By: AGBI

Oman is holding talks with Burkina Faso to explore opportunities to tap into the mineral wealth of the West African nation, the Gulf state’s latest bid to diversify its economy.

Burkina Faso, rich in gold, zinc and copper among other minerals, has been cutting ties with colonial interests to keep more of its natural-resource wealth within the country. 

“The sovereign fund of the sultanate plans to invest in the mining, agriculture and other sectors in Burkina Faso,” the Oman Investment Authority said in a statement released during a visit by an Omani delegation. 

Burkina Faso completed the nationalisation of five gold mining assets in June, finalising a process that began last year to increase control over its mineral resources from foreign companies.

The country is Africa’s fourth-largest producer of gold, and minerals make up 70 percent of its national income.  

Through state-controlled Minerals Development Oman, Oman is spearheading the country’s drive to expand its mining sector with a series of projects such as extracting silica, titanium, chromite and copper.

The company operates 14 concession areas across Oman and has found almost 500,000 tonnes of chromite, 111 million tonnes of high-purity silica and 242 million tonnes of dolomite.

Oman wants to diversify its income away from crude oil production to boost its revenues, which have been hit by chronic deficits. Mining is seen as an alternative for new financial resources to fill depleted government coffers.