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 BBCAfrica.com 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
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Wire
29 minutes ago
- Business Wire
NMG Discloses Annual General & Special Meeting Voting Results and Obtains Industry Recognition
MONTRÉAL--(BUSINESS WIRE)--Nouveau Monde Graphite Inc. ('NMG' or the 'Company') (NYSE: NMG, TSX: NOU) held today its virtual Annual General and Special Meeting of Shareholders (the 'Meeting') which was supplemented with a corporate presentation on market perspectives and the Company's progress toward bringing its Phase-2 Matawinie Mine and Bécancour Battery Material Plant to final investment decision ('FID'). Arne H Frandsen, former Chair of NMG, announced: 'These are exciting and dynamic times, with Western economies reshaping their trade, economic development, energy, and defense agendas. NMG is well positioned, in a stable and recognized jurisdiction, to market its turnkey source of active anode material to manufacturers and governments hungry for minerals. I am delighted to see Daniel stepping up to lead the Board for this next chapter at NMG, best of success to Team Nouveau Monde!' Eric Desaulniers, Founder, President, and CEO of NMG, declared: 'While current geopolitics are challenging market conditions, we see continued growth in electric vehicles ('EVs') sales and deployment of energy storage systems for renewable power and data centers across the world. We maintain active engagement with our customers and targeted financial stakeholders to define and strengthen the commercial and financing framework of our integrated Phase-2 projects. And to guide our Company's next phase of development and growth, we welcome to the Board newly appointed experienced executives as Directors; bienvenue Paola and Judith! I take this opportunity to thank again our long-time investor Pallinghurst for their instrumental support over the years, as well as Jamie Scarlett for his contribution to the Company's sound governance.' Daniel Buron, new Chair of NMG, stated: 'I am happy to transition from Lead Independent Director to Chair of NMG to steer the Company amid this period of complex changes as we prepare for FID. I would like to also extend my appreciation to Arne, Andrew and Jamie for their guidance and contribution to the Board.' Matters Voted upon at the Meeting and Results Each of the seven nominees listed in the Company's management information circular dated May 14, 2025, provided in connection with the Meeting were appointed as Directors of the Company. Shareholders also adopted all other resolutions submitted for their approval, including the appointment of PricewaterhouseCoopers LLP as the auditors of the Company to hold office until the close of the next annual meeting of the Company and the authority given to directors to set its compensation; the ratification and confirmation of the Company's omnibus plan, as amended at the Meeting by the shareholders; as well as the approval of stock options granted to directors, officers and employees. The complete voting results for each item of business are as follows: ELECTION OF DIRECTORS APPOINTMENT AND COMPENSATION OF PRICEWATERHOUSE COOPERS LLP AS AUDITOR Votes in Favor % Votes in Favor Votes Withheld % Votes Withheld 113,460,899 99.92% 93,445 0.08% Expand AMENDMENT OF THE PROPOSED RESOLUTION ON THE OMNIBUS PLAN OF THE COMPANY Votes in Favor % Votes in Favor Votes Against % Votes Against 113,460,899 99.99% 300 0.01% Expand RATIFICATION AND CONFIRMATION OF THE COMPANY'S OMNIBUS PLAN, AS AMENDED AT THE MEETING BY THE SHAREHOLDERS Votes in Favor % Votes in Favor Votes Against % Votes Against 108,117,493 98.94% 1,154,631 1.06% Expand APPROVAL OF STOCK OPTIONS GRANTED TO DIRECTORS, OFFICERS AND EMPLOYEES Details of the voting results on all matters considered at the Meeting are available in the Company's report of voting results, which is available under NMG's profile on SEDAR+ at and on EDGAR at Industry Recognition Fastmarkets, a leading cross-commodity price reporting agency in the metals and mining market, has nominated NMG for three Voltas Awards: Best New Project for the Matawinie Mine, set to supply the North American battery-to-EV supply chain with 106,000 tpa of graphite concentrate. Innovation of the Year for the Company's hydroelectricity-powered, traceable ore-to-battery-material value chain at the future Phase-2 Matawinie Mine and Bécancour Battery Material Plant. Leader of the Year for Eric Desaulniers, in recognition of his visionary development of an integrated and ESG-aligned value chain, from ore to active anode material, backed by strategic partnerships with OEMs. The awards are to be announced at Fastmarkets' Lithium Supply and Battery Raw Materials Conference 2025, to be held next week in Las Vegas. About Nouveau Monde Graphite Nouveau Monde Graphite is an integrated company developing responsible mining and advanced processing operations to supply the global economy with carbon-neutral active anode material to power EV and renewable energy storage systems. The Company is developing a fully integrated ore-to-battery-material source of graphite-based active anode material in Québec, Canada. With recognized ESG standards and structuring partnerships with anchor customers, NMG is set to become a strategic supplier to the world's leading lithium-ion battery and EV manufacturers, providing advanced materials while promoting sustainability and supply chain traceability. Subscribe to our news feed: Cautionary