Mali's Gold Rush: New State-Run Refinery Boosts Economic Fortunes
The Malian government, in collaboration with Russia's Yadran, plans to establish a state-controlled gold refinery to enhance bullion revenue. The new company, SOROMA-SA, majority-owned by the state, will significantly increase Mali's gold production capacity. The initiative aligns with regional resource strategies but faces certification hurdles.
Mali's government, partnering with Russia's Yadran, is set to build a state-controlled gold refinery, aiming to boost its bullion revenue and tap into rising commodity prices, according to Finance Minister Alousseni Sanou.
The new entity, SOROMA-SA, will see the Malian state owning 62% of the shares, with Yadran holding the rest. Expected to sit on a five-hectare site near Bamako's airport, the refinery will amplify Mali's gold output to 200 metric tons annually, from 50 tons currently.
This development ties in with Mali's newly revised mining code, which boosts state stakes and royalties, aligning with similar moves in Burkina Faso, Niger, and Guinea. Despite the absence of certifications like the LBMA, Yadran aims to overcome these challenges, with construction kicking off in June.
(With inputs from agencies.)
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