Mining overhaul could raise $883 million for Mali projects
Mali could raise up to 883 million dollars from recent mining reforms to help fund energy, water and transport projects, according to the country’s finance minister.
It is the clearest sign yet of how the military government plans to use the windfall from its 2023 mining code overhaul, which increased royalties and boosted the state’s stake in mining projects. Those changes have already triggered disputes with operators including Canada’s Barrick.
Officials said in December that a government audit had recovered about 1.3 billion dollars in alleged arrears from mining companies.
Finance Minister Alousseni Sanou said state television that the new infrastructure development fund had mobilized about 194 million dollars between January 1, 2025 and June 30, 2026.
Created in 2023, the fund is financed by mining license holders through quarterly revenue contributions and ad valorem taxes, and officials say it could generate at least about 88.3 million dollars a year.
Transport Minister Dembélé Madina Sissoko said proposed projects include rail upgrades, road construction, boat purchases and support for state airline Mali Airlines.
The Malian government has established the Malian Office of Precious Substances, a state body tasked with regulating and centralising the country’s artisanal gold trade.
Approved by the Council of Ministers, the new institution is expected to strengthen oversight of gold flows after authorities identified significant gaps between officially declared exports and the quantities recorded by importing countries.
Smuggling costs billions
Artisanal mining is a major pillar of Mali’s economy, employing nearly two million people across an estimated 350 to 400 mining sites. However, the government says a large share of production continues to leave the country through informal channels.
According to a 2024 report by SWISSAID, between 30 and 57 metric tonnes of Malian gold worth between $1.98 billion and $3.77 billion are exported without being officially declared each year.
The report also estimated that between 2012 and 2022, around 300 tonnes of undeclared gold, valued at $13.5 billion, left Mali.
