Latest news with #SOROMA-SA
The Star
5 days ago
- Business
- The Star
Malian president lays foundation stone for gold refinery in Bamako
BAMAKO, June 16 (Xinhua) -- Malian President Assimi Goita on Monday laid the foundation stone for a new gold refinery in a suburb of Bamako, the capital of Mali. The cost of the refinery has not been disclosed, but the facility will cover five hectares and is expected to have an annual refining capacity of 200 tonnes of gold once completion in two years. Until now, Mali's gold has been exported for refining and sale to countries such as the United Arab Emirates (UAE), South Africa, and Switzerland. The plant will be operated by Mali's gold refinery company SOROMA-SA, a joint venture with the Russian company Yadran, in which the Malian state will hold a majority stake of 62 percent. "The establishment of the Mali gold refinery is a reaffirmation of our economic sovereignty. It allows us not only to control but also to improve the traceability of gold production. It also enables us to better capitalize on revenues from gold and its by-products," Goita said. "The new gold refinery will be the only facility to refine gold produced by all mining companies operating in Mali. This will increase both direct and indirect employment opportunities for Malian youth," he added, praising the ever-strengthening cooperation between Mali and the Russian Federation. "I would like to express my deep gratitude to the President of the Republic of Mali and the government for their support of this project, which marks an important step in the development of Mali's economy and that of the wider Sahel region," said Irek Salikhov, board chairman of the Yadran Group. To make the most of its gold production, Mali has undertaken major reforms since 2023, including the adoption of a new mining code allowing for up to 30 percent state participation in mining projects, and a local content law requiring foreign companies to open up 5 percent of their capital to Malian stakeholders. In 2024, Mali officially produced 51 tonnes of gold.
Russia Today
5 days ago
- Business
- Russia Today
African state partners with Russia to boost gold revenues
Mali's government will partner with the Russian Yadran Group to establish a state-owned gold refinery aimed at increasing national revenues from bullion production, Reuters reported on Friday, citing the West African country's economy and finance minister. According to Alousseni Sanou, the joint company SOROMA-SA will be majority-owned by the Malian state with a 62% stake, while Yadran will hold the remaining shares. He said the facility would be constructed on a five-hectare site near the international airport in the capital, Bamako and is expected to process up to 200 metric tons of gold annually, almost four times Mali's current capacity of roughly 50 tons. The country's transitional legislative body approved the shareholding structure earlier last week, the officials said, adding that the new firm will support miners in meeting new requirements introduced by the revised mining code. The Sahel state is Africa's second-largest gold producer, according to latest report by the World Gold Council. In 2023, Bamako's new leadership, which came to power after a 2020 coup, introduced a revised mining code allowing the government to claim up to a 30% stake in new projects in an effort to boost state revenues amid rising gold prices. The move, which aligns with similar policies adopted by governments in neighboring Burkina Faso, Guinea, and Niger, also seeks to raise gold royalties and mandate domestic gold processing. Mali currently exports most of its raw gold due to limited refining capacity. Bamako's Mines Ministry reportedly stated that the country's two existing refineries lack international certifications, such as from the London Bullion Market Association (LBMA), which restricts access to global markets. On Friday, Reuters cited a senior official from the Malian Mines Ministry as saying that the partnership with Russia's Yadran is intended to help Bamako secure certification and comply with international trading standards. The Malian-Russian refinery project is being launched amid escalating tensions in recent months between military-led governments in the Sahel and Western mining companies. Late last month, Canadian company Barrick Mining appealed to the World Bank's arbitration tribunal to resolve a legal dispute with Mali, where it risks losing control of its gold operations. Barrick holds an 80% stake in the country's Loulo-Gounkoto mines, with the Malian government owning the remaining 20%. The mines, which produced nearly 700,000 ounces of gold in 2023, have been shut since January, after the government seized three tons of gold over alleged unpaid taxes, a claim Barrick denies. Meanwhile, in neighboring Niger, French nuclear fuel company Orano lost its license to the Imouraren uranium mine in 2024, and later that year the military government seized its subsidiary, Somair.
Business Insider
13-06-2025
- Business
- Business Insider
Mali strikes gold refining deal with Russia to curb export losses
Mali's government has announced plans to establish a state-controlled gold refinery in partnership with Russian firm Yadran. Russia Mali is establishing a state-controlled gold refinery in partnership with Russian firm Yadran to maximize earnings from its gold sector. The refinery, named SOROMA-SA, will be majority-owned by Mali with a 62% stake, located near Bamako's airport with a capacity of 200 metric tons annually. Mali seeks to locally refine gold to meet international standards of purity (99.5%) and reduce dependency on abroad refining. Mali's government has announced plans to establish a state-controlled gold refinery in partnership with Russian firm Yadran, aiming to increase earnings from its gold sector. Finance Minister Alousseni Sanou announced that the newly formed company, SOROMA-SA, will be 62% owned by the Malian government, with Russian firm Yadran holding the remaining 38% stake. Set to be constructed on a five-hectare site near Bamako's international airport, the refinery will have the capacity to process up to 200 metric tons of gold annually, a significant leap from Mali's current processing capacity of about 50 tons, according to Reuters. Mali, Africa's second-largest gold producer, currently lacks an internationally certified refinery. The country's two existing facilities have been unable to meet the standards required by global bodies like the London Bullion Market Association (LBMA), forcing miners to refine their gold abroad. The new refinery will produce gold with a purity of 99.5%, adhering to international certification standards. Mining code reforms reshape investment landscape Sanou said the refinery will help miners comply with the country's revised mining code, which was designed to increase state participation, raise royalty rates, and mandate domestic gold refining. These reforms echo similar moves by regional neighbours like Burkina Faso, Niger, and Guinea, which have also sought to localize more of the mining value chain, sparking concern among Western investors even as ties with Russia and China deepen. Since seizing power in 2020, Mali's military government has vowed to overhaul the mining sector to ensure the state captures a larger share of gold revenues. These reforms are projected to boost annual government income by about $950 million, representing nearly 20% of the national budget. Mali's transitional president, Assimi Goita, is expected to officially launch construction of the refinery later in June, according to a spokesperson from the Ministry of Mines.
