Mali’s military government has formalized an agreement with Russia, unveiling ambitious plans for a cutting-edge gold refinery project set to take shape in the capital city of Bamako. This four-year deal encompasses the establishment of a refinery designed to process an impressive 200 tonnes of gold annually.
Gold stands as Mali’s foremost export commodity in terms of value, significantly contributing to the nation’s economic growth, highlighted by the mining ministry. Although specific construction timelines were not disclosed, the agreement underscores Mali’s strategic move to strengthen its oversight and management of gold production.
Finance Minister Alousséni Sanou expressed confidence in the project’s potential impact, emphasizing that it would grant Mali greater control and regulation over all facets of gold production within its borders. This control is envisioned to facilitate meticulous imposition of taxes and duties, ensuring a transparent and efficient revenue collection process.
This initiative holds immense significance for Mali, arriving at a critical moment when the country seeks to bolster its global alliances, especially following the military coup in 2021 and the subsequent withdrawal of French forces in 2022.