Note Regarding Forward-Looking Information This press release contains 'forward-looking information' and 'forward-looking statements' within the meaning of applicable securities legislation (collectively, 'forward-looking statements'), including, but not limited to, the Company's ability to secure its project financing and to secure a positive FID, the completion of the Phase-2 Matawinie Mine and Bécancour Battery Material Plant, and those statements which are discussed under the 'About Nouveau Monde' paragraph and elsewhere in the press release which essentially describe the Company's outlook and objectives. Forward-looking statements are based upon a number of estimates and assumptions that, while considered reasonable by the Company as of the time of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. These estimates and assumptions are not guarantees of future performance and may prove to be incorrect. Moreover, these forward-looking statements are based upon various underlying factors and assumptions, including the business relationship between the Company and its stakeholders, the ability to obtain sufficient financing for the development of the Matawinie Mine and the Bécancour Battery Material Plant, the Company's ability to satisfy the due diligence processes of the stakeholders, and are not guarantees of future performance. Forward-looking statements are subject to known or unknown risks and uncertainties that may cause actual results to differ materially from those anticipated or implied in the forward-looking statements. Risk factors that could cause actual results or events to differ materially from current expectations include, among others, availability financing or financing on favorable terms for the Company, delays in the reaching FID, and general economic conditions, as well as earnings, capital expenditure, cash flow and capital structure risks and general business risks. A further description of risks and uncertainties can be found in NMG's Annual Information Form dated March 31, 2025, including in the section thereof captioned 'Risk Factors', which is available on SEDAR+ at and on EDGAR at Unpredictable or unknown factors not discussed in this Cautionary Note could also have material adverse effects on forward-looking statements. Many of these uncertainties and contingencies can directly or indirectly affect, and could cause, actual results to differ materially from those expressed or implied in any forward-looking statements. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are provided for the purpose of providing information about management's expectations and plans relating to the future. The Company disclaims any intention or obligation to update or revise any forward-looking statements or to explain any material difference between subsequent actual events and such forward-looking statements, except to the extent required by applicable law.
Yahoo
30 minutes ago
- Yahoo
Trump contradicts his spy chief on Iran's nuclear program
By Jonathan Landay WASHINGTON (Reuters) -U.S. President Donald Trump on Tuesday repudiated Director of National Intelligence Tulsi Gabbard's assessment that Iran has not been building a nuclear weapon, publicly contradicting his spy chief for the first time during his second term. In rejecting his top spy's judgment, Trump appeared to embrace Israeli Prime Minister Benjamin Netanyahu's justification for launching airstrikes last week on Iranian nuclear and military targets, saying he believed Tehran was on the verge of having a warhead. Speaking to reporters aboard Air Force One as he returned early to Washington from the G7 summit in Canada, Trump was asked how close he believed Iran was to having a nuclear weapon. "Very close," he responded. When told that Gabbard testified to Congress in March that the U.S. intelligence community continued to judge that Tehran was not working on a nuclear warhead, Trump replied, "I don't care what she said. I think they were very close to having one." Trump's comments recalled his clashes with U.S. spy agencies during his first term, including over an assessment that Moscow worked to sway the 2016 presidential vote in his favor and his acceptance of Russian President Vladimir Putin's denials. The office of the Director of National Intelligence did not immediately respond to a request for comment. Gabbard also told Congress that U.S. spy agencies did not believe that Iran's supreme leader, Ayatollah Ali Khamenei, had ordered the restarting of a nuclear weapons program that the U.S. and the International Atomic Energy Agency assessed ended in 2003. Iran denies developing nuclear weapons, saying its uranium enrichment program was only for peaceful purposes. A source with access to U.S. intelligence reports told Reuters that the assessment presented by Gabbard had not changed. They said that U.S. spy services also judged that it would take up to three years for Iran to build a warhead with which it could hit a target of its choice, a finding first reported by CNN. Some experts, however, believe that it could take Iran a much shorter time to build and deliver an untested crude nuclear device, although there would be no guarantee that it would work. Trump has frequently disavowed the findings of U.S. intelligence agencies, which he and his supporters have charged - without providing proof - are part of a "deep state" cabal of U.S. officials opposed to his presidency. Gabbard, a fierce Trump loyalist, has been among the president's backers who have aired such allegations.
