This African Country Looks to Produce More Gold Than Expected
18:26 01.06.2023 (Updated: 10:44 03.08.2023)
Mali is one of Africa's largest gold producers and home to numerous industrial mines operated by companies including Barrick Gold and AngloGold Ashanti, which are among the top ten gold-producing enterprises.
Mali's Ministry of Mines has shown media its revised forecasts for gold production, according to which the country will increase output by 2.3% this year.
The revised forecast indicates Mali will produce 67.7 tons in 2023, up 6% from the previous forecast (63.9 tons).
Factoring in about six tons harvested from artisanal mines, total gold production in Mali this year is expected to reach 73.7 tons, the ministerial data showed.
Malian gold is primarily exported to South Africa, Switzerland and Australia.
In 2022, Mali ranked among Africa's top four gold-producing countries, behind South Africa, Ghana, and Burkina Faso, with a production of 66.2 tons of industrial gold, about 4.4% higher than the previous year, according to the Malian ministry.
According to United States Geological Survey statistics, the top gold-producing countries in the world in 2022 were China, Russia and Australia, which accounted for 31% of global gold production.
South Africa produced 110 tonnes of gold in 2022, a 74% decrease from the 430 tonnes it produced in 2000. According to the World Gold Council, mine closures, aging assets, and industrial strife are to blame for this long-term drop.