Devils Below

💡Resource Nationalism Index [ GHANA ] Ghana is one of our favourite countries in the West Africa. Some time ago people used to call it "Gold Coast" for there is so much gold in Ghana that it almost literally lies underfoot. However, when resources are abundant, they are also hard to control. Let's look into how Ghana copes with its wealth inour "Resource Nationalism Index" series. Not surprising, gold is by far Ghana’s leading mineral export. Also Ghana exports some crude oil. So, what do the policies of Ghana in relation to its natural wealth look like? 🔸"Process It First" – 2/10 – Ghana has announced plans to impose some bans on unprocessed materials exports, however, even this only concerns minerals like bauxite, lithium and so on - without any restrictions on gold. 🔸 "Share With the State” – 6/10 – The government has the first right to purchase any minerals produced in Ghana before they are sold externally, should the government need those minerals for local industries or strategic purposes. Besides, Ghana's Gold Board has a monopoly to buy gold from small-scale miners. 🔸 “We’re in Too!” – 6/10 – The government is entitled by law to a free carried interest of 10% + large mining rights holders are required to list at least 20% of their equity on the Ghana Stock Exchange. 🔸 “The Money's Yours, the People Are Ours" – 9/10 – All small-scale mining is reserved for Ghanaian citizens, and in large-scale mining almost all employments must be localized within 3 years of operations. 🔸“Just Pay Up" – 3/10 – For gold and other major minerals, the government’s revenue take includes only a 5% gross flat royalty. 🔸"You Come – You Build" – 2/10 – Currently there is no separate community development requirements, however Ghana’s government has announced plans to introduce ones. 🔸“We’ll Do It Ourselves” – 8/10 – New manufacturing entities in Ghana’s free zones may get a 10-year tax holiday. Additionally, Ghana has two major state corporations producing aluminium and iron, and a state-run oil producer GNPC. The state supports local gold refineries. Ghana also has a sovereign Minerals Income Investment Fund which takes stakes in mining. 🔸“Come Here, You Bast*rd!” – 3/10 – there are no rebel groups, however, Ghana faces a serious challenge with illegal mining operations, locally called “galamsey”, which account roughly for 30% of the country's gold production. Ghana gets a final score of 4.9 out of 10. Ghana is a country of contrasts - widespread illegal mining, primitive taxation and absence of raw exports restrictions coexist with strong local personnel promotion and the state's proactive role in investments. #Ghana#ResourceNationalism Devils Below

💡Resource Nationalism Index [ BURKINA FASO ] Burkina Faso is one of the 3 countries of the western Sahel that have recently embarked on the path of stricter mining oversight and taxation policies. Since we've already covered its ideological and actual allies - Mali and Niger - let's look into the resource policies of Ouagadougou inour "Resource Nationalism Index" series. Today Burkina Faso mostly sells abroad gold, which accounts for more than 70% of its exports. So, what do the policies of Ouagadougou in relation to the natural wealth of the nation look like? 🔸"Process It First" – 6/10 – For gold, there is a threshold of at least 50% of the production volume, which must be processed (refined) on the territory of Burkina Faso. Nevertheless, the first refining plant is just under construction (as of early November 2025). 🔸 "Share With the State” – 2/10 – No such policies in general, but, according to the law, the state may in theory require the payment of taxes in kind - that is, in gold - if it wants. 🔸 “We’re in Too!” – 9/10 – The government has the right to a free-of-charge share in each newly created mining company, which attains 15%. The government also has the right to buy out (or transfer to local investors the right to buy out) up to another 30% of the shares of the new enterprise. 🔸 “The Money's Yours, the People Are Ours" – 9/10 – Among all categories of personnel, the requirements of local residents employment share starts from at least 50%. A few years after the start of a company's operations, the threshold is set at about 90-100%. 🔸“Just Pay Up" – 7/10 – Gold royalties range from 3 to 7% depending on the world prices (and then +1% for every $500 of the gold price over $2,000). 🔸"You Come – You Build" – 8/10 – Gold miners pay a contribution to the Local Community Development Fund in the amount of 1% of the company's monthly turnover. 🔸“We’ll Do It Ourselves” – 6/10 – Since 2023 the state supports the construction of a refining factory (the first in Burkina Faso). In theory, the law also provides for the creation of special economic zones. 🔸“Come Here, You Bast*rd!” – 3/10 – Some remote areas rich in gold are in the hands of non-State armed groups. Artisanal gold mining has largely gone into the shadows, with illegal mining producing inflows of some $3B a year. Final score is 6.3 out of 10 — a robust result, spoiled by weak state control of the national wealth and the absence of requirements to transfer a part of production to the government or sell it in the local market. #BurkinaFaso#ResourceNationalism Devils Below

