Russia's Pivot to Africa: Gold Mining

By Rhod Mackenzie

Mali and Russia have signed a memorandum of understanding for the construction of the largest gold processing plant in West Africa with a capacity of 200 tons per year in the capital of Mali, said Minister of Economy and Finance Alousseni Sanou.

The memorandum is valid for four years, the minister said on the national TV channel ORTM. According to him, the project will allow “not only to control all gold production, but also to apply it to all taxes and duties.”

In August, Mali adopted a new mining code allowing the state to have up to a 35% stake in new mining projects.

Industrial gold production in the Republic of Mali by the end of 2023 may reach and even exceed the forecast, which is 67.7 tons versus 66.2 tons a year earlier. About 6 tons additionally are mined using artisanal methods.