DEV/2082

UN INVESTMENT FORUM HIGHLIGHTS MINING POTENTIAL OF BURKINA FASO

12 December 1995


Press Release
DEV/2082


UN INVESTMENT FORUM HIGHLIGHTS MINING POTENTIAL OF BURKINA FASO

19951212 NEW YORK, 12 December (UN Department for Development Support and Management Services) -- The five-day investment forum (PROMIN' 95) held in Ouagadougou from 4-8 December, brought together some 250 participants including approximately 100 foreign investors representing major and smaller mining companies from North America, Europe, Australia and South Africa, and 20 neighbouring countries, multinational assistance agencies, Government officials and national operators.

This first international mining forum held in Burkina Faso was jointly organized by BUMIGEB (Bureau des Mines et de la Géologie du Burkina) and the United Nations Department for Development Support and Management Services (DDSMS), for the United Nations Development Programme (UNDP), in the framework of its mineral development project BKF/92/008. The forum was officially opened by the Prime Minister.

Since 1974, UNDP has spent $22 million (today's value) in projects which provided all basic geological information including geochemical, geophysical and drilling data to investors. This data is available to investors in a user-friendly database. In addition to contributing to the generation of exploration expenditures in the country, the project has trained technical staff who are now sought after by foreign investors. The UNDP's assistance has been instrumental in helping the Government to define a realistic mining policy.

Since the enactment of a new mining code in 1993 with the project's assistance, foreign investors have rushed to Burkina Faso. Some 70 exploration permits have been attributed to the code, excluding small scale mining titles. Exploration expenditures to date have been estimated at some $20 million. Important gold deposits would soon be discovered in this emerging mining country. Many international mining companies are interested in obtaining mining permits in Burkina Faso which may compare, in terms of gold potential, to neighbouring Ghana.

According to all participants, the forum was a true success. Some 27 papers were presented, including general information about the country, its geology, mineral resources, mining institutions and regulations. Six

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international mining operators described their exploration programmes and in some cases revealed the preliminary results obtained. Discussion covering technical aspects, as well as socioeconomic and environmental impacts, followed every presentation. All of the speakers praised the contribution of UNDP and DDSMS to the development of Burkina's mineral resources. Several field trips took the participants to the sites of ongoing gold exploration projects. The closing ceremony was held at the Poura gold mine, which will soon resume operation upon its privatization.

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For information media. Not an official record.