Mali Gold output drops in 2025

Mali’s industrial gold sector recorded a significant contraction in 2025, highlighting the economic impact of regulatory reform, prolonged disputes with major miners, and operational challenges across one of Africa’s leading gold-producing countries.

Provisional figures from Mali’s mines ministry show that industrial gold output fell by 22.9% in 2025, dropping to 42.2 metric tons from an updated 54.8 tons in 2024. The decline was largely driven by the lengthy suspension of operations at Barrick Mining’s Loulo-Gounkoto complex, following a prolonged standoff with the government over stricter mining regulations.

Mali introduced a new mining code in 2023 as part of broader reforms aimed at capturing greater value from the sector. A government-led audit resulted in the recovery of 761-billion CFA francs ($1.2 billion) in unpaid arrears from mining companies, announced in December. However, the tougher rules unsettled some operators and weakened sector sentiment.

The dispute with Barrick escalated into a two-year impasse, during which the Canadian miner’s flagship Loulo-Gounkoto operation was placed under provisional administration. Although a deal was reached late last year and the complex reopened in July under a state-appointed administrator, persistent logistical challenges limited production. Output at Loulo-Gounkoto fell to 5.5 tons in 2025, down from 22.5 tons a year earlier.

The disruption offset production gains from new entrants and expanded small-scale industrial mines. Mali’s industrial gold output had peaked at 66.48 tons in 2023, underscoring the scale of the recent decline.

In a shift in the producer rankings, B2Gold overtook Barrick to become Mali’s largest gold producer in 2025, delivering 17.5 tons. Allied Gold ranked second with 9.58 tons, supported by output from its Korali-Sud and Sadiola mines, followed by Barrick with 5.5 tons.

Artisanal gold production remained unchanged at six tons in 2025. Combined with industrial output, Mali’s total national gold production reached 48.2 tons, representing a 22.7% shortfall from the government’s original 54-ton forecast for the year.