Mali is home to a number of major gold producers including Barrick Gold. Credit: Barrick Gold.

Mali’s interim President, Assimi Goita, has signed a new mining code into law that seeks to increase government ownership of gold concessions in the country.  

The new code was signed on state television on 28 August and will see the government and local investors take stakes as high as 35% in mining projects, compared with current levels of 20%. 

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

The signing comes amid a shortfall in production revenues. According to governmental projections, the new code could more than double the mining sector’s contribution to gross domestic product to between 15% and 20%. 

Mali is one of Africa’s leading gold producers, and companies including Barrick Gold, B2Gold, Resolute Mining and Hummingbird Resources operate in the country.  

The government has yet to confirm the implications of the mining code on existing projects. Officials said last week that the code’s remit will depend on forthcoming implementing decrees, which have not yet been announced.  

Mali’s Finance Minister, Alousseni Sanou, said on Monday that an audit of the country’s mining sector has shown that the state was missing CFA Fr300bn–600bn ($497m–$995m), which the new code seeks to recover. 

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Newly appointed Mining Minister Amadou Keita attributed state losses to mining companies taking their gold ore to a tax exempt mine for processing. The new code seeks to crack down on such activity. 

He added that greater attention would be paid to how mining titles are issued.

“From now on, for the sake of transparency and inclusiveness, mining titles will be signed by several ministers (finance, mining, environment, etc.),” he said.  

The code was adopted by parliament earlier this month before the final signing this week.