Mali plans to establish a fully state-owned company to manage its holdings in mining ventures, the government announced following a council of ministers meeting. The move aligns Mali with neighbors Niger and Guinea, which have similar state-controlled entities overseeing mining assets. Mali, one of Africa’s largest gold producers, has faced ongoing tensions with foreign mining firms. The decision follows the resolution of a high-profile dispute with Canadian miner Barrick Gold. Mali’s military-backed government had tightened mining regulations, introduced a new industry code to increase state profit shares, and accused Barrick of underpaying taxes, royalties, and dividends.
During the dispute, Mali seized gold stocks and temporarily closed the Loulo-Gounkoto mine. Last November, both parties announced a resolution. The new state-owned company will acquire and manage Mali’s mining holdings, signaling a stronger national control over a sector critical to the country’s economy.
