Mali’s military government has doubled down on its resource nationalism drive, signing seven new mining agreements with both international and local firms in a bid to shore up state revenues.
The deals, approved last Friday by the Council of Ministers, guarantee the state a permanent stake in each project and priority access to dividends—marking a significant tightening of state control over one of West Africa’s biggest gold producers.
The agreements cover some of Mali’s most strategic projects, including Allied Gold’s Sadiola mine, B2Gold’s Fekola site, Resolute Mining’s Syama operations, and Ganfeng Lithium’s Bougouni project.
Together, these projects represent both Mali’s historic reliance on gold and its ambitions to diversify into critical minerals such as lithium.
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This move comes under Mali’s 2023 mining code, which raised royalties from 6.5% to 10% and increased state and local ownership in mining ventures to a minimum of 35%, up from 20%.
The government framed the reforms as part of a broader push for “resource sovereignty” and national development.
However, the changes have rattled miners and investors.
Production has already taken a hit: gold output dropped 23% last year to 51 metric tons, with companies citing regulatory uncertainty.
Still, not all miners are resisting. In July, three producers—including London-listed Endeavour Mining—accepted the revised code, signaling a gradual industry adaptation despite initial pushback.
Yet tensions remain high. Canadian giant Barrick Gold is locked in a standoff with the Malian government after suspending operations at its Loulo-Gounkoto complex earlier this year.
Authorities had seized gold stocks on-site, sparking a legal dispute.
The mine, one of Mali’s most productive, previously accounted for about 15% of Barrick’s global output and remains a critical source of export revenue for Mali.
For now, Mali sits at a crossroads. It remains one of Africa’s largest gold producers, but its increasingly assertive regulatory posture risks dampening investor confidence at a time when output is already declining.
Whether the newly signed deals will restore balance—or further deepen tensions between the state and multinational miners—will be closely watched in Bamako, Toronto, London, and Beijing alike.
Source: https://africa.businessinsider.com/local/markets/junta-led-mali-signs-seven-new-mining-deals-under-revised-code-to-boost-revenue/ct362kv
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