Richard Hyde

WEST African Resources is truly riding the highs and lows of working in Burkina Faso if the second half of 2025 is anything to go by. The company’s Sanbrado mine was trucking along and in late June, its second operation, the $447m Kiaka mine, achieved first gold production, under budget and ahead of schedule. Kiaka is expected to produce an average of 234,000 ounces of gold annually over 20 years, which will see West African’s group gold production peak at 569,000oz in 2029. “We’re drilling like hell at the moment, so we’ve still got dozens of rigs going, with 200,000m planned for this year and next year, and we’re on track to be a sustainable half-a-million-ounce producer by 2029,” Hyde said in September. Viewed from the outside, life was almost perfect.

A month earlier, however, West African received a letter from the Burkinabe government containing a demand to acquire 35% of Kiaka, in addition to its 15% free carry interest. Shares in West African were subsequently suspended for three months due to the uncertainty, only resuming in November with assurances from Hyde that in-person engagement with the government had been constructive. “Our discussions regarding the ownership structure of our recently constructed Kiaka project have reflected a shared vision to develop a strong and sustainable mining industry that benefits the Burkinabe people and delivers long-term value for all stakeholders,” Hyde said.

He has in the past expressed a belief that the prospectivity of his firm’s footprint more than offsets its political risk. Let’s see if investors feel the same way. 2025 production came in at 300,383oz, which was on the low end of 290,000 to 360,000oz guidance.