Gold miner West African Resources (WAF) says its securities should return to trade after the company confirmed it is in full compliance with ASX listing rules and released details of ongoing discussions with the Burkina Faso government over a possible increase in the State’s equity interest in Kiaka.

The Burkina Faso government recently requested to acquire an additional stake in Kiaka, prompting a series of meetings between WAF and State officials.

WAF said these engagements were focused on supporting the long-term sustainable growth of the country’s gold mining industry, with the government affirming its commitment to an outcome that respects the legitimate interests of all parties involved.

The Sanbrado and Toega projects have not formed part of these discussions.

As an alternative to the State acquiring a greater shareholding in Kiaka, WAF submitted a proposal aimed at increasing national participation and boosting government revenue from new and previously closed mining projects across the country.

Mines Minister Yacouba Zabré Gouba invited WAF to continue these talks with State-owned entity Société de Participation Minière du Burkina Faso (SOPAMIB), which is mandated to own and manage mining assets, stimulate investment, strengthen resource sovereignty and generate increased revenues for national development.

WAF executive chairperson and CEO Richard Hyde recently returned from Burkina Faso after meeting senior officials, including Gouba, Finance Minister Aboubacar Nacanabo and the SOPAMIB director-general Lamissa Barro, to advance the discussions.

“We appreciate the constructive engagement and continued support of the government of Burkina Faso. 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 Burkinabé people and delivers long-term value for all stakeholders,” Hyde said.

The company said it will continue working with SOPAMIB to identify investment opportunities that increase national participation, create jobs and unlock value from Burkina Faso’s mineral resources.

It will also cooperate with SOPAMIB regarding the government’s request to raise its equity interest in Kiaka in a way that protects the financial interests of existing shareholders and lenders.

“Operations at Sanbrado and Kiaka have remained unaffected throughout this engagement with the government. We remain on track to achieve group production guidance of 290 000 oz to 360 000 oz gold in 2025,” Hyde said.