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Yahoo
16 hours ago
- Business
- Yahoo
Mali starts building Russia-backed gold refinery to enhance control over resources
Mali has initiated construction of a new gold refinery backed by Russia, marking a step towards the country's goal of asserting greater control over its natural resources, according to a Reuters report. The facility, with a 200 tonne (t) capacity and a controlling stake held by Mali, is a joint venture (JV) with Russia's Yadran Group and a Swiss investment firm. The new refinery is expected to become a regional processing hub for gold, not only from Mali but also from neighbouring countries such as Burkina Faso. Despite West Africa's status as a major gold producer, the region has lacked a functional and globally certified gold refinery. This has been a long-standing gap in the market despite previous attempts to establish such a facility, including by Ghana, the continent's leading gold producer. Mali's interim president Colonel Assimi Goita has emphasised the refinery's role in improving the tracking of gold production and exports. He pointed out that, like many African nations, Mali suffers significant financial losses due to gold smuggling, exacerbated by the lack of certified refineries and traceability programmes. The construction of the refinery is part of broader mining reforms under Mali's military leader, who assumed power in 2021. These reforms have included a revised mining code that aligns with changes in neighbouring countries such as Guinea, Niger and Burkina Faso, causing unease among investors. Tensions have been evident in Mali's mining sector, as seen with the recent court decision to place the Loulo-Gounkoto gold complex operated by Canadian mining company Barrick under temporary state control amidst a tax dispute. "Mali starts building Russia-backed gold refinery to enhance control over resources" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
3 days ago
- Business
- Yahoo
Mali begins building Russian-backed gold refinery
Mali's military junta has started building the West African state's first-ever gold refinery in partnership with a Russian conglomerate, the Yadran Group. The project would embody Mali's assertion of its "economic sovereignty", and ensure the nation benefited from its mineral wealth, military leader Gen Assimi Goïta said. He has strengthened military and economic ties with Russia since seizing power in a coup in 2021, while reducing relations with former colonial power France and other Western nations. This reflects a broader trend in the region, with neighbouring Burkina Faso and Niger also pivoting towards Russia after the overthrow of civilian leaders. Western firms have since been facing a tough time - the latest example being Mali's decision to put a huge gold mine, run by Canadian giant Barrick, into administration, effectively bringing it under state control. On Monday, Gen Goïta - along with Yadran Group head Irek Salikhov - attended a ceremony for the construction of the refinery, which will have a 200-tonne capacity, in Senou, not far from the capital, Bamako. Mali would having a majority stake in the refinery, and Yadran Group a minority share. Mr Salikhov hailed the plant as a "win-win" for both nations, saying the aim was to turn the refinery into "a regional centre for processing gold extracted not only in Mali, but also in neighbouring countries like Burkina Faso". No date has been announced for its completion, but Gen Goita said: "It's a long-awaited dream of the Malian people, and today it's becoming a reality." The plant would enable Mali to "refine all the gold mined on its soil, ending decades of crude export to foreign refineries", he added. Mali is Africa's second-biggest producer of gold, but many of its people remain poor 65 years after independence. Why Burkina Faso's junta leader has captured hearts and minds around the world How a uranium mine became a pawn in the row between Niger and France Why France faces so much anger in West Africa Go to for more news from the African continent. Follow us on Twitter @BBCAfrica, on Facebook at BBC Africa or on Instagram at bbcafrica Focus on Africa This Is Africa
BBC News
3 days ago
- Business
- BBC News
Mali gold refinery: Military ruler Gen Assimi Goïta hails construction as assertion of 'economic sovereignty'
Mali's military junta has started building the West African state's first-ever gold refinery in partnership with a Russian conglomerate, the Yadran Group. The project would embody Mali's assertion of its "economic sovereignty", and ensure the nation benefited from its mineral wealth, military leader Gen Assimi Goïta said. He has strengthened military and economic ties with Russia since seizing power in a coup in 2021, while reducing relations with former colonial power France and other Western reflects a broader trend in the region, with neighbouring Burkina Faso and Niger also pivoting towards Russia after the overthrow of civilian leaders. Western firms have since been facing a tough time - the latest example being Mali's decision to put a huge gold mine, run by Canadian giant Barrick, into administration, effectively bringing it under state control. On Monday, Gen Goïta - along with Yadran Group head Irek Salikhov - attended a ceremony for the construction of the refinery, which will have a 200-tonne capacity, in Senou, not far from the capital, would having a majority stake in the refinery, and Yadran Group a minority Salikhov hailed the plant as a "win-win" for both nations, saying the aim was to turn the refinery into "a regional centre for processing gold extracted not only in Mali, but also in neighbouring countries like Burkina Faso".No date has been announced for its completion, but Gen Goita said: "It's a long-awaited dream of the Malian people, and today it's becoming a reality." The plant would enable Mali to "refine all the gold mined on its soil, ending decades of crude export to foreign refineries", he is Africa's second-biggest producer of gold, but many of its people remain poor 65 years after independence. You may also be interested in: Why Burkina Faso's junta leader has captured hearts and minds around the worldHow a uranium mine became a pawn in the row between Niger and FranceWhy France faces so much anger in West Africa Go to for more news from the African us on Twitter @BBCAfrica, on Facebook at BBC Africa or on Instagram at bbcafrica