Yahoo
40 minutes ago
- Yahoo
Colibri Resource Corporation Announces Results of Annual General Meeting
Dieppe, New Brunswick--(Newsfile Corp. - June 17, 2025) - Colibri Resource Corporation (TSXV: CBI) ("Colibri" or the "Company") is pleased to announce the results of its Annual General Meeting ("AGM") of shareholders held on June 13, 2025. A total of 9,451,871 common shares were represented in person or by proxy at the meeting, representing approximately 8.19% of the Company's issued and outstanding shares as of the record date. Shareholders voted in strong support of all resolutions, each of which was approved with 99.88% of the votes cast. Election of Directors The following individuals were elected as directors of the Company until the next annual general meeting or until their successors are duly elected or appointed: Director Votes For % For Votes Withheld % Withheld Ian McGavney 8,441,870 99.88% 10,000 0.12% Ronald Goguen Sr. 8,441,870 99.88% 10,000 0.12% Jamie Lavigne 8,441,870 99.88% 10,000 0.12% William MacDonald 8,441,870 99.88% 10,000 0.12% Kevin O'Connor 8,441,870 99.88% 10,000 0.12% Camilla Cormier 8,441,870 99.88% 10,000 0.12% Appointment of AuditorsShareholders approved the appointment of Kreston GTA LLP as the Company's auditors for the ensuing year and authorized the board of directors to fix their remuneration: Votes For: 8,441,870 (99.88%) Votes Withheld: 10,000 (0.12%) Approval of Stock Option PlanShareholders also re-approved the Company's 10% rolling stock option plan, as required annually by TSX Venture Exchange policy: Votes For: 8,441,870 (99.88%) Votes Against: 10,000 (0.12%) The Company thanks its shareholders for their continued support and confidence. Colibri remains committed to advancing its gold exploration portfolio in Sonora, Mexico, with a focus on the Pilar Gold & Silver joint venture and the EP Gold Project. About Colibri Resource Corporation Colibri Resource Corporation is a Canadian-based junior gold and silver exploration company focused on high-potential projects in Sonora, Mexico. The Company holds interests in: The Pilar Gold & Silver Project, a joint venture with Tocvan Ventures in which Colibri owns 49%. Pilar hosts a shallow oxide gold system where surface trenching, bulk sampling, and preliminary metallurgy support near-term development potential. The EP Gold Project, 100%-owned and located 25 km east of Mexico's largest open-pit gold mine, La Herradura. Drilling, surface sampling, geophysical study and mapping have identified multiple structural targets with strong geochemical anomalies. The Diamante Project, now 60%-owned through full ownership of Yaque Minerales. Diamante hosts extensive gold-silver and base metal epithermal systems across multiple mineralized corridors. For information contact: Ian McGavney, President, CEO and Director, Tel: (506) 383-4274, ianmcgavney@ Notice Regarding Forward-Looking Statements: This news release contains "forward-looking statements". Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Actual results could differ from those projected in any forward-looking statements due to numerous factors. These forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although the Company believes that the plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that they will prove to be accurate. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. To view the source version of this press release, please visit Sign in to access your portfolio