💡Resource Nationalism Index [ NIGER ] In the light of the recent Niger-CNPC faceoff over local personnel employment, we decided to undertake a comprehensive overview of what Nigerien resource extraction policy framework look like through the prism ofour "Resource Nationalism Index" series. Today Niger mostly exports gold, crude oil and uranium (in the form of yellowcake). So, how has the Nigerien government been handling the natural wealth of the nation? 🔸"Process It First" – 6/10 – Miners have an obligation to carry out local processing within reasonable limits in accordance with the capabilities of the national economy, while the exact level of processing is specified in agreements and conventions. 🔸 "Share With the State” – 8/10 – The state reserves the right to purchase a portion of the products in proportion to its share in the mining project, and supplies of strategic minerals must first meet local demand. 🔸 “We’re in Too!” – 9/10 – The state receives 10% of the shares in new enterprises for free, and the state has the right to buy another 30%. Another 30% share is set for local investors at some stages of production, but in general it is fixed in conventions. 🔸 “The Money's Yours, the People Are Ours" – 9/10 – All unqualified positions are reserved for citizens of Niger - for the rest, companies are required to seek to replace all positions with local residents. Also, foreign workers may stay in office for no more than 4 years. 🔸“Just Pay Up" – 8/10 – In general, solid minerals tax is about 7%, and there is also a 2.5% tax on the exploitation of deposits. Every year, miners pay an additional extra tax, the amount of which is set annually by the state. The tax on oil is 12.5-15%. 🔸"You Come – You Build" – 6/10 – There are general obligations for the development of local communities, but their specific size is only defined in separate agreements. 🔸“We’ll Do It Ourselves” – 6/10 – Part of the mining revenue goes to the Fonds de développement minier, which co-finances exploration, state control and supervision, and the development of the mining sector. 🔸“Come Here, You Bast*rd!” – 6/10 – There are no serious problems with sovereignty over the deposits, but illegal gold mining is almost twice as high as legal (approximately 30t of undeclared gold exports vs. 14t of declared) Final score is 7.3 out of 10 — a little less that of Tanzania, but fairly good. Obligations to develop local communities, encourage local processing, and combat illegal gold mining are mostly sagging. #Niger#ResourceNationalism Devils Below

💡Resource Nationalism Index [ DRC ] In the third chapter ofour "Resource Nationalism Index" series, we take a closer look at the Democratic Republic of Congo, a major copper and gold producer, who has gained fame this year by imposing a 6-month long export ban on cobalt threatening entire global supply. What else makes DRC different from the two countries we have already covered (Mali and Botswana) is the availability of complex system of domestic processing promotion and strict local content requirements. So, what does Resource Nationalism look like in the DRC? 🔸"Process It First" – 7/10 – Intermediate products of copper and cobalt processing are prohivited from export, but due to the physical absence of facilities the rule is often suspended. 🔸 "Share With the State” – 2/10 – No requirement to transfer or sell a share of output to the state on a priority basis, however, the state-run Entreprise Générale du Cobalt wields a monopoly on buying artisanal cobalt. 🔸 “We’re in Too!” – 8/10 – The state has the right for a 10% stake free of charge in the capital of mining companies, which increases by 5% each time a company renews its mining license + another 10% share is reserved for local investors. 🔸 “The Money's Yours, the People Are Ours" – 9/10 – The law requires at least 20% of staff (for management) to be Congolese nationals and ALL subcontractors to be local firms. 🔸“Just Pay Up" – 7/10 – Taxes reach 3.5% for copper and gold 10% for cobalt + extra levies on excessive revenues from commodity sales. 🔸"You Come – You Build" – 2/10 – Companies are obliged to contribute some 0.3% of their revenues to local community development, though even this is often violated. 🔸“We’ll Do It Ourselves” – 8/10 – The state has established a system of tax breaks for invetments in local processing and makes investments itself through the state-owned companies Gécamines, Entreprise Générale du Cobalt and Fonds de Promotion de l’Industrie. 🔸“Come Here, You Bastard!” – 2/10 – The government cannot exercise its authority over mineral deposits in the eastern DRC controlled by rebels, and falls short of eradicating illegal artisanal mining in other parts of the country. The government officials are allegedly involved in illicit mining and exporting. Final score is 5.6 out of 10 — the weak points include the absence of requirements to transfer a part of output to the state, poor enforcement of local community development laws and inability to extend state control to all major deposits. #DRC#ResourceNationalism Devils Below

