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Friday, 25th May 2007 (3429 views)

Some 500 jobs are expected to be created as a result of a new mining development in Burkina Faso.

Canadian mining group Semafo commenced operations on Monday at the Western Burkina Faso resource, which is estimated to possess gold reserves in the region of 7.1 million tonnes.

Semafo will be investing some $71.8 million (£36 million) in the mining project, which is expected to be completed by next year.

The mining project is also expected to raise some $4.7 million (£2.36 million) in revenues, according to the ministry of mines.

Burkina Faso's government, which has awarded an eight-year mining permit to the Canadian mining group, announced it would be recommencing mining production in order to compensate for a faltering cotton market.

The collapse of metal prices approximately a decade ago had caused mining activity in the area to be ceased.

 

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