedly cost more than 11 billion CFA francs (about $19 million) and was built to international standards. It is designed to transform doré gold into fine gold bars with a purity of up to 99.9 per cent.

Speaking at the inauguration, Traoré said the government’s ambition extends beyond simply refining gold.

“We want to refine all our metals on site... we want to have the entire value chain on site,” the president said.

He added that the broader objective was to turn mining into a catalyst for industrialisation and economic transformation rather than simply an avenue for exporting raw minerals.

Gold at the centre of Burkina Faso's economy

Gold remains Burkina Faso’s leading source of foreign exchange and one of the most important pillars of its economy.

The country produced an estimated 94 to 100 tonnes of gold in 2025, while gold accounted for nearly 94 per cent of export earnings during the first seven months of 2026, according to government figures.

With such heavy dependence on gold exports, authorities have been seeking ways to increase the economic benefits generated from the sector and strengthen oversight of production and sales.

The new refinery is expected to help the government improve the tracking of gold production while providing more reliable information on the quantity and quality of gold being processed.

Officials also expect the facility to generate employment, with projections of around 100 direct jobs and more than 5,000 indirect jobs.

Capacity to more than triple

The government said the refinery’s current capacity is only the first phase of the project.

A second phase is expected to raise annual processing capacity to 515 tonnes, significantly expanding the country’s ability to handle gold produced domestically and potentially from the wider region.

The refinery is also expected to play a role in strengthening government oversight of the gold trade and reducing gaps in information about the country’s mineral output.

Wider mining reforms

The refinery forms part of broader reforms introduced since Traoré came to power in 2022.

The government has moved to increase state participation in mining projects, raising the state’s stake from 10 per cent to 15 per cent, while also establishing the state-owned mining company SOPAMIB.

The reforms reflect the government’s push to secure a larger share of the economic benefits from Burkina Faso’s natural resources.

For Traoré’s administration, the gold refinery represents more than a new industrial facility. It is part of a wider strategy to keep more stages of mineral production inside Burkina Faso and use the country’s vast mineral resources to support domestic industrial development.