💡Resource Nationalism Index [ BOTSWANA ] In the second part ofour "Resource Nationalism Index" series, we take a closer look at Botswana - a country whose economy still rests on two pillars: diamonds and copper. Right now, Botswana is going through a rough period due to low diamond prices. Yet, compared with many neighbors, its government still defends national interests fairly well — although it is clearly too fond of laying down all the basic requirements for companies in individual concessions, but not in the law. So, what does resource nationalism look like in Botswana? 🔸"Process It First" – 3/10 – The government negotiates some domestic processing, but the requirements are not solidly specified in the law. 🔸 "Share With the State” – 6/10 – The state-owned Okavango Diamond Company is entitled to buy an increasing share of diamond output — yet again, this exists by contract, not by law. 🔸 “We’re in Too!” – 6/10 – The state may acquire up to 15% of new mining ventures, and if it doesn’t, up to 24% must be offered to local investors - but nothing of it comes for free. 🔸 “The Money's Yours, the People Are Ours" – 4/10 – Social obligations and local spending are written into individual agreements, but somehow never mentioned in the law. 🔸“Just Pay Up" – 7/10 – Royalties reach 3% for copper and 10% for diamonds - relatively high by regional standards, though still without a progressive scale. 🔸"You Come – You Build" – 4/10 – There’s no uniform legal duty to invest in community development - once more only “understandings” negotiated case by case. 🔸“We’ll Do It Ourselves” – 4/10 – Tax breaks exist for investors willing to build local processing facilities, but the incentives are rarely decisive. 🔸“Come Here, You Bastard!” – 8/10 – Illegal mining is mostly confined to small-scale gold diggers; diamonds and copper remain under tight control. Final score is 5.3 out of 10 — respectable, but hardly revolutionary, mainly due to the government's love of fixing the working conditions of companies in contracts rather than laws. #Botswana#ResourceNationalism Devils Below

💡Resource Nationalism Index [ MALI ] The first country in this series is Mali - a Sahel state that, after the 2021 change of power, many in the West started labeling “resource nationalist” and “pro-Russian” (even though not a single Russian company operates in Mali, while plenty of European and American firms do). With the 2023 Mining Code, Bamako has clearly hardened its stance toward miners - though very much in line with a broader global trend to capture more value at home. So how strong is “resource nationalism” in Mali? 🔸 "Process It First" – 7/10 – Local processing is mandatory, prioritizing state-owned plants, however, necessary facilities don’t always exist. 🔸 "Share With the State” – 0/10 – No requirements to transfer or sell a portion of output to the state on a priority basis. 🔸 “We’re in Too!” – 9/10 – The state gets a mandatory 10% free carry in new projects, with the option to lift its stake by another 20% + 5% are reserved for local investors. 🔸“The Money's Yours, the People Are Ours" – 9/10 – The 2023 Mining Code requires approximately 95% of staff to be Malian nationals and at least 35% of services to be sourced from local contractors. 🔸“Just Pay Up" – 10/10 – Tax of 7.5% take scales with the gold price, plus extra levies if production transcends planned volumes. 🔸"You Come – You Build" – 6/10 – Companies must contribute just under 1% of revenue to local community development. 🔸“We'll Do It Ourselves” – 4/10 – There is a state miner SOREM, but its extraction capacity is unclear and causes doubts, also a state refinery has been announced in mid-2025, but it hasn't been completed so far. 🔸“Come Here, You Bastard!” – 4/10 – Major deposits are under control, but insurgent activity persists on the periphery and illegal artisanal mining remains an issue. Overall, Mali received a solid score of 6.1 out of 10 with strong emphasys on taxes, local content and state participation and modest requirements in other spheres. #Mali#ResourceNationalism Devils Below