Wednesday 10, October 2018 by Bloomberg

Burundi gets 15 per cent gold-mining stake amid minerals expansion plans

 

Burundi has declared an end to a more than three-year political crisis and is seeking to attract investment to the landlocked nation.

Burundi announced the start of operations of African Mining Burundi Ltd., a local gold miner in which the government has a 15 per cent stake, as the East African nation puts its mineral resources at the centre of a planned economic resurgence.

The company has been granted rights to nine mining sites, President Pierre Nkurunziza said at a Monday ceremony in Burundi’s northeast Muyinga province, according to national radio. Nkurunziza said AMB was created in Burundi last year but didn’t say who owns the remaining 85 per cent.

Burundi has declared an end to a more than three-year political crisis and is seeking to attract investment to the landlocked nation, which has six per cent of the world’s known nickel reserves as well as gold, coltan and rare-earth minerals. A 10-year development plan targets raising economic growth to 10.7 per cent by 2017 and increasing revenue from minerals by 47 per cent.

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