Mining companies involved in large-scale mining and industrial quarry exploitation are subject to a minimum state participation in the share capital of the company of 16%, increased by 5% at every permit renewal, and the company must ensure the participation of Burundi nationals in the equity capital of the company too. For the purposes of the OECD FDIRRI, it is assumed that the previous government practice to allow foreign sharedholders to own up to 51% of the share capital of the company is maintained under the new Mining Code, 2023 (see IFC, 2022; and the example of the Mining Agreement on Rare Earth DepositsGakara).
"Title II - Mining prospection and mining titles [...]
Chapter II - Mining Titles [...]
Paragraph 2 - about the issuance of a large mine operating permit [...]
Article 64: The mining exploitation title consists of the large mine exploitation permit to which a mining agreement must be annexed.
The mining agreement accompanying a large mine operating permit must at least contain provisions relating to the mining company's commitments in terms of creating infrastructure, socio-economic contributions and in terms of recruiting, with equal qualifications, personnel of Burundian nationality or subcontractors of nationality Burundian. The model of this mining agreement concluded with the State is defined by decree.
[...]
Article 66: The granting of a large mine exploitation permit entitles the State to a participation, as owner of the subsoil, in the share capital of the operating company of at least sixteen per cent [16%], increased by five percent [5%] with each renewal throughout the life of the mine. The participation, free of all charges, must not experience any dilution in the event of an increase in capital social.
The State and Burundian economic operators have a right of pre-emption for the acquisition of shares in the share capital of the operating company. This right is defined by regulation.
[...]
Article 68: The mining agreement approved by the decree issuing a large mine operating permit contains at least provisions relating to: [...]
4. the State's participation in the share capital of the mining company in the amount of at least sixteen percent [16%] increased by five percent [5%] at each renewal or the sharing of mining production in the amount of at least sixteen percent increased by five percent at each renewal between the State and the operating company; [...]
8. the commitments of the mining company in terms of creating infrastructure, socio-economic contributions and in terms of recruiting, with equal qualifications, staff or subcontractors of Burundian nationality;
9. to the value of a share;
[...]
Section 4 - About the small mining permit
Paragraph 1: general [...]
Article 92: Mining companies or companies whose shareholding is predominantly Burundian are prioritized to obtain a small mining permit.
Paragraph 2: The issuance and renewal of the small mining permit
Article 93: The granting of a small mining permit entitles the State to a participation, as owner of the subsoil, in the share capital of the operating company of at least sixteen per cent [16%] increased by five percent [5%] with each renewal throughout the life of the mine. The participation, free of all charges, must not experience any dilution in the event of an increase in share capital.
The State and Burundian economic operators have a right of pre-emption for the acquisition of shares in the share capital of the operating company. This right is defined by regulation.
[...]
Article 96: the agreement must at least contain provisions relating to the applicant's commitments in terms of creating jobs [...] recruiting, subject to qualification parity, personnel of Burundian nationality or contracting subcontractors of Burundian nationality [. ..]. It must also specify the conditions and modalities for sharing mining rents.
[...]
Article 99: The mining agreement approved by the decree issuing a small mining permit contains at least provisions relating to: [...]
4. the State's participation in the share capital of the mining company in the amount of at least sixteen percent increased by five percent at each renewal or the sharing of mining production in the amount of at least sixteen percent increased by five percent at each renewal between the State and the operating company; [...] 
8. the commitments of the mining company in terms of creating infrastructure, socio-economic contributions and in terms of  recruitment, with equal qualifications, of staff of Burundian nationality or subcontractors of Burundian nationality; [...]
13. clauses allowing Burundian investors to acquire shares against payment.
[...]
Title III - semi-mechanized mines, artisanal mines and trading posts
Article 114: Only mining cooperatives or companies whose shareholding is one hundred percent [100%] Burundian, constituted according to the legislation in force, can obtain a semi-mechanized exploitation permit.
