The Republic of Mali has approved seven new mining agreements under its revised mining code, aiming to expand state participation and revenue from the sector.
The Council of Ministers has sanctioned the exploration and exploitation agreements, ensuring Mali has a fixed, non-reducible equity position in the ventures along with priority access to dividends.
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The agreements cover several gold mines including the Sadiola project operated by an Allied Gold subsidiary, B2Gold’s Fekola mine, Resolute Mining’s site at Syama and Ganfeng’s Bougouni project.
They are the latest outcome of the new mining code adopted in 2023, which raised royalty rates from 6.5% to 10% and increased minimum state and local ownership of mines to 35% from 20%.
These contracts follow preliminary agreements signed with the same companies between September and November 2024, reported Reuters.
Resolute Mining declined to comment on the matter, while Allied Gold, B2Gold and Ganfeng did not respond immediately to media queries, noted the media outlet.
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By GlobalDataOther operators including Endeavour Mining have already signed agreements aligned with the updated mining code.
However, Barrick Mining, a Canadian company, remains in a prolonged standoff with the Malian Government.
The company’s position has been further complicated by the defection of one of its former negotiators, who now serves as an adviser to Mali’s president.
Mali remains among Africa’s leading gold producers, but the government’s focus on resource nationalism and realignment away from Western partners towards Russian interests has added fresh layers of uncertainty for investors and for output in this sector, added the news report.
