Mali-Russia Agreement Paves the Way for Gold Refinery Project

Mali’s military government has formally signed a partnership agreement with Russia, unveiling plans for the establishment of a cutting-edge gold refinery project in the capital city of Bamako. This deal, set to span over a period of four years, encompasses the construction of a refinery with the capacity to process a substantial 200 tonnes of gold on an annual basis.

Gold holds a significant position as Mali’s primary export product by value and plays a crucial role in contributing to the country’s economic development, as underlined by the mining ministry. The agreement, while not providing specific details on construction timelines, signifies a strategic effort to strengthen Mali’s control over its gold production.

Finance Minister Alousséni Sanou has expressed positivity about the potential impact of the project, stating that it would enable Mali to supervise and regulate all aspects of gold production within the country. According to him, this move will empower the government to effectively impose taxes and duties, ensuring a streamlined and transparent process for revenue collection.

The timing of this agreement holds great significance for Mali, particularly as the nation has endeavored to bolster its international partnerships, especially in the aftermath of the 2021 military coup and the subsequent withdrawal of French forces in 2022.

This move is welcomed by many parties involved, and stands to benefit Mali economically and socially. Africanews reporter, Hauwa M., has provided insightful coverage of this development, highlighting its importance and the positive implications it holds for the future of Mali’s economy.