The arrest of mining executives in Mali, threats by Burkina Faso’s junta to strip permits and the seizure of a French-run uranium site in Niger have unsettled Western miners operating in West Africa and could limit further investments. Day-to-day production in Mali and Burkina Faso has so far been largely unaffected.
The escalation is expected, however, to hit firms seeking finance and insurance – curbing supply growth in Africa’s engine of gold output, more than a dozen people, including mining employees, financiers, insurance providers and government sources, told Reuters.
The push by Mali, Burkina Faso and Niger’s military governments to renegotiate terms with mining companies and gain a bigger share of revenues has coincided with a surge in gold and uranium prices. It has also followed a series of coups, starting with Mali in 2020, and the three countries’ shift towards Russia and away from their traditional backers France, the United States and the United Nations.
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