ShreeMetalPrices: Mali will evaluate and renegotiate gold mining contracts


The ministerial council announced on Wednesday that transition administration in Mali will evaluate mining agreements. Following a recommendation from an official report of the industry. That the state was not getting a fair portion of gold mining earnings.

Gold, Mali’s primary export, is one of Africa’s biggest producers. The nation is home to businesses including Barrick Gold Corp. & Resolute Mining.

The council announced the implementation of an action plan. That would see the establishment of a commission to renegotiate mining contracts, an effort to repatriate money made from gold exports. And the approval of an environmental code for the mining industry.

It stated in a statement that “the plan of action will be implemented via a participative manner, including the mining corporations themselves.” But did not give a timetable for the actions.

The military junta made a promise to evaluate mining agreements made with firms by past administrations soon after seizing power in a coup in 2020.

Data from the data office indicated previously in March that Mali’s gold exports increased 8.4 percent to 69.4 tonnes in 2022. Reflecting an increase in industrial gold output during the same time period.