Mali’s military government has officially signed an agreement with Russia, unveiling plans for a state-of-the-art gold refinery project to be built in the Malian capital, Bamako. The four-year deal will see the construction of a refinery capable of processing a substantial 200 tonnes of gold a year.
Gold is Mali’s most important export by value and plays a key role in the country’s economic growth, as highlighted by the Ministry of Mines. While the agreement does not specify a specific construction schedule, it signals a strategic initiative to strengthen Mali’s control over its gold production.
Finance Minister Alousséni Sanou was optimistic about the impact of the project, stating that it would enable Mali to monitor and regulate all aspects of gold production in the country. This, he believes, will enable the government to meticulously apply taxes and levies and ensure a streamlined and transparent revenue collection process.
The move comes at a crucial time for Mali as it seeks to strengthen its global partnerships, particularly following the military coup in 2021 and the subsequent withdrawal of French troops in 2022.
