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Burkina Faso – Revolving fund to support the mining crafts sector

The Secretary-General (SG) of the Ministry of Energy, Mines and Quarries (MEMC), Jean-Baptiste KABORE, launched the activities of the Revolving Fund to Support the Mining Crafts Sector (FRASE), on Thursday January 25, 2024 in Ouagadougou. The ceremony was marked by the signing of a protocol between PlanetGOLD Burkina and Coris Bank International SA, and the symbolic presentation of a cheque to a cooperative benefiting from the Fund.

Many artisanal miners use mercury to extract gold ore, but this practice has harmful consequences for human, animal and even environmental health. The problem is that artisanal miners have enormous difficulty accessing formal financing for their activities.

To formalize this sector and facilitate their access to bank credit, planetGOLD Burkina and Coris Bank International SA have set up the Revolving Fund to support the artisanal mining sector.

According to the SG of the Ministry in charge of Mines, Jean-Baptiste KABORE, this project is further proof of the willingness of the government and its partners to work in synergy to support players in the artisanal mining sector in achieving sustainable development objectives, given the importance of the sector. “The Ministry strongly supports initiatives in this area. This is one of the measures we are taking to better organize the sector,” he asserted.

According to Artisanal Gold Council Country Director Seydou KABRE, the project aims to eliminate mercury from artisanal and small-scale gold mining (EMAPE) in Burkina Faso. “This mechanism provides for a guarantee fund that will enable Coris Bank to finance credit applications from artisanal miners’ cooperative societies. This credit is intended for artisanal miners formalized in cooperative societies”, he insisted.

During the event, participants were informed about the Fund’s mechanism and the procedures for facilitating access to credit.