By Obiabin Onukwugha
Mali has approved seven agreements granting the state more revenue from international and local mining companies in order to earn more income from the sector.
According to a statement by the government, the approval was recently given by the Malian Council of Ministers for the exploitation and exploration of its mineral resources, giving Mali a guaranteed, non-reducible stake in mining projects with priority access to dividends.
The agreements apply to gold mines including the Sadiola project operated by an Allied Gold B2Gold’s, Fekola mine and Resolute Mining’s site at Syama, as well as Ganfeng’s Goulamina and Kodal’s Bougouni lithium projects.
Mali’s military rulers introduced a new mining code in 2023, increasing royalties to 10 percent from 6.5 percent while expanding state and local ownership of mines to at least 35 percent from 20 percent.
The latest deals followed preliminary agreements signed with the same companies between September and November 2024.
Endeavour Mining and other gold producers have previously signed agreements reflecting the terms of Mali’s revised mining code.
Reuters reports that a senior Barrick executive, who once represented the gold miner in negotiations with Mali’s government, had switched sides to become an adviser to Mali’s president, further complicating matters for Barrick.
Mali is one of Africa’s top gold producers, but regulatory uncertainty has weighed on investment and output.
