By Elizabeth Chukwuma
This is not the best of times for President Emmanuel Macron,of France . This is because the country’s economy is on the brink of collapse due to the increased control by the Sahel region countries of Burkina Faso, Niger and Mali, over its gold, uranium, lithium and other mineral resources .
Unti the Sahel countries took the bold initiative in 2022, to control the mining of gold, Uranium and other mineral resources found the region , the countries were said to have had a relationship agreement with France believed to have been signed after granting them independence decades ago.
France relationship agreement with its former 14 colonies , according to an informed source is characterised by a mix of political, economic and historical ties.
, While the countries had gained their independence from France, the country had continued to maintain a strong relationships , to the point of establishing a military bases the each of the french speaking country.
This may have informed why the Sahel region countries and other french speaking countries including Cote deIvoire, Senegal and Togo to were asked to deposit 50% of their foreign exchange reserves into ”the french operations account” in its Central Bank.
Past and Present political Leaders of France may have taken advantage of the relationship agreement with the colonies to fashion out the rules and regulations that would guide the mining of gold, uranium, litium , copper and other mineral resources in the french speaking countries.
The situation in the Sahel region and other french speaking countries , appears to have changed for better between 2022 and now as France was said to have been stripped of much of its mining rights as the new Junta Leaders that had found themselves into power had turned their back France.
The Sahel countries appears t have made a bold statement to regain control of their mineral resources by revoking the mining licenses held by French , Canadian and Australian mining companies including the french state owned Orano in Niger Republic.
This appears to have made it impossible for the French Companies , and companies from other parts of Europe including the Australian and Canadian mining companies to have access to raw materials like gold, uranium, lithium, Limestone and copper for industrial production .
In spite of efforts by President to push the other rich and developed nations like the North American country of the United States, US, China, Japan, Germany and other members of the G7 , to allocate the US $100 billion in IMF, special drawing rights, SDRs, monetary reserves to African states as well as putting the Continent at the heart of its multilateral action , but that may not have stopped the new political actors in the Sahel countries from ”exploring new partnerships and trade routes” with countries like Russia Federation and the Asian countries of China and North Korea to call the bluff of France.
The French Authorities may have known that the country’s economy is in trouble which may have encouraged it to allow the countries move their foreign exchange reserves to theSenegal based Central Bank of West African States to boost their economic recovery drive.
The decision by the Sahel countries, particular, to withdraw he permits granted to the French companies to mine gold, Manganese, Limestone , uranium , zinc and agricultural products in the Sahel region appears to resulted in the contraction of the of the French economy .It was said to have contracted by 0.4% in 4th quarter of 2024.
Aware that the french industrial sector had faced decline and challenges in recent years, including job loses and a decrease in manufacturing output, may have informed why President Macron had vowed not to hand over the Sahel countries described as the raw materials basket of France to Russia or China.
Oliver Blanchard, a Chief Economist for the IMF, had reportedly said that ”France is hurtling toward an economic crisis” , insisting that the country must get its finances in check to stop it. He noted that the European country which had colonised 14 countries in the West and Central African sub-regions during the colonial era are currently battling with excessive governments expenditure , both in the home country and the colonies, which was said to have brought it to a dangerous point of failing ”to make politically unpalatable decisions to balance its yearly budget”.
It would be recalled that the country’s immediate past Prime Minister, PM, Michel arnier, who oversees the domestic economy may have been forced to resign from office as he was a greeted with a vote of no confidence over his running of the domestic economy as industries were found to be working in bits and fits due to lack raw materials, making him the fifth PM, to have worked with President Macrom, in the last five years.
Signs that the French economy would run into trouble had emerged in 2019, when eight West African countries had proposed to withdraw their foreign exchange reserves from the the French Central Bank believed to have evoked a spate of sanctions to force the countries do a rethink.
Francois Bayrou, a seasoned politician, who was said to have been appointed by President Macron to place Micel Barnier, ex PM, but who is not ready to fall into the same trap of poor performance like his predecessor , Michel Barnier, was said to have prioritized the country’s deficit reduction just as he was said to had put forward a slightly less ambitious tax hikes and government spending cuts.
Ibrahim Traore, an Army Captain, and interim President of Burkina Faso, may have given a soft landing to Chief Executive Officers of the Multinational Companies, particular, the companies from France, Canada and Australia to return the country’s stolen wealth or be ready to be blacklisted from the country’s mining sector.
The Army Captain may have set March 15, 2025, to the, invade a Luxury Hotel in Ouagadougou, the Burkina Faso Capital, exclusively used by the CEOs and other top official of these Companies amidst tight security.
. The one day operations was aid to have led to the arrest and detention of seven CEOs, of foreign mining Companies. The arrested to the arrests and detention of CEOs, from the Canadian mining firms: Orezone gold, Fortuna Silver Mines, formerly ROXGOLD, Barrick Gold, formerly ABX.TO and Revali, and the Australia’s company, West African Resources, which operates the Sanbrado mine and Resolute mining. Australian West African Resources Gold mining, and SEMAFO, companies, CEOs, were not spared.
The Burkinabe military Junta Leader was said to have sounded it clear to the arrested and detained CEOs of the foreign mining Companies including Michael Johnson of the Australian West African Resources Mining Company that the value of their mined gold in the country over the last 50 years was more than US$500 billion, insisting the stolen gold or its equivalent in US, dollar must be returned to country’s treasury for proper accountability.
