April 29 (Reuters) - Burkina Faso plans to take control

of more foreign-owned industrial mines, its prime minister said,

as the West African nation seeks a bigger share of revenue from

its resources.

Like neighbours Mali and Niger, Burkina Faso is pushing for

greater control over its resources and revised its mining code

last year, creating a new state mining company, Société de

Participation Minière du Burkina (SOPAMIB).

It used SOPAMIB to gain control of two industrial gold

mines previously owned by a London-listed Endeavour Mining ( EDVMF )

in a deal finalised late last year.

Prime Minister Jean Emmanuel Ouédraogo said in a speech

broadcast on national television late on Monday that the

government planned to further expand control over its resources.

"SOPAMIB has already recovered two industrial mines, notably

Boungou and Wahgnion, and this will continue," he said.

The mining sector reforms have worried investors. But

Burkina Faso's military-led government says change is needed to

maximize revenue from the country's vast gold reserves and

reboot an economy hit by insecurity.

Gold prices have risen by over 25% this year, fuelled by

geopolitical instability and U.S. President Donald Trump's

erratic trade policies.

Burkina Faso, which has been fighting Islamist militants

since 2015, produced over 57 tons in 2023.

Mining companies operating there include Canada's IAMGOLD ( IAG )

and Australia's West African Resources Ltd. ( WFRSF )

The new mining code prioritises national expertise and local

suppliers, part of what the government calls a revolution in how

its mineral wealth is managed.

Burkina Faso's relations with traditional Western allies

have deteriorated since the military seized power in two coups

in 2022, and it has pivoted toward Russia for security and

economic cooperation.

Last week, it granted an industrial mining licence to

Russian miner Nordgold for a gold project in the Kourweogo

province of Burkina's Plateau-Central region.

Ouédraogo said existing state-controlled mining initiatives

have been successful, with the National Precious Substances

Company collecting over eight tons of gold in 2024 and more than

11 tons in the first quarter of this year, primarily from

artisanal sources.

The government is also establishing a national gold reserve

for the first time in its history, he added.

"We should see more of the benefits of mining in Burkina

Faso not just the consequences that the population suffers," he

said.

(Writing by Maxwell Akalaare Adombila; Editing by Jessica

Donati, Louise Heavens and Joe Bavier)