Burkina Faso To Impose Higher Royalties On Foreign Companies For Gold Production

Burkina Faso To Impose Higher Royalties On Foreign Companies For Gold Production - Under the previous regime, the royalty rate was set at 5% for all gold production, irrespective of the prevailing market conditions. However, the new rates reflect a more dynamic and responsive strategy: The minimum royalty rate has been increased to 6% for gold spot prices above $1,500 per ounce, representing a 1% increase from the previous rate. Further adaptation to the changing market dynamics is evident in the 6.5% royalty rate, which is applicable when gold spot prices range from $1,700 to $2,000 per ounce. For the upper echelons of the gold market, where prices exceed $2,000 per ounce, the royalty rate has been set at 7%, demonstrating a 2% increase from the old rate. These revisions underscore Burkina Faso’s commitment to optimizing the collection of royalties from its gold mining industry, ensuring that the nation can better weather market fluctuations and external challenges. Burkina Faso, a West African gold-producing nation facing a challenging economic landscape, has introduced a revision in its mining code to adapt to the realities of decreased gold production. This strategic decision aims to enhance revenue collection and fiscal stability during a period marked by deteriorating security conditions and political instability. The modified royalty rates now contrast with the previous structure, signifying a noteworthy change in the government’s approach to managing its gold mining sector ▬▬▬▬▬▬▬▬▬ ✅SUPPORT US /AFFILIATE LINKS Use this affiliate link for your purchases at #MIZIZI International - Support our channel - PayPal: newafricachannel(at) Follow us on Instagram - Follow us on Twitter - Join us on Facebook - ▬▬▬▬▬▬▬▬▬ ✅COPYRIGHT DISCLAIMER The New Africa Channel doesn’t fully own some of the materials compiled in its videos. It belongs to people or organizations who ought to be respected. If used, it falls under the following provisions: Copyright disclaimer section 107 of the Copyright Act 1976. “Fair use“ is allowed for purposes such as criticism, comment, news reporting, teaching, scholarships, and research. ✅ If you are the owner of the materials used in this video, contact us, and we will follow your request immediately: info(at) ▬▬▬▬▬▬▬▬▬ ✅COMMENTING POLICY Keep your comments and posts appropriate, helpful, and relevant. Any offensive, disrespectful, harmful, threatening, vulgar, obscene, or inappropriate content will be removed immediately. Spamming, vandalizing, promoting, and advertising are also not allowed. While we encourage free speech and open discussion, attacking or harassing other users is not tolerated. Repeat violators of this policy will be reported and may face a ban. ▬▬▬▬▬▬▬▬▬ #AfricaNews #TopAfricaNews #News #NewsAfrica #AfricaNews