Mali to construct a gold refinery in Bamako
Mali has announced plans to set up a new gold refinery in the country Mali’s capital city of Bamako. The move follows an inked deal between Mali and Russia.
The two countries sealed a non-binding memorandum of understanding (MOU) valid for four years. This deal is part of Russia’s efforts to deepen its interests in Mali, especially following a military coup in 2021 and the subsequent withdrawal of French troops.
Largest refinery in West Africa
Russia’s state-owned atomic energy company, Rosatom, signed an MOU for the exploration and mining of nuclear minerals in Mali for power generation. The recent mining code signed into law in August 2023 allows the government and local investors to increase their stakes in gold concessions.
The gold refinery to be constructed is expected to be one of the largest in West Africa. The project is set to have refining capacity of 200 tonnes per annum. The Malian minister of economy and finance highlighted that the refinery aims to control gold production and ensure the correct application of taxes and duties.
Gold plays a crucial role in Mali’s economy, with nearly a fourth of the country’s fiscal resources coming from gold production. The country is one of the largest gold-producing countries in Africa. Various mining companies, including Barrick Gold, Resolute Mining, B2Gold, and Hummingbird Resources, operate in Mali.
