Burkina Faso’s commercial court in Ouagadougou has ruled against Toronto-based Franco-Nevada, invalidating its 2014 gold purchase agreement with Riverstone Karma and ordering the company to pay 5.2 billion CFA francs (about US$9.3 million), marking the end of a decade-long dispute — though Franco-Nevada said it would appeal the ruling.
In September 2025, Riverstone filed a lawsuit against Franco Nevada and International Royal Corporation (formerly Sandstorm Gold Bank) in the courts of Burkina Faso. Riverstone said the 2014 gold purchase agreement should not be legally binding. Franco-Nevada objected, arguing that the court had no authority in the dispute, a position the court rejected.
In a press release issued on June 16, Riverstone announced that a ruling in its favor had been entered earlier in the week. The company added that written reasons are expected to be submitted from the court soon.
Hours later, Franco-Nevada issued its own statement, saying it was “aware of a press release issued by Riverstone announcing a local court decision in Burkina Faso that purports to invalidate the streaming agreement.” The company said it does not consider the Burkinabe ruling to be valid, arguing that the agreement is governed by Ontario law. “Franco-Nevada is also pursuing its own legal remedies in Ontario and elsewhere,” the company concluded.
Riverstone operates the Karma Gold Project, an open-pit gold mine located in northern Burkina Faso. The now-defunct agreement included up to US$120 million in a financing package from Franco-Nevada and Sandstorm in exchange for fixed annual gold deliveries and a permanent percentage of gold production at a discount.
The ruling is another example of a mineral-rich African country pushing back on foreign mining companies. This follows recent efforts by countries across the continent – from Niger to Namibia and Zimbabwe – to use their courts and government regulations to assert control over natural resources.
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