Zawya
3 days ago
- Business
- Zawya
Mali starts construction of Russia-backed gold refinery
Mali began construction of a new Russia-backed gold refinery on Monday, which the West African country's military leader said would take it closer to asserting control over its natural resources. The 200-ton capacity facility, in which Mali has a controlling stake, will be built in partnership with Russia's Yadran Group and a Swiss investment company. Mali's interim president Colonel Assimi Goita said last year that all mining companies will be required to process their gold domestically under a revised mining code, without providing a deadline. That reflects a broader regional shift extending across the Sahel, where Guinea, Niger and Burkina Faso have also revised mining codes to mandate local processing, adding value to their exports and boosting the economic benefits of their resources. "Since 1980, Mali's gold has been exported for refining and sale to countries such as the United Arab Emirates, South Africa, and Switzerland," Goita said at the groundbreaking ceremony for the new plant in Senou, outside the capital Bamako. "This deprives our country of substantial revenues that could be used for the development of its economy." The government has not provided a deadline for the plant's completion. Once fully operational, it will process all gold produced in Mali into dore bars before it is exported, with a capacity nearly four times Mali's annual gold production. Echoing comments from Goita, Yadran President Irek Salikhov said at the ceremony the refinery will become "a regional center for processing gold extracted not only in Mali, but also in neighboring countries — like Burkina Faso". West Africa is a major gold producer, but lacks a functional and globally certified gold refinery despite attempts to create one including by Ghana, the continent's top gold producer. The refinery is part of Goita's sweeping mining reforms introduced since the military leader seized power in 2021 and severed relations with Western partners. Mali's revised mining code, like those of neighbours Guinea, Niger and Burkina Faso, has rattled investors. A Malian court this month put Canadian miner Barrick's Loulo-Gounkoto gold complex under temporary state control, escalating an ongoing dispute over Mali's tax claims. Goita said the refinery would enable Mali to better track its gold production and exports. Like many African countries, it loses billions of dollars to gold smuggling due to the absence of certified gold refineries and traceability programmes. (Reporting by Tiemoko Diallo & Idrissa Sangare; Writing by Maxwell Akalaare Adombila; Editing by Jessica Donati and Jan Harvey)
Reuters
3 days ago
- Business
- Reuters
Mali starts construction of Russia-backed gold refinery
BAMAKO, June 16 (Reuters) - Mali began construction of a new Russia-backed gold refinery on Monday, which the West African country's military leader said would take it closer to asserting control over its natural resources. The 200-ton capacity facility, in which Mali has a controlling stake, will be built in partnership with Russia's Yadran Group and a Swiss investment company. Mali's interim president Colonel Assimi Goita said last year that all mining companies will be required to process their gold domestically under a revised mining code, without providing a deadline. That reflects a broader regional shift extending across the Sahel, where Guinea, Niger and Burkina Faso have also revised mining codes to mandate local processing, adding value to their exports and boosting the economic benefits of their resources. "Since 1980, Mali's gold has been exported for refining and sale to countries such as the United Arab Emirates, South Africa, and Switzerland," Goita said at the groundbreaking ceremony for the new plant in Senou, outside the capital Bamako. "This deprives our country of substantial revenues that could be used for the development of its economy." The government has not provided a deadline for the plant's completion. Once fully operational, it will process all gold produced in Mali into dore bars before it is exported, with a capacity nearly four times Mali's annual gold production. Echoing comments from Goita, Yadran President Irek Salikhov said at the ceremony the refinery will become "a regional center for processing gold extracted not only in Mali, but also in neighboring countries — like Burkina Faso". West Africa is a major gold producer, but lacks a functional and globally certified gold refinery despite attempts to create one including by Ghana, the continent's top gold producer. The refinery is part of Goita's sweeping mining reforms introduced since the military leader seized power in 2021 and severed relations with Western partners. Mali's revised mining code, like those of neighbours Guinea, Niger and Burkina Faso, has rattled investors. A Malian court this month put Canadian miner Barrick's ( opens new tab Loulo-Gounkoto gold complex under temporary state control, escalating an ongoing dispute over Mali's tax claims. Goita said the refinery would enable Mali to better track its gold production and exports. Like many African countries, it loses billions of dollars to gold smuggling due to the absence of certified gold refineries and traceability programmes.
