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Highlights

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.

While not unexpected, the update confirms a direct dilution in WAF’s economic interest across its Burkina Faso assets. The market reaction reflects concerns over potential earnings impact from reduced ownership in producing mines.

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