Australian-listed West African Resources Limited suspended trading of its shares on the Australian Securities Exchange, citing the need to provide clarity to investors following a proposed policy shift that could reshape ownership of the Kiaka gold mine.
At the centre of the development is the Kiaka project, one of West Africa’s largest emerging gold operations, where the Burkinabè government plans to raise its stake from 15% to 40% through a decree. The mine, located in the Centre-Est region, only began production in mid-2025 and is currently majority-owned by the Australian firm.
The move aligns with a broader policy direction under the military-led administration of Ibrahim Traoré, which has been pushing to expand state participation in strategic sectors, particularly mining. The initiative follows earlier signals that authorities could increase their interest in the project to as much as 50%, building on a prior rise from 10% to 15%.
Industry observers view the development as part of a wider trend of resource nationalism across parts of Africa, where governments are seeking greater control and revenue from natural resources amid rising global commodity demand.
Despite the uncertainty surrounding ownership, West African Resources has maintained a strong production outlook. The company projects total gold output of between 430,000 and 490,000 ounces in 2026, supported by a full year of production from Kiaka alongside its Sanbrado operations.
Kiaka alone is expected to contribute between 240,000 and 280,000 ounces annually, positioning it as a cornerstone asset in the company’s growth strategy and a key contributor to Burkina Faso’s gold industry.
The company has also indicated that it is targeting all-in sustaining costs below $1,900 per ounce, suggesting resilience even in a volatile pricing environment influenced by inflation, interest rates, and currency pressures.
Chief executive Richard Hyde described the coming year as a “landmark” period for the company, with potential shareholder returns—including dividends and share buybacks—under consideration.
For now, investors are watching closely as the company prepares further updates, with the trading suspension expected to remain in place until new disclosures are made or by April 21, 2026.