Mali’s military administration has formally sealed an agreement with Russia, unveiling a groundbreaking plan for a cutting-edge gold refinery project in the Malian capital, Bamako.
This significant deal, spanning a period of four years, encompasses the construction of a refinery with the capacity to process a substantial 200 tonnes of gold annually.
Gold stands as Mali’s foremost export product in terms of value and plays a pivotal role in driving the country’s economic growth, as highlighted by the ministry of mining.
While the agreement does not specify the exact timelines for construction, it symbolizes a strategic endeavor to strengthen Mali’s control over its gold production.
Speaking on the project’s implications, Finance Minister Alousséni Sanou expressed optimism, emphasizing that it would empower Mali to oversee and regulate all facets of gold production within the country. This, he believes, will enable the government to judiciously impose taxes and duties, thus ensuring a seamless and transparent revenue collection process.
The timing of this move is crucial for Mali, as the nation has been actively seeking to bolster its global partnerships, especially in the aftermath of the military coup in 2021 and the subsequent withdrawal of French forces in 2022.
