Managers of mining companies in Burkina Faso on Monday claimed that mining code provisions take into account international market commodities price, as they met Burkina Faso's President Roch Marc Christian Kabore.
"We discussed with president of Faso about pressures and challenges facing mining companies nowadays," Benoit Desormaux delegation spokesman said after the meeting. "We are happy for having a positive meeting for the stakeholders, both Burkina Faso and mining companies", Mr. Desormaux added, as reported the Communication board of Burkina Faso presidency.
Spokesman Desormaux explained that the "global economic environment is gloomy for mining industry nowadays and the situation is cause for concerns," the same source reported. According to official figures on Burkina Faso economy, gold became since 2009 the first export product of the country and contributes over 12 percent to the gross domestic product (GDP) of Burkina Faso.
In the end of June last year, the parliament adopted a new mining code that provides more returns to local populations, as the civil society organizations considered the former to be greatly advantageous for investors.
The provisions in the new code oblige mining industries to provide 1 percent contribution of their monthly turnover before tax to a special fund dedicated to neighboring communities of mining sites.
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