Mali Establishes State-Owned Firm to Manage Mining Assets, Says Cabinet
Mali Establishes State-Owned Firm to Manage Mining Assets, Says Cabinet
The new fully state-owned company, Sopamim, will be tasked with managing the country's holdings in mining companies, Mali's council of ministers said in a statement.
Key details:
🟠The move aligns with regional trends in countries like Niger and Guinea, where state-owned entities manage strategic mineral assets.
🟠Mali is a top African gold producer, hosting international firms such as Barrick Gold and Endeavour Mining.
🟠This follows the 2022 creation of Sorem, another state company focused on mineral exploration and development.
🟠The decision reinforces Mali's 2023 mining code, which increased state and local ownership in mines from 20% to at least 35% and helped boost state gold revenues by over 50% in 2024.
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