MALI’S government has finalised seven mining agreements that will boost state revenues from the gold sector, marking another step in the military leadership’s drive to capture greater value from natural resources, said Reuters.
Friday’s Council of Ministers session ratified deals that secure Mali guaranteed mining stakes with preferential dividend rights, according to an official statement.
The arrangements encompass major gold operations across the country, including Allied Gold’s Sadiola subsidiary, B2Gold’s Fekola operation, Resolute Mining’s Syama facility and Ganfeng’s Bougouni development.
These finalised contracts build upon preliminary accords reached with mining companies during the September to November period last year, said Reuters.
The West African nation overhauled its mining regulations in 2023, pushing royalty rates from 6.5% to ten percent whilst mandating minimum state participation of 35%, up from the previous 20% requirement.
Several gold producers including Endeavour Mining have already concluded similar arrangements under the updated framework.
Barrick Mining stands apart as the notable holdout, remaining embroiled in disputes with authorities over the regulatory changes.
The Canadian miner’s position became more complicated after a former company representative who handled government relations switched allegiances to join Mali’s presidential advisory team.
Mali holds significant standing among Africa’s gold-producing nations, though regulatory upheaval has created investment headwinds that have constrained production growth.
The administration has embraced resource nationalism policies whilst shifting away from traditional Western partnerships toward closer ties with Russian interests.
Mining companies contacted for comment either declined to respond or were unavailable for immediate reaction to the approved agreements.
