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Burkina Faso has Revised its Mining Code to Enable it to Take more in Royalties 

The West African nation increased the minimum royalty rate for spot price above $1,500 an ounce to 6% from 5%, the military government said in a decree seen by Bloomberg. The rate will rise to 6.5% for spot higher than $1,700 to $2,000 and further to 7% for spot above $2,000, it said. Gold output in one of Africa’s biggest producers dropped 13% to 58.2 tons in 2022, according to government data. At least five mines closed down amid deteriorating security followed by two coups that year. While the stake the state can take in mining operations is regulated by stability clauses, there are no such provisions for royalties, which apply to all existing and new contracts.