Burkina Faso gold output to reach 40 T by 2016 -minister

Renegade Gold

24/06/2014 18:06

ABIDJAN, June 24 (Reuters) - Burkina Faso's gold output is 
expected to rise 25 percent to 40 tonnes a year by 2016 as three 
new mines go into production next year, mines and energy 
minister Salif Kabore said on Tuesday. 
    Gold has leapfrogged cotton to become the landlocked west 
African nation's main export since 2009 and now accounts for 
roughly 20 percent of GDP. 
    "We are on track to increase gold production from September 
2015. Three new mines will reach the production stage and we 
think we will hit our 40 tonnes target in two years," Kabore 
said in the sideline of a regional mines meeting in the Ivorian 
capital Abidjan. 
    The new gold mines belong to TrueGold  TGM.V , Gryphone 
 GRY.AX  and Roxgold ROG.V , Kabore said. 
     Toronto-listed IAMGOLD  IMG.TO  and Semafo  SMF.TO  are the 
other miners currently producing gold in the west African 
nation.  
    Burkina Faso produced some 32 tonnes of gold last year from 
its seven gold mines but it is aiming to reorganise its 
small-scale gold mining industry to increase the potential of 
the sector, Kabore said. 
    "Burkina Faso is positioning itself as a mining destination. 
We are on track to keep on producing gold for the next two 
decades and in five years we will have 15 mines in operation," 
he said. 
 
 (Reporting By Loucoumane Coulibaly; writing by Bate Felix; 
editing by Keiron Henderson) 
 ((bate.felix@thomsonreuters.com)(+221 33 864 5077)(Reuters 
Messaging: Reuters Messaging: 
bate.felix.reuters.com@reuters.net)) 
 
Keywords: GOLD BURKINA/OUTPUT