The Government of Burkina Faso has issued a decree to acquire a 25% equity interest in the Kiaka Gold Operations from West African Resources (ASX:WAF).
The transaction authorises the state-owned Société de Participation Minière du Burkina Faso to execute the purchase for approximately seventy billion CFA francs, equivalent to roughly $175 million.
The move follows months of extensive negotiations between the Australian-listed miner and Burkinabe officials.
WAF’s Executive Chairman and CEO, Richard Hyde, noted that the publication of the decree provides much-needed regulatory certainty for the project.
According to the company, the transaction is expected to be finalised by the end of the 2026 calendar year.
WAF has pledged to distribute the total cash proceeds from the sale back to its shareholders in the form of a special dividend.
WAF confirmed that the government’s acquisition request is strictly limited to the Kiaka project; the company’s other primary assets, the Sanbrado and Toega operations, remain unaffected.
WAF requested the lifting of its trading halt on the ASX, confirming full compliance with listing rules.