African Gold Producers Invest in Domestic Refineries Amid Soaring Prices
Africa's gold-producing countries are investing in domestic refineries to capture more value from gold and strengthen their economies. High gold prices have accelerated this trend, with spot gold trading at $4,181.59 an ounce on October 2.
Burkina Faso recently inaugurated its first gold refinery, Raffinor-BF, which has a capacity to process 164 tonnes of gold per year and plans to increase that to 515 tonnes. The country produced about 94 tonnes of gold last year, and the refinery will accommodate gold from other producers in the region.
The West African nation wants greater control over its mineral resources after extraction, with President Ibrahim Traoré stating that they want to refine all their metals on site and have control of the entire value chain.