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Mali has entered into an agreement with Russia, for setting up a state-of-the-art gold refinery project to be established in the Malian capital, Bamako.
Mali has entered into an agreement with Russia, for setting up a state-of-the-art gold refinery project to be established in the Malian capital, Bamako. The proposed project will be completed in four years. The deal includes the construction of a refinery capable of processing a substantial 200 tonnes of gold annually.
Gold is Mali’s primary export product by value and plays a pivotal role in contributing to the country’s economic growth. The agreement signals a strategic initiative to fortify Mali’s control over its gold production.
Finance Minister Alousséni Sanou said that the project would empower Mali to oversee and regulate all aspects of gold production within the country to enable the government to meticulously apply taxes and duties, and improve the revenue collection process.
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The move comes at a crucial juncture for Mali, as the nation has sought to enhance its global partnerships, particularly in the aftermath of the military coup in 2021 and the subsequent withdrawal of French forces in 2022.
