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Burundi to hold 15% stake in new gold miner

Burundi gold miner African Mining Burundi Ltd. began operations, Bloomberg News reported Oct. 9, citing the country's president, Pierre Nkurunziza.

The state holds a 15% stake in African Mining Burundi, while the owner of the remaining 85% interest was not named. The company, which was established in 2017, was granted rights to nine mining sites.

The move comes as Burundi is looking to attract investment amid efforts to boost economic growth and increase revenue from minerals by 47% as part of a 10-year development plan.

The East African country is believed to hold 6% of the world's known nickel reserves as well as gold, coltan and rare earth minerals.