The government’s major worry was that only US $10 billion had entered into the government’s treasury during the period in question which. He has a word of advice for them: Return all the stolen gold or be ready go to jail jail.
Already, the country had renegotiate the terms of mining gold in the instead waiting for France to do it. We will mine our gold ourselves -not for France, not for the US or any other country from European Union, EU.
The CEOs may have known that France business business empire in the Sahel region had collapsed and that THE bulks stops in Capt. Traore’s table in Ouagadougou, the Burkina Faso, Capital, not Paris as was the case in the past and thus had decided to return the counry’s stolen wealth to remain in the business of mining gold and other mineral resources in the country to oil France industrial sector.
. This may have informed why the embattled CEOs, of the of the various mining companies operating in Burkina Fso, had made a firm commitment ”to settle outstanding tax bills of over US$650 mln in additional tax payments from the various gold mining companies across the country.Reports from Burkina Faso, had revealed that the London listed Endeavour Mining, EDV.L, had sold two of its gold mines to the government for US$60 mln having lagged an initial agreement of US$300mln.
Until the Burkinabe Authorities beamed its searchlight on the on the multinational gold companies operating in the country, the companies, only remits t a paltry sum of US$1billion annually to the government through France Central Bank which was said to have made little or no appreciable impact in the infrastructural development of the country as schools, healthcare facilities and roads remains in a sorry state.
Capt . Traore of Burkina Fas, according to analysts had set the pace for Generals bdulrahame Tchiane, of Niger Republic and Assimi Goita of Mali, to follow. This is evident with the arrests and detention of top executives of the mining companies in Mali and Niger Republic as well.
Gen. Goita’s Government was said to have stripped the permits granted a French Run-uranium site which was said to have resulted in the subsequent seizure of the site. The Malian government was said to have recovered an additional USUS $635 mln, notwithstanding what the foreign mining companies’ operation in the country had earlier remitted to the country.
Resolute mining, alone was said to have made a US$100 mln, payment Mali, in one month, after its CEO, was arrested and detained during a visit meaning the foreign mining company were really making huge profits from the Sahel region countries gold mining alone.
Sahe country had accused Barrick mining which also operates in Burkina Faso and Niger of owning up to US$500mln, which must be paid to regain their permits but the company would take it as it claimed that it is not indebted to Malian government as it had paid its tax bills as at when due.
The push by the Sahel region countries to renegotiate terms of the mining companies and gain a bigger share of revenues from the mined gold, Uranium and other mineral resources sold in the international market may have resulted the countries’ shift towards Russia and the Asian countries of China, North Korea and away from the traditional backs France, US, Portugal and United Kingdom, UK.
There is no gain saying the fact that the rising gold and uranium prices in the international market, may have exposed the foreign mining companies operating in the Sahel region countries to the governments of Burkina Faso, Niger Republic and Mali, which are still insisting that the right thing must been done.
Mali, Africa’s second biggest gold producer, in 2024, according to the World Gold Council, which was said to have carried out an audit of the operations of the Multinational manning Companies across the African Continent, was said to have rolled out a new mining code.
This may have encouraged the Sahel region countries to initiate talks with the foreign mining companies over new agreements and outstanding tax bills which companies had agreed to pay instead of winding up their operations in the region.
The collapse of business empire in the French speaking countries of Burkina Faso, Niger, Mali and Cote de’Ivoire, may have informed why the country had moved to strengthen ties with Nigeria which produces a wide of variety of mineral resources included but not limited to oil and gas, gold, Limestone, granite, coal, iron ore, lead, zinc, tin and milestones as illegal mining thrives in the north western states of gold thrives in Zamfara and other northwestern states which have huge deposits of gold in commercal quaties.
The country also has sufficient deposits of bitumen, rock salt, gypsum and barytes, which the French companies would require for their raw material needs to fill the vacuum that had been created by the Sahel countries.
Determined to reduce the heavy reliance on France for its consumable products may have informed why the Burkinabe government had invested in notable factories in different parts of Burkina Faso which focus on processing of the local raw materials produced in the country .
This is evident with the development of Cement factory, refinery,, Wheat flour mills, Milk factory and cashew apple processing plant including car manufacturing company to boost the local economy and create job opportunities for the teeming unemployed youths, describe as a big blow to west, which still wants African countries to remain poor and serve their raw material needs.
Many believes that if Nigeria and other African country could take ownership of its gold, uranium, lithium, copper, Zinc, Manganese and other mineral resources including oil and gas, without giving the Colonizing countries like France, United Kingdom, UK, Belgium or Portugal, to dictate how the mineral resources would mined and the sale at the international market the story of Africa would have been different as it would have moved from level of dependency to be a developed Continent where the Whites would have be visiting to seek for greener pastures.
Given the wake up call by Capt.Traore, interim President of Burkina Faso to other other African Leaders may have encouraged President Dramani Mahama of Ghana, a land of Gold, to have also called all other African political Leaders ”to collectively act in securing justice for Africans and individuals of African descent through reparations” .
The Ghanaian President who could not hide his feelings has vowed to continue ”to advocate for stronger legal and and institutional mechanisms at the national, regional and international levels to ensure that the justice for the historical trauma inflicted on global Africa is not a conversation but s reality”. Vintage Africa.
