West African Resources (ASX:WAF) Trading Red After Burkina Faso Ownership Shift

Wed 04 Jun 25, 02:38 AM |

Highlights

WAF shares fall 2.5% as Burkina Faso increases state stake in mining projects.

Free-carried interest rises from 10% to 15% across WAF’s three operating assets.

Revised 2024 mining code prompts dilution in company’s project-level ownership.

West African Resources Ltd (ASX: WAF) shares dropped 2.5% on Wednesday to AUD2.76 following an operational update regarding its projects in Burkina Faso. The company confirmed it will transfer an additional 5% equity stake in its operating assets to the Government of Burkina Faso.

This move aligns with the country's 2024 mining code, which mandates that the government’s free-carried interest in mining projects increase from 10% to 15%. The adjustment applies to all three of WAF’s operating projects.

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