Burkina Faso has acquired 200 kilos of gold from Canadian miner Endeavor, the country’s energy and mines ministry announced Tuesday.
In a statement, the ministry said the decision to buy gold produced from the Mana mine was made in public interest, and that the company would be fully compensated.
“The decision to requisition gold is dictated by an exceptional context of public necessity, which requires the state to ask certain mining companies to sell part of their gold production,” said a statement by government spokesman Jean-Emmanuel Ouedraogo.
Gold is a universal means of purchasing foreign currency to shore up reserves.
Burkina Faso’s finances have been hit hard by sanctions prompted by two army takeovers last year, and the fight against a militant insurgency in the north and east of the country.
Endeavor which is headquartered in the UK is the biggest gold miner in the Sahel country.
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