-- West African Resources (ASX:WAF) said it will work cooperatively with the Government of Burkina Faso after a decree authorized the state entity Societe de Participation Miniere du Burkina Faso to acquire a 25% interest in Kiaka gold operations, valued at about AU$175 million, according to a Tuesday filing with the Australian bourse.
The decree assigns implementation responsibilities to the relevant government ministries, and the company plans to work with the authorities to complete the transaction by the end of the year, per the filing.
The company plans to return proceeds from the sale to shareholders via a special dividend, the filing added.
The company's shares fell 2% in recent Tuesday trade.