Burkina Faso's second EITI report shows the country more than doubled its revenues from selling its minerals.
According to the report, covering the year 2010, Burkina Faso received 23 billion Franc CFA (USD 47m) in mining revenues. This represented only 0.7 per cent of GDP and 2.6 per cent of the government income in 2010. It is nevertheless a significant increase from earlier years.
In 2008, Burkina Faso’s EITI report showed less than 2 billion Franc CFA (USD 3.8m), and in 2009 close to 11 billion Franc CFA (USD 23 m) in mining revenues. A total of 74 mining and mine construction companies operated or explored in the country in 2010, of which six make up the vast majority of the income. Royalties (51 per cent), followed by customs fees (32 per cent) were by far the main sources of State revenue from the mining sector. According to the report, companies extracted around 21 tons of gold and 60,000 tons of manganese.
The report is disaggregated, showing how much each of the participating companies paid in each category of taxes, fees and royalties. The international reconciler firm Moore Stephens who compiled the report demonstrates in detail how initial reporting gaps between payments by companies and revenues by the State were treated and reduced, down to less than 0.5 per cent of total declared revenues.