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Mali President Looks to Raise Government Mining Revenue and Boost Growth

© Photo Facebook / Présidence de la République du MaliMali's transitional President signs the mining code
Mali's transitional President signs the mining code - Sputnik Africa, 1920, 29.08.2023
Mali is among the largest gold producers in Africa, hosting numerous commercial mines run by some of the top ten gold producers, such as Barrick Gold and AngloGold Ashanti.
Mali's transitional president, Assimi Goita, has signed a new mining code aimed at increasing the government's share of mining revenues, the presidency announced.
Under the new legislation, state and local investors will receive 35% from mining initiatives, which could increase the industry's contribution to the country's GDP by about 20%, the president said. Previously, the income from the industry to the state amounted to 20%.
The new code will also allow the government to take a 10% stake in mining projects and the option to acquire another 20% in the first two years of commercial production.
According to the presidency, the move serves to secure the interests of the people of Mali and enhance the state's interest in mining projects.
"Today's promulgation of the new mining code is part of the drive to safeguard the interests of the Malian people, a text that will channel a greater share of revenues into the public treasury and increase Malian public and private interests in new projects," the statement read.
The mining industry in Mali is largely centered on gold mining, but diamonds, rock, phosphates, and semi-precious stones are also extracted.
In July, Mines Ministry statistics announced that the country's gold revenues rose 35% to a record $1.3 billion in 2022.
Gold - Sputnik Africa, 1920, 20.07.2023
Sub-Saharan Africa
Mali Gold Mining Revenue Grows by More Than One Third in 2022
In June, the ministry issued a forecast that the West African nation will increase gold production by 2.3% this year.
In 2022, Mali ranked among the top four gold-producing countries in Africa, trailing South Africa, Ghana and Burkina Faso. Industrial gold production for the year totaled 66.2 tons, up about 4.4% from the previous year, according to the ministry.