Mali’s Finance Minister, Alousseni Sanou, has announced that following significant Mali Mining Reforms, Mali expects to collect 750 billion CFA francs (US$1.2 billion) from mining companies in the first quarter of this year.
As of late December, the West African nation had already secured 500 billion CFA francs after negotiations with mining companies, Sanou stated during a parliamentary address about Mali Mining Reforms.
According to minutes from the meeting, aired on public broadcaster ORTM, the government anticipates receiving the full amount by March 31 as a result of the Mali Mining Reforms.
Mali’s military-led government has adopted a stringent approach toward international mining companies, introducing a revamped mining code and demanding substantial back payments. Recent audits revealed a revenue shortfall of between 300 billion and 600 billion CFA francs, prompting the government to pursue unpaid taxes and dividends aggressively under the new Mali Mining Reforms.
In 2023, Australia-based Resolute Mining Ltd. settled a tax dispute with Mali by agreeing to pay approximately $160 million after the company’s CEO was detained. Similarly, B2Gold Corp. and Allied Gold Corp. reached agreements in September involving settlement payments for their Fekola and Sadiola mines, alongside commitments to expand operations.
However, tensions remain high. Barrick Gold Corp. recently warned that it may be forced to suspend its operations in Mali if the government continues to disrupt its exports and activities. Mali has accused the company of owing $512 million in unpaid taxes and dividends, allegations Barrick disputes. Four Barrick executives were detained for a second time in November after previous negotiations collapsed.
The government’s revised mining code, adopted in 2023, is expected to significantly boost state revenue. Under the new framework, Mali and domestic stakeholders have increased their ownership in mining assets from 20% to 35%.
Additionally, the country will earn 7.5% of sales revenue if gold prices exceed $1,500 per ounce, Sanou revealed.
