Burkina Faso has inaugurated its first-ever national gold refinery in the capital Ouagadougou.

President Ibrahim Traoré officially opened RAFFINOR-BF on September 28, saying the country wants to move beyond simply extracting its mineral resources and instead process them domestically to capture more value. Traoré said Burkina Faso wants to maintain greater control over the entire value chain of its mineral resources.

The refinery represents an investment of more than 11 billion CFA francs, equivalent to approximately $19 million. Its initial annual processing capacity is 164 tonnes of gold, while a second phase is expected to increase capacity to 515 tonnes per year.

The Burkinabè government says the refinery is intended to allow a greater share of the country's gold production to be processed domestically rather than exported in raw form. Authorities also aim to develop RAFFINOR-BF into a regional gold-refining hub in West Africa.

The project was developed by the Burkinabè state through the Société Nationale des Substances Précieuses (SONASP), in partnership with private-sector investors. Government documents previously indicated that SONASP would hold a 51% stake in RAFFINOR-BF.

Burkina Faso has also increased the state's role in its mining sector in recent years. According to the International Monetary Fund, the country's revised 2024 mining code increased the state's free carried interest from 10% to 15%. This refers to the government's free equity participation in mining projects rather than a 15% tax on foreign companies.