MALI’S government has clawed back 761 billion CFA francs ($1.2bn) in unpaid dues from mining operators following an extensive industry review, said Reuters citing the country’s finance minister Alousséni Sanou.
The military administration initiated the sector-wide examination in early 2023, which revealed substantial revenue shortfalls and prompted comprehensive legislative reforms. Consultants Inventus and Mozar identified financial irregularities totalling between 300 billion and 600 billion CFA francs, leading authorities to establish a recovery commission.
The revised mining legislation increased royalty rates, expanded government ownership in mining ventures, and eliminated stability provisions. These reforms sparked a protracted standoff with Barrick Mining, the nation’s largest gold producer, before both parties reached an agreement last November.
Speaking on state television Monday, Sanou did not confirm whether the recovered amount encompasses Barrick’s recent 244 billion franc settlement. Additional companies including B2Gold, Allied Gold, Resolute Mining, Endeavour Mining, and lithium producers Ganfeng and Kodal have also cleared outstanding obligations.
Sanou said he was “delighted” recoveries exceeded the 400 billion franc target. The 2023 code is expected to boost annual revenues by 586 billion francs from audited firms, bringing their total contribution to roughly 1,022 billion francs.
Audit expenses totalled 2.87 billion francs. However, heightened regulatory scrutiny has constrained output. Gold output declined 32% year-on-year to 26.2 tons to end-August, said Reuters.
