A regional pattern, not three separate stories
Mali's 2023 mining code, Burkina Faso's revised royalty framework and Niger's ongoing reviews of foreign-held permits share the same premise: host states want a materially larger share of the gold cycle. Reuters and government notices through 2025 and early 2026 confirm the direction of travel.
Operators who accepted higher fiscal splits early, such as B2Gold at Fekola, have generally kept operating without dramatic interruption. Operators who resisted have paid in downtime, blocked exports and equity discounts.
The fundamentals lesson
West African ounces remain among the highest-grade, lowest-cost in the world. The premium sovereign risk carry is real, but manageable for operators willing to concede on economics in exchange for stable licensing.
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