Burkina Faso Sees Gold Output Rising 60% This Year, Seeks to Lure Newmont

Revenue from gold mining taxes will rise to $150 million in five years fmachinery manufacturer in malaysiarom $30 million last year, Abdoulaye Abdoulkader Cisse, the mining and energy minister, said in an interview in London, where he briefed bankers on the country’s reserves.

Burkina Faso, with six gold mines now, will add five over five years, Cisse said. Cluff Gold Plc and Iamgold Corp., which operate in the country, are in talks over new licenses, Cisse said. Newmont is studying whether to apply, he said. The state is also in “early stage discussions” with Vale, the biggest iron-ore producer, on a manganese deposit in the southeast. “The country is very prospective from a geological point of view,” Charles Kernot, an analyst at Evolution Securities in London, said by phone. “Almost it’s a clean sheet as far as companies are concerned and that could increase the chance of finding things where other people haven’t looked.” Douglas Chikohora, technical director at Cluff Gold, said the company operates in the country and is always looking for potential licenses there.