Burundi mining cooperatives must “sell all their production” to the Central Bank

Burundi mining cooperatives must “sell all their production” to the Bank of the Republic of Burundi (BRB, the central bank), recommended the National Security Council (NSC) on Sunday in a statement broadcast on the National Radio of Burundi.

The National Security Council (NSC), which is a supreme body mapping national guidelines on “major issues of national interest” including those related to the security sector, is led at the highest level by the President of Burundi and head of the Government of Burundi, Mr. Pierre Nkurunziza.

According to this statement read by the permanent executive secretary of the NSC, Lieutenant-General Silas Ntigurirwa, this recommendation is motivated by a desire “to improve the level of foreign exchange reserves” within the BRB.

Regarding the reorganization of the mining sector, the NSC appreciates the step already taken in granting operating licenses to cooperatives that did not have one and urges those that remain to do so as soon as possible and in the future. Strict compliance with the law.

“To help improve the level of foreign exchange reserves, the NSC recommends that all cooperatives operating in the gold mining sector sell all their production to the central bank or to the counters that have signed partnership agreements with the BRB, ” the statement said.

With regard to the mineral exploitation agreements signed between the State of Burundi and private companies, the NSC recommended to the ministry having the mining sector in its attributions to “revisit the conventions” in order to respect the principle which satisfies to all contracting parties such as “win-win” for illustrative purposes. Moreover, the NSC instructed the same ministry to encourage artisanal cooperatives to evolve towards semi-industrial exploitation or to integrate industrial societies.

As a reminder, the Head of the State, Peter Nkurunziza, during a meeting of the evaluation of the state of the mining sector in Burundi held on 7 November, 2018 in Ngozi province (north) for the intention of the members of his government, ordered that funds from Burundian minerals sold abroad must “be fully repatriated to the country” to avoid an ad hoc shortfall in the coffers of the central bank of Burundi.

Source: Xinhua

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