[...]
CHAPTER IV: ISSUANCE OF THE PURCHASE AND EXPORT BUREAU AUTHORIZATION OF ARTISANAL AND SEMI-MECHANIZED MINING SUBSTANCES
Article 140: Authorization for a purchase and export bureau of mineral substances from artisanal and semi-mechanized mining is granted for a period of three years (3) under the conditions specified by order of the Minister responsible for mines and quarries.
Burundian shareholding is at least twenty-five percent [25%] of the bureau's share capital. However, in the event of an absence of obvious Burundian shareholders, authorization to open a counter may be granted.
[...]
Article 141: Any legal entity having its head office in Burundi and whose corporate purpose is the purchase, sale and export of mineral substances from artisanal and semi-mechanized mining is eligible for the title of purchasing and exporting bureau if it meets the requirements of this Code.
[...]
TITLE IV - QUARRYING [...]
CHAPTER II: INDUSTRIAL, MECHANIZED AND ARTISANAL Exploitation
Section 1: Industrial Exploitation [...]
Article 163: The granting of an industrial quarry exploitation permit entitles the State to a participation, as owner of the subsoil, in the share capital of the operating company of at least sixteen per cent [16%] increased by five percent [5%] at each renewal for the life of the career. The participation, free of all charges, must not experience any dilution in the event of an increase in share capital.
The State and Burundian economic operators have a right of pre-emption for the acquisition of shares in the share capital of the operating company. This right is defined by regulation.
Article 164: An agreement is approved by the decree issuing an industrial exploitation permit for quarries and contains at least provisions relating to: [...]
4. the State's participation in the share capital of the quarry operating company at least sixteen percent increased by five percent at each renewal or the sharing of quarry production at an amount of at least sixteen percent increased by five percent at each renewal between the State and the operating company; [...]
8. the commitments of the quarry operating company in terms of creating infrastructure, socio-economic contributions and in terms of recruiting, with equal qualifications, staff of Burundian nationality or subcontractors of Burundian nationality; [...]
13. clauses allowing Burundian investors to acquire shares against payment. [...]" (Law No. 1/19 of 04 August 2023 amending Law No. 1/21 of 15 October 2013 on the Burundi Mining Code)
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"Article 13: State participation in the capital of SMEM
$1. The State participates without payment as owner of the subsoil and for the entire duration of the Agreement, in the capital of SMEM up to ten percent (10%). The State's participation in the capital of SMEM cannot be diluted by a capital increase or any other operation.
$2. The State has at least ten percent (10%) of the seats/votes in the General Assembly and on the Board of Directors of SMEM.
$3. In addition to the seats/votes that the State has in the Board of Directors and in the General Assembly, the State is represented by a person assuming the position of Vice-President in each of the two bodies. The management team must include up to 40% of nationals.
$4. In addition to the ten percent (10%) of State shares, the State and/or Burundian economic operators can acquire for consideration shares in the capital of SMEM up to 39% at the market price. [...]" (MINING AGREEMENT ON THE RARE EARTH DEPOSITS OF GAKARA)
Law No. 1/19 of 04 August 2023 amending Law No. 1/21 of 15 October 2013 on the Burundi Mining Code
MINING AGREEMENT ON THE RARE EARTH DEPOSITS OF GAKAR
[<a href="https://www.presidence.gov.bi/wp-content/uploads/2023/08/code-minier-1.pdf">Law</a>],[<a href="https://www.rainbowrareearths.com/wp-content/uploads/2015/03/FinalSignedRB_GvtBdi_ML_Convention_27_3_2015.pdf">Convention</a>],[<a href="https://www.dlapiperafrica.com/export/sites/africa/burundi/insights/2023/Mining-Alert.pdf_2063069299.pdf">Other</a>],[<a href="https://www.ifc.org/content/dam/ifc/doc/mgrt/cpsd-burundi-en.pdf">Other</a>]