🇧🇫Burkina FasoWest Africa
Burkina Faso court annuls Riverstone Karma contract with Franco-Nevada and Sandstorm
via Lefaso.net3 min read
Riverstone Karma SA, owner and operator of the Karma open-pit gold mine in Burkina Faso, has secured the annulment of a contract with Franco-Nevada and Sandstorm Gold Ltd. The dispute arose from a complex contractual arrangement inherited by Néré Mining SA when it acquired the Karma mine in March 2022. The original contract, signed in 2014 by previous owners True Gold and Endeavour Mining, imposed obligations on the Karma mine, including a minimum duration of 40 years, automatic 15-year renewals, and the sale of gold at discounted prices. This agreement, initially for a $100 million construction financing, continued to be effective despite the financing reportedly being fully repaid by 2021. Riverstone Karma SA stated it never directly signed the contract but was bound by its terms after the acquisition. The company argued the contract was unbalanced, limiting its investment and development capabilities, and negatively impacted Burkina Faso's public finances by reducing the tax base and potential dividends for the state. The transit of financial operations through companies in tax-advantaged jurisdictions, such as Barbados, also raised concerns about compliance with regulations in Burkina Faso and the UEMOA space. The Ouagadougou Commercial Court's decision to annul the contract is seen as a significant precedent for the West African mining sector, affirming national courts' ability to rule on contracts involving international companies when national economic interests are at
Free daily or weekly digest of the most important stories from across 18 African countries. No spam, unsubscribe any time.
This summary was AI-generated from a story originally published by Lefaso.net.
The Koko Dunda fabric, once associated with poverty and low status in Bobo-Dioulasso, Burkina Faso, has undergone a significant transformation, becoming a symbol of national pride and a driver of economic and cultural development. A study by Father Basile Paré at the Catholic University of West Africa in Bobo-Dioulasso highlights this metamorphosis, detailing how the fabric, traditionally produced in the Tounouma district, has revitalized artisanal trades, created economic opportunities, and strengthened Burkinabè cultural identity. Historically, the Koko Dunda was inexpensive and worn by the most modest households, earning it the Dioula nickname "Tié ti barala," meaning "my husband does not work." However, less than a decade later, it is now worn by ministers, artists, entrepreneurs, and students, featured in official ceremonies, weddings, and national celebrations. Its resurgence began around 2016, largely attributed to Burkinabè stylist Sébastien Bazémo, whose contemporary designs elevated the fabric's image. In 2021, the Burkinabè state officially labeled Koko Dunda as national heritage, further boosting its recognition. Father Paré's qualitative study involved interviews with sixteen stakeholders in the Koko Dunda sector, including dyers, tailors, and vendors in Tounouma. The research revealed that artisans have become more creative, innovating with colors and patterns to meet diverse customer demands. The focus on quality has intensified, with over two hundred registere
Must ReadSpain has secured its place in the World Cup final after defeating France in the first semifinal match. The Spanish team, known as La Roja, took an early lead when Mikel Oyarzabal converted a penalty in the 22nd minute after Lucas Digne fouled Lamine Yamal. Spain continued to dominate the game, with Pedro Porro scoring in the 58th minute to extend their lead. Although Lamine Yamal had a goal disallowed for offside shortly after, France struggled to find a response. Despite attempts from Ousmane Dembelé and Kylian Mbappé, the French team, Les Bleus, could not overcome Spain's defense. This marks another instance where Spain has eliminated France from a major tournament, following their Euro 2024 semifinal clash. Spain, the reigning European champion, will now compete for its second World Cup title, having previously won in 2010. They will face the winner of the match between England and Argentina. The World Cup 2026 final is scheduled for Sunday, July 19, at 7 PM GMT at MetLife Stadium in the United States.
The new hemodialysis center in Fada N'Gourma, Burkina Faso, is significantly improving access to specialized care for patients with renal failure in the Goulmou, Sirba, and Tapoa regions. Dr. Delwende Bertrand Dibri, a nephrologist and head of the hemodialysis center, highlighted that previously, patients traveled at least 150 km for nephrology consultations and even further for dialysis sessions. The center is equipped with twelve dialysis generators, including nine in the main hall, two in an isolation room, and one in the resuscitation room, with two generators in reserve. It can perform 252 dialysis sessions per week, accommodating 36 patients daily for their sessions, and manages a caseload of 110 chronic hemodialysis patients, in addition to acute cases. The facility also includes a catheter placement room, a 165 KVA generator, a borehole with a water treatment room, offices, and an equipped consultation room. All staff, except the nephrologist, received six months of specialized training in Ouagadougou. Patients are admitted after consultation and review by a committee, with a registry maintained for those awaiting hemodialysis. Dr. Dibri identified hypertension, diabetes, infections, uncontrolled self-medication including phytotherapy, and artisanal gold panning as key risk factors for renal failure. Future plans for the center include increasing capacity, organizing screening and awareness campaigns, and training healthcare agents in renal disease management and hemo