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Burkina Faso ranks No. 2 mining country in Africa

Xinhua, March 24, 2016 Adjust font size:

Burkina Faso ranks as the No. 2 mining country in Africa after Morocco and 29th at the global level, government information service (SIG) said Wednesday, citing Fraser Institute, an independent research and educational organization.

The ranking was based on elaborated regulations, statutory and tax systems, as well as to infrastructure development, political stability and labor-related law, the SIG explained.

According to the Institute, the Burkina Faso government intends to make mining operations one of the cornerstones of the country's economic revival through job and wealth creation.

A report from the transparency initiative of Burkina Faso's extractive industries indicated that 29 mining companies contributed in 2013 the amount of 197.32 billion CFA Francs in terms of taxes to the country's economy.

Gold production contributed over 12 percent to the gross domestic product (GDP) of Burkina Faso, where the government of transition enacted in June 2015 a very positive mining code for investors. Endit