Part Four: The Mining Sector
Before he took power, most mines and mineral deposits were controlled by French and other European companies, with lopsided trade terms favoring these foreign entities.
As a result, these companies exported raw materials to their homelands, processed them, and sold them back to Burkina Faso at exorbitant prices.
The trade agreements were so bad that foreign companies took 85% to 90% of profits, leaving Burkina Faso with crumbs and additional costs.
Upon taking power, Captain Ibrahim Traoré took bold steps. His parliament passed decrees forbidding the export of raw metals and minerals, insisting they be refined and processed locally for higher-value benefits.
He started with the gold industry, commissioning a modern gold refinery in Burkina Faso to produce gold bars and related products sold directly by the government. This earned the country much higher profits.
He also organized illegal gold miners, integrating them into the legal industry, increasing state revenue.
He went further, revolutionizing mining worldwide by focusing on tailings—the rejected byproduct considered waste and an environmental hazard.
Captain Ibrahim Traoré saw tailings as a profitable resource. His new refining method extracted several tonnes of gold from them—an amazing breakthrough.
Companies and nations took note, realizing they were sitting on untapped riches.
Foresight: He had already secured agreements with neighbouring countries to purchase their tailings, ensuring long-term supply. The profits are immense.
The same concept applies to tin, copper, zinc, cobalt, rare metals, and oil. This innovation came not from advanced economies but from Burkina Faso—a nation the West dismissed as incapable.
Isn’t such a leader worth following?
© Vijaya Ratnam
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