Burkina Faso has announced plans to cancel mining permits granted to certain foreign companies. President Ibrahim Traore made this declaration on Saturday, expressing dissatisfaction with the country’s reliance on multinational corporations for gold extraction.

Traore emphasized the nation’s capability to manage its own mining operations, stating, “We know how to mine our gold, and I don’t understand why we’re going to let multinationals come and mine it.” He did not disclose specific companies affected by the permit revocation.

Gold is a primary export for Burkina Faso. Since seizing power in a coup in 2022, the government has distanced itself from Western allies and forged closer ties with Russia.

Several international mining companies, including Endeavour Mining, West African Resources, Nordgold, and Orezone Gold Corporation, have operations in Burkina Faso. The impact of the permit revocations on these companies remains